Telegram is Entering the Web3 Space with an Auction-Based Platform for Selling Usernames
The popular messaging channel and platform, Telegram, is coming into the Web3 space. Imitating the TON project, Telegram is planning to auction channel names, wallets, and usernames.
Telegram’s CEO Pavel Durov explained the new iteration in a long post detailing the steps and plan ahead.
Integrating Telegram with the Web3 System
Telegram’s CEO is impressed with TON’s Web3 adoption. TON is using blockchain technology to run wallet and domain auctions. The users can bid on domain names and wallet names on TON, just like it happens with NFTs. Taking inspiration from this, Telegram is planning to bring about its native platform.
On this platform, users can join auctions for selecting usernames, channel names, and group names. All the transactions will be based on the blockchain. Telegram won’t be the first to join the Web3 space, and it won’t be the last.
Before Telegram, a vast number of companies and platforms adapted to the Web3 space. In the future, many more companies will follow in the same direction and find some way to integrate Web3.
In the post, Duron Pavel said,
“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. In addition to millions of catchy t.me addresses like @storm or @royal, all four-letter usernames could be made available for sale (@bank, @club, @game, @gift, etc.).”
Telegram has Several Examples Learn From
One of the most popular blockchains, Ethereum has Unstoppable Domains, which is an NFT domain name service. Users can register domain names with Unstoppable Domains. The platform associates itself with a wide gamut of Web3 companies to initialize the UD logins to the platforms.
This includes gaming platforms on the blockchain and wallet services for cryptocurrencies. With this system, Unstoppable Domains obtained Unicorn ($1.6 billion valuation) status when it raised $65 million. In the message, Durov also mentioned TON’s recently concluded high-end auctions. On the platform Casino.ton went for $244,000and wallet.ton went for $260,000. Durov is also planning to host the domain names registered via Telegram on TON.
About Telegram
Telegram is messaging service working on the freemium model. The cloud-run instant messaging app has end-to-end encryption. Users can chat, call, and video call via Telegram across the globe.
