Telegram Set to Launch Auction Platform for Catchy Usernames

Social messaging platform Telegram is set to launch a unique marketplace where catchy usernames can be traded.

The messaging app via an official channel said the development phase of the auction platform is completed and will soon be launched. The marketplace will be hosted on The Open Network (TON) blockchain.

Pavel Durov, founder of the messaging app first shared the idea that Telegram’s over 700 million users can transfer their unique usernames to interested parties in a protected deal using NFT-like smart contracts back in August.

In addition to trading catchy usernames, the marketplace would also integrate other features of the social messaging app including stickers, emojis, and channels.

According to Pavel, he was inspired by the success of the TON auction for wallet and domain names where over 2,000 .ton domain names were sold for a total of 2,392,002 Toncoin.

Telegram adopts TON Blockchain for its marketplace

The TON blockchain was originally developed by Telegram in 2018 alongside the messaging app but was later abandoned following a lawsuit from the US Securities and Exchange Commission (SEC).

Aside from being the original developers of TON’s programming language, Durov says the blockchain’s speed, usability, and scalability give it an edge adding that they could easily write a bullet-proof smart contract for the network.

Meanwhile, the developers behind the @wallet Bot recently introduced a new feature that will aid peer-to-peer transactions within the Telegram app using nicknames rather than wallet addresses. For now, the feature only allows support for Toncoin (TON) and Bitcoin (BTC).

Interestingly, the idea of trading unique and recognizable usernames in the web3.0 space and social media platforms is not entirely new. According to the Non-Fungible market tracker, over 500,000 users used the Ethereum Name Service (ENS) optional tool to purchase usernames on Ethereum.

Also buying and selling unique usernames is commonplace on social media platforms like Facebook, Instagram, and Twitter. 

Owing to the difficulties in registering unique usernames on these platforms as it’s often already assigned to other users, interested parties go the extra mile to get these desired usernames. These users pay off the previous holders in protected deals while some go as far as hacking the original holders to gain access to a specific username.