Telegram Announces TON-Based Username Auction Marketplace, Price Jumps

Messaging platform Telegram on Friday announced the marketplace for offering unique names is almost completed and the domain name auctions would launch soon. Telegram is collaborating with the TON blockchain to offer usernames. As a result, Toncoin (TON) price jumps nearly 12% in the last 24 hours.

Telegram Collaborates With TON Blockchain for Offering Unique Usernames

In a tweet on October 21, TON blockchain announced the collaboration with messaging platform Telegram on a marketplace to auction unique usernames.

“The official Telegram Usernames channel announced that the marketplace’s development had been completed and that domain name auctions would launch shortly.”

Pavel Durov, founder and CEO of Telegram, announced the idea to offer unique and recognizable Telegram usernames a few weeks ago. It will allow users to buy and sell unique usernames on the TON blockchain-based marketplace.

According to Telegram Usernames, the development phase is already completed and the auction platform will be live soon. It recommends users to acquire the most valuable usernames and secure ownership of them in the TON blockchain’s immutable ledger.

Recently, TON conducted an auction for the domain/wallet names. Wallet.ton was sold for 215,250 Toncoin worth around $260K, whereas casino.ton was sold for nearly $244K.

Pavel Durov believes Telegram will be able to achieve better results due to its 700 million users. He aims to auction usernames, groups, and channel links. Moreover, the plan involves making addresses like @storm or @royal, as well as all four-letter usernames such as @bank, @club, @game, and @gift available for sale.

“Let’s see if we can add a little bit of Web 3.0 to Telegram in the coming weeks.”

Toncoin (TON) Price Skyrockets

As a result of the announcement, Toncoin (TON) price jumps over 12% in the last 24 hours. The 24-hour low and high are $1.24 and $1.40, respectively. At the time of writing, the TON price is trading at $1.37.

The trading volume has also jumped over 380%. It indicates an increase in traders’ interest as Telegram aims to reserve and auction special usernames. Telegram recently announced TON based feature which allows users to directly buy and sell cryptocurrency to others.

Varinder is a Technical Writer and Editor, Technology Enthusiast, and Analytical Thinker. Fascinated by Disruptive Technologies, he has shared his knowledge about Blockchain, Cryptocurrencies, Artificial Intelligence, and the Internet of Things. He has been associated with the blockchain and cryptocurrency industry for a substantial period and is currently covering all the latest updates and developments in the crypto industry.

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.