The widespread messaging app Telegram has developed a brand new marketplace that doesn’t contain nonfungible tokens (NFTs). The social messaging platform mentioned that it’s all set to launch its marketplace for auctioning distinctive usernames for social platforms, an thought first floated in August.
In an official announcement on its Telegram channel, the agency mentioned that the event part of the marketplace is close to its finish. The marketplace is predicated on its native blockchain referred to as The Open Network (TON).
The thought was first teased by the corporate founder Pavel Durov in late August this 12 months when he proposed a marketplace that would make the most of “NFT-like smart contracts” to auction highly-sought after usernames. Durov made the suggestion after the “success” of area identify auctions by The Open Network (TON), a layer-1 blockchain initially designed by the Telegram staff.
Durov mentioned on the time {that a} new marketplace, the place username holders might switch them to events in protected offers — with possession secured on the blockchain through NFT-like good contracts — might grow to be a sought-after service in Web3. He added that different parts of the Telegram ecosystem, together with channels, stickers or emojis, might later additionally grow to be a part of this marketplace.
Telegram didn’t reply to Cointelegraph’s requests for feedback on the time of publishing.
Related: ‘Unique 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. However, like many different platforms from the preliminary coin providing (ICO) period, Telegram additionally bumped into hassle with the United States regulators for the unregistered sale of its Gram token.
After dropping a courtroom battle in opposition to the U.S. Securities and Exchange Commission in 2020, Durov stepped away from the undertaking to give attention to Telegram. Since then, open-source builders have revived the undertaking underneath the banner of The Open Network.
