Users of Telegram may now conduct auctions to purchase and sell usernames.

by Dec 18, 2022CryptoNews0 comments

In a network of more than 700 million members, Telegram users may now safeguard their usernames using blockchain technology. Additionally, usernames may be connected to individual accounts, channels, or groups.

Telegram introduces a new function that converts usernames into digital assets.

For personal accounts, open groups, and channels, the well-known cloud-based instant messaging software Telegram has now released a new feature that lets users purchase and trade short, memorable *@ IDs. On November 11, the latest version was announced on Telegram’s official page.

On the open trade site for collectibles known as Fragment, Telegram has started an auction for the finest usernames. Telegram usernames are now digital assets that may be protected and traded between parties thanks to this new functionality.

Ownership of the collectible usernames is reportedly safeguarded in the unchangeable ledger of TON, a quick and scalable blockchain network, according to the revolutionary platform’s revealing letter. A unique aspect of the new functionality is that users may add several username aliases to their individual accounts, groups, or channels. Additionally, any collected name may be accessible by its @username on Telegram or via sites like the username.t.me and t.me/username outside of Telegram.

Buyers must go to Fragment, search for the Telegram username they want, and then click on auction—if the username is still available. Buyers are then sent to a website that displays the highest bid together with the minimum bid and bid step.

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The new feature is widely used right away, and username purchases generate millions of TONES of revenue.

Thousands of usernames with popular multinational businesses and celebrity profiles have been up for sale less than six hours following the debut. While others, such as @auto, @avia, @fifa, etc., have been sold for as high as 900k TON, @nike, @king, and @esport are still up for bid.

According to data on the Fragment platform, Telegram users have made millions of TONs through the sales of their brief identities. There is still money to be earned because there are still many usernames up for auction. Take the well-known shoe company @nike, which is presently receiving over 300,000 TON in bids.

Users of Telegram now have complete sovereignty over their usernames, and they like the notion.

“For the first time in the history of social media, people have full ownership of their usernames. Long-time Telegram users who have been using short usernames they registered early on can now benefit from the platform’s growth by selling their usernames in fair, transparent, fully decentralized auctions.”

Telegram

Web3 is introduced to social media by Telegram.

Web3 usage has reached a new high with Telegram’s recent release. In August, Pavel Durov, the creator of Telegram, made the first mention of the concept of on-chain ownership of usernames. Durov mentioned the prospect of bringing “a little bit of Web 3.0 to Telegram in the future weeks” while discussing the innovation earlier this year. He expressed his admiration for the TON Foundation’s domain name auction achievement at the time.

“I’m really impressed by the success of the auction TON recently conducted for their domain/wallet 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, group and channel links for auction.”

Pavel 

The business has now carried out its plan.

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