Telegram's founder Pavel Durov said in a message published on the application that they plan to auction the most sought-after usernames using NFT-like smart contracts in a marketplace to be opened. Durov also added that millions of reserved Telegram addresses could be auctioned off as assets on the Blockchain network.
Pavel Durov's suggestion came after the successful completion of domain name auctions at The Open Network (TON). TON is a Layer-1 blockchain network designed by the Telegram team. Telegram's blockchain platform has launched its TON DNS service, which allows users to assign readable names to crypto smart contracts, wallets and websites.
Pavel Durov had previously considered auctioning wallet domains on The Open Network, a protocol he had developed with Telegram. However, he shelved the project, fearing the regulations of the US Securities and Exchange Commission. On the other hand, Pavel Durov, the messaging application; claimed to be successful in re-promoting Web3 items by auctioning off usernames, group and channel listings.
The price of the TON token used in The Open Network increased by 15 percent after Telegram's founder Pavel Durov's message. Durov used the following statements in his message:
"This will create a new platform where username holders can be transferred to those who request them. Property will be secured on the blockchain by smart contracts similar to those in NFT."
The TON price was recorded as $0.01304 at the time of writing, according to CoinGecko data. TON's 24-hour trading volume was $31,302.92, while TON price was up 17.4% in the last 24 hours. There is a 280 Million TON coin supply in circulation, and a total 400 Million TON coin supply. BitGlobal is currently the most active market where TON coins are traded.