On October 26, the popular messaging app Telegram made the announcement that it would be officially launching its brand new marketplace, which would be based on the blockchain technology of the Telegram Open Network (TON). Rare Telegram handles will be auctioned off on the marketplace’s built-in bidding platform, and the funds raised will go towards developing the TON blockchain.
This will be the first time that shorter handles have been made accessible to all users across the board, as Telegram will begin with auctions of four-and five-letter handles to choose from. The auction will last for a week, and the starting price for a four-character handle is likely to be 10,000 TONcoin, which is the native currency of the TON network.
It will also be possible for individual Telegram users to sell or trade their own usernames via an auction system. The statement states that the owners of a certain handle would have the ability to relocate and resell their product across multiple markets according to their preferences. Andrew Rogozov, who was one of the first people to join the TON Foundation, thinks that this new discovery could help spread blockchain technology faster.
Telegram has gained a lot of users both in the Web3 community and in the crypto community as a whole, and the company has been working hard to incorporate Web3 features into its business model.
In 2018, the company made its first public announcement on the development of the TON blockchain. But it had to cut ties with the project so it wouldn’t have to go to court with the United States Securities and Exchange Commission in 2020 over its $1.7 billion initial coin offering.
After that, it became known as the TON Foundation, and it started to gain traction in the industry once again. Using the TON blockchain, Telegram Wallet Bot users were able to send and receive cryptocurrency inside the app in April of 2022.
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