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There has been an announcement from Telegram that the development of its marketplace is near completion. This announcement will be announced shortly as to when it will be launched.

Telegram, the popular messaging app, has created a new marketplace that does not involve non fungible tokens. Telegram, a social messaging platform, announced that it is ready to launch its marketplace for bidding for creative usernames on social platforms. This idea was first proposed in August.

The firm announced that the marketplace’s development phase is close to completion in a Telegram channel announcement. 

The marketplace is built on The Open Network (TON), its native blockchain.

Pavel Durov, the founder of the company, first suggested the idea in August. He proposed a marketplace which could use “NFT-like smart contracts” to sell highly sought-after usernames. Durov suggested the idea after the “successful” domain auctions by The Open Network, a layer-1 Blockchain originally created by the Telegram team.

Durov stated that there was a newly created marketplace where username holders could sell their usernames to interested parties in secured deals. Ownership is secured on the blockchain using a NFT-like smart contract. This could make Durov’s service a highly sought-after one in Web3. Durov said that Telegram’s other components, such as channels, stickers or emojis could be included in this marketplace.

Telegram did not respond to Cointelegraph’s request for comments at the time that publication was made.

Telegram launched its Web3 and cryptocurrency venture with the hopes of launching a Telegram digital payments platform. Telegram ran into problems with US regulators after it sold its Gram token unregistered.

Durov decided to concentrate on Telegram after losing a legal battle against the US Securities and Exchange Commission 2020. Open-source developers have revived this project under The Open Network.

The post Telegram’s Username NFT Marketplace is Nearly Ready to Launch first appeared on The Daily Encrypt.



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Angie Byrd