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Telegram launches marketplace to auction rare username handles

Telegram launches marketplace to auction rare username handles

The popular messaging app Telegram announced on Oct.26 the official launch of its new marketplace built on the Telegram Open Network (TON) blockchain.The marketplace will serve as an auction platform on which rare Telegram handles will be up for grabs.

The idea was first mentioned back in August on app founder Pavel Durov’s Telegram channel after the TON Foundation successfully auctioned off TON DNS domains.

Telegram will start with auctions of four- and five-letter handles, with this being the first-time shorter handles will be made available to all users.

The auction will run for a week, with the reserve price for a four-digit identifier likely  set at 10,000 Toncoin, the native token of the TON blockchain. 

Individual Telegram users also have the option to auction their own usernames. . Depending on the announcement,  owners of a particular token will have the opportunity to move and resell their purchase on different marketplaces as they please. Andrew Rogozov, a founding member of the TON Foundation, believes this development will help accelerate blockchain adoption.

Telegram has a large user base within the combined Web3 and crypto community and has been actively working to integrate Web3 capabilities into its operations. The company first announced the development of the TON blockchain in 2018. However, it had to part with the project due to a complex court case in 2020 with the US Securities and Exchange Commission. It then reappeared as the TON Foundation and gained momentum again in Room.

In April 2022, the Telegram wallet bot allowed its users to send in-app crypto over the TON blockchain.

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