According to Telegram, the marketplace's development is almost complete, and a launch date will soon be announced.
A new marketplace that does not involve nonfungible tokens (NFTs) has been created by the well-known messaging app Telegram.The idea for the social messaging platform's marketplace to auction off unique social platform usernames was first tossed around in August. According to the company, it is all set to launch.
The company stated in an official announcement on its Telegram channel that the marketplace's development phase is nearing its conclusion.The Open Network (TON), the marketplace's native blockchain, serves as its foundation.
Pavel Durov, the founder of the company, first mentioned the concept when he suggested a marketplace that could use "NFT-like smart contracts" to auction usernames that are highly sought after.The suggestion was made by Durov following the "success" of domain name auctions conducted by The Open Network (TON), a layer-1 blockchain that was initially developed by the Telegram team.
Durov stated at the time that a new marketplace could become a sought-after service in Web3, where username holders could transfer them to interested parties in protected deals with ownership secured on the blockchain via NFT-like smart contracts.He went on to say that other parts of the Telegram ecosystem, like channels, stickers, and emojis, might one day join this market.
At the time of publication, Crypto Express requested comments from Telegram, but the company did not respond.
With the intention of launching a digital payments platform for Telegram, Telegram began its Web3 and cryptocurrency endeavor.However, Telegram, like a lot of other initial coin offering (ICO) platforms, ran into trouble with US regulators for selling its Gram token without being registered.
Durov left the project in 2020 to concentrate on Telegram after losing a legal battle against the U.S. Securities and Exchange Commission.The project has been revived ever since under the name "The Open Network" by open-source developers.