The marketplace for the sale of Telegram usernames is nearly ready to debut

The marketplace for the sale of Telegram usernames is nearly ready to debut QuoteCoin

New York City: A new marketplace that does not use non-fungible tokens has been established by the popular chat program Telegram (NFTs). The social messaging platform said that it is getting ready to start its marketplace for auctioning off one-of-a-kind usernames for usage on other social networks. This is a concept that was first proposed back in August.

The company said that the development phase of the marketplace is getting very close to being finished in an official statement that was posted on its Telegram channel. The Open Network, which is the marketplace’s native blockchain, serves as the platform for it (TON).

In late August of this year, when he was proposing a marketplace that might employ “NFT-like smart contracts” to auction highly-sought after usernames, the creator of the firm, Pavel Durov, was the first person to hint at the notion. He said that it could be done. After the apparent “success” of domain name auctions conducted by The Open Network (TON), which was a layer-1 blockchain first built by the Telegram team, Durov made the recommendation.

Durov stated at the time that a new marketplace in Web3 that would allow owners of usernames to transfer them to interested parties in protected transactions — with ownership of the usernames being secured on the blockchain via smart contracts that were similar to NFTs — could become a highly sought-after service in Web3. He also said that additional components of the Telegram ecosystem, such as channels, stickers, or emojis, may at some point in the future become a part of this marketplace.

The establishment of a digital payments mechanism for Telegram was one of the primary motivations for Telegram’s first forays into Web3 and cryptocurrency. However, similar to a large number of other platforms that were active during the initial coin offering (ICO) period, Telegram also fell into difficulty with the authorities of the United States due to the unregistered sale of its Gram token.

After his defeat in a legal struggle fought against the United States Securities and Exchange Commission. Since then, open-source software programmers have been working to resurrect the project under the moniker The Open Network.

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