Key Takeaways
- Telegram and TON Foundation will use Fragment.com as a hub for these auctions.
- Each handle put up for auction will end in a week, with an extra hour for the final bidding.
- The minimum auction value for four-character handles is set at 10,000 toncoins.
Leading instant messaging app Telegram had launched an auction for both usernames and channels through a marketplace built on top of the TON blockchain. Telegram and TON Foundation will use Fragment.com as a hub for these auctions.
Telegram claims Fragment.com is a dedicated detached website”. Users can log into the site using the tonkeeper app, Telegram, or their TON-based wallets, and the website will further help users link their Telegram accounts to the username handles they bought.
At launch, Telegram will post 4-5 character handles for auction, the lesser of which can be bought for a minimum of 126 Toncoin (approximately $200). The minimum auction value for four-character handles is set at 10,000 toncoins. Each handle put up for auction will end in a week, with an extra hour for the final bidding.
Toncoin (symbol: TON) is the token native to The Open Network (TON), a decentralized Layer 1 blockchain network. Telegram founder Pavel Durov had earlier stated he was impressed by TON Foundation’s successful auction of domain names.
He said,” I’m really impressed by the success of the auction TON recently conducted for their domain names. Wallet.ton was sold for 215,250 Toncoin/ $260000 while casino.ton was sold for ~$244000. 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, groups, and channel links for auction”. With this move, the messaging app is finally implementing Durov’s plan.
Commenting on the latest development, Andrew Rogozov, founding member of the TON Foundation, said, “For the first time, social media users will be able to transparently prove that they own their handles thanks to their tokenisation on the TON blockchain,”
The latest move is, however, not Telegram’s first association with Web3. In 2018, the messaging app came up with its blockchain project, Telegram Open Network. The company worked over two years on TON and a cryptocurrency to be named Gram which was later shelved in 2020 after a protracted legal battle with U.S. Securities and Exchange Commission (SEC).
