Messaging application Telegram has designed a new marketplace which doesn’t involve non-fungible tokens (NFTs), and its expected to unveil its marketplace to auction unique usernames for social platforms, as reported by Cointelegraph.
According to Cointelegraph, through an official announcement on the platform’s Telegram channel, the firm stated that the marketplace’s development stage will conclude soon. The marketplace is on the basis of native token called The Open Network (TON).
On the basis of information by Cointelegraph, the idea was first teased by the company’s founder Pavel Durov in late August, 2022, when he made the proposition of a marketplace to make use of NFT-based smart contracts for auctioning of highly-sought after usernames. Post the reported success of domain name auctions by TON, a layer-1 blockchain originally designed and developed by the Telegram team, Dubrov coined the suggestion. Dubrov highlighted at the time regarding a new marketplace for username holders to transfer them to interested parties in protected deals, with ownership attached on the blockchain through NFT-based smart contracts, which could result into a sought-after service in Web3.0. Dubrov also said that other parts of the Telegram ecosystem, including channels, stickers or emojis, could later be an addition to the marketplace.
Moreover, Cointelegraph noted that Telegram launched its Web3.0 and cryptocurrency journey with the aim of starting a digital payments platform for Telegram. However, with regard to many other platforms from the initial coin offering (ICO) phase, Telegram also landed itself into legal implications with the United States regulators on account of unregistered sale of its Gram token. Post loss of the court battle against the US Securities and Exchange Commission (SEC) in 2020, Durov moved away from the project to direct his focus towards Telegram. Since then, open-source developers have aimed to revive the project under the tag of TON.
(With insights from Cointelegraph)
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