Updated on January 9, 2023 12:51 PM
On October 28 2022, Telegram stated that it would auction off usernames for channels and individual users through a marketplace based on the TON blockchain.
The concept was first brought up in August by Pavel Durov, the creator of Telegram, who noted the potential for "a little bit of Web 3.0 to Telegram in the coming weeks." He expressed his admiration for the TON Foundation's domain name auction achievement at the time.
Telegram users can buy their own or other handles, similar to how the Ethereum Name Service allows persons and corporations to hold distinctive handles.
People can avoid impersonation by malicious people in this way, giving them more control over their identities and data. Over three years ago, Telegram started its TON blockchain project, but regulator pressure forced it to stop.
The project was taken over by the community, as already said. Telegram's founding team has denied connection with the blockchain to avoid further escalation with the U.S. Securities and Exchange Commission.
The research shows numerous domain names, including Wallet.ton and casino.ton, traded hands during these events for almost $250,000. Pavel Durov, the man behind Telegram, stated:
"I'm really impressed by the success of the auction TON recently conducted for their domain/wallet names. Wallet.ton was sold for 215,250 Toncoin (~$260000) while casino.ton was sold for ~$244000."
"If TON has been able to achieve these results, imagine how successful Telegram with its 700 million users could be if we put reserved @ usernames, groups and channel links for auction," he added.
Over 700 million people are registered users of Telegram. As a result, the social media pioneer thinks this auction will be a success. According to reports, the TON domain sale generated more than 2,392,002 Toncoins, or over $2 million.
Telegram has constantly been trying to enhance web3 services. Non-fungible tokens (NFTs) have recently been made available to Reddit users. The digital assets were widely used and are regarded as successful. It is uncertain whether the TON-based auction will be as successful.
Telegram is a globally accessible encrypted, freemium, cross-platform, cloud-based instant messaging (IM) service. In addition, the service offers optional services, including VoIP, file sharing, end-to-end encrypted conversations, and video calling. It debuted on iOS on August 14, 2013, and Android on October 20, 2013.
Telegram had high hopes for web3, but those hopes had to be shelved. The business developed plans for the Telegram Open Network (TON) blockchain technology and an ICO in 2018.
To maintain the business viable, Telegram has tried a variety of revenue-generating strategies. It introduced advertisements on public networks last year.