Telegram dives into Web3 – The Cryptonomist

The CEO of Telegram, the popular messaging app, said he wants to explore new Web3 services.

Telegram CEO remains fascinated by the potential of Web3

Telegram founder Pavel Durov said on Monday that he wants to integrate Web3 into his messaging app and also explore these new features after being impressed by the TON project and how it is being used for domain name/portfolio auctions. 

He noted that Telegram can replicate TON’s auction on the app by auctioning custom usernames, group and channel links on the blockchain, just like NFTs.

Durov also talked about the great potential benefits for Telegram users in the future, creating a marketplace where usernames and channel links could be used in the same way that Ethereum Name Service domains are used.

Blockchain-based domain naming systems such as Ethereum Name Service (ENS), which is tasked with mapping human-readable names such as “alice.eth” to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata.

Thanks to Unstoppable Domain, which recently achieved unicorn status, this type of service is gaining a lot of traction. If Telegram goes ahead with the project, personalized NFT links could be another source of money, in addition to advertisements and subscription services.

Pavel Durov understands the potential left by the TON project

Durov mentioned this possibility after analyzing the success of a recent domain name auction on the TON network, in which more than 2,000 domains were reportedly sold at high prices, even as high as $260,000. TON is the platform that Telegram abandoned in 2020 due to a restraining order sought by the SEC for allegedly selling unregistered titles.

Telegram’s CEO would like to replicate TON’s success on his messaging app’s pool of about 700 million users. 

Durov stated enthusiastically:

“I am really impressed with the success of the recently conducted TON auction for their domain/wallet names. ‘Wallet.ton’ was sold for 215,250 Toncoin (~$260,000) while ‘casino.ton’ was sold for about $244,000.”

He then concludes by saying:

“If TON was able to achieve these results, imagine how successful Telegram with its 700 million users could be if we auctioned off reserved usernames, group, and channel links. In addition to millions of catchy t.me addresses like @storm or @royal, all four-letter usernames could be made available for sale.”

Telegram, in short, may soon start selling exclusive usernames like NFT. The username could, therefore, become monetized. This could mean that some long-time Telegram users could benefit from the platform where their accounts can be transferred and marketed “through protected agreements.”