TechCrunch says that Telegram, a social media platform, will sell the names of individual accounts and channels through an auction. The business has been taking steps to make more money. It announced earlier this year that it would use a subscription plan to stay in business.
The TON blockchain will support the username auction, which is a network started by Telegram’s team and brought back to life by a group of volunteers. Users of Telegram can buy their own or other handles, which is similar to Ethereum Name Service, a project that lets people and entities have their own unique names.
So, bad people won’t be able to pretend to be them. This gives users more control over their identities and data. Telegram started the TON blockchain project more than three years ago, but it had to stop because of pressure from regulators.
As was said, the project was taken over by the community. To avoid more trouble with the U.S. Securities and Exchange Commission, the founders of Telegram have denied having anything to do with the blockchain (SEC).
Telegram uses Web3 functions.
Techcrunch says that Durov plans to add “a little bit of Web 3.0” to the messaging network in the next few weeks. The TON Foundation, which created and runs this blockchain auction of domain names, is said to have surprised the founder of social media.
The report says that during these events, Wallet. ton and casino. ton was among the domain names that sold for around $250,000. Telegram founder Pavel Durov said:
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, group and channel links for auction.
To put some distance between Telegram and the TON blockchain auction, the first company will hold its auction on a different site. Techcrunch says that users can use their Telegram usernames to log in to the site.
For the first time, social media users will be able to transparently prove that they own their handles thanks to their tokenisation on the TON blockchain.
Social Media Wants to Make More Money
Over 700 million people have signed up to use Telegram. So, the founder of the social media site thinks this auction will do well. Bitcoinist said that the sale of the TON domain brought in more than 2,392,002 Toncoin, which is more than $2 million.
Telegram is one of the social media sites that are starting to accept cryptocurrency. Reddit has just given its users non-fungible tokens (NFTs). The digital assets were used by many people and are seen as a success. We still don’t know if the TON-based auction will do as well.
