Telegram said that its market development is almost finished, and a release date will be announced shortly.
The well-known messaging app Telegram has created a new marketplace which does not include NFTs. The social messaging platform announced that it is ready to release its marketplace to auction exclusive usernames for social platforms, an idea that was first floated in August.
The company announced in an official announcement on its Telegram channel that the market development phase is near its end. The marketplace is based on its native blockchain named The Open Network (TON).
The idea was initially floated by the company’s founder Pavel Durov in late August of this year, when he proposed a marketplace which could use “NFT-like smart contracts” to auction off highly popular usernames. Durov made the offer after the “success” of domain name auctions by The Open Network (TON), a Layer-1 blockchain originally designed by the Telegram group.
Durov stated that at the time that a new marketplace, where username holders could transfer them to interested parties in protected deals — by securing ownership on the blockchain through NFT-like smart contracts, could become a sought-after service in Web3. He added that other elements of the Telegram ecosystem, consisting of channels, stickers, or emojis, could later become part of this market as well.
Telegram did not respond to any requests for comments at the time of publishing the news.
Telegram began its quest for Web 3 and digital currencies with the hope of releasing a digital payment platform for Telegram. Nevertheless, like many other platforms from the first coin offering (ICO) era, Telegram ran into trouble with the US regulators due to its unregistered Gram token sale.
After losing a court battle against the US Securities and Exchange Commission in 2020, Durov withdrew from the project and focused on Telegram. From then and on, open-source developers have revived the project under the name of The Open Network.
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