The favored messaging app Telegram has developed a brand new market that doesn’t contain nonfungible tokens (NFTs). The social messaging platform stated that it’s all set to launch its market for auctioning distinctive usernames for social platforms, an thought first floated in August.
In an official announcement on its Telegram channel, the agency stated that the event part of {the marketplace} is close to its finish. {The marketplace} relies on its native blockchain referred to as The Open Community (TON).
The thought was first teased by the corporate founder Pavel Durov in late August this yr when he proposed a market that might make the most of “NFT-like good contracts” to public sale highly-sought after usernames. Durov made the suggestion after the “success” of area identify auctions by The Open Community (TON), a layer-1 blockchain initially designed by the Telegram crew.
Durov stated on the time {that a} new market, the place username holders may switch them to events in protected offers — with possession secured on the blockchain by way of NFT-like good contracts, may turn out to be a sought-after service in Web3. He added that different components of the Telegram ecosystem, together with channels, stickers, or emojis, may later additionally turn out to be a part of this market.
Telegram didn’t reply to Cointelegraph’s requests for feedback on the time of publishing.
Associated: ‘Distinctive phenomenon’: All 5B toncoins mined on PoS TON blockchain
Telegram began its Web3 and crypto endeavor with hopes of launching a digital funds platform for Telegram. Nonetheless, like many different platforms from the preliminary coin providing (ICO) period, Telegram additionally bumped into bother with america regulators for the unregistered sale of its Gram token.
After dropping a courtroom battle in opposition to the US Securities and Alternate Fee in 2020, Durov stepped away from the challenge to concentrate on Telegram. Since then, open-source builders have revived the challenge underneath the banner of The Open Community.
