How Telegram's CEO Wants To Bring Web3, NFTs To 700M Users

How Telegram's CEO Wants To Bring Web3, NFTs To 700M Users

Pavel Durov, the CEO of messaging platform Telegram, is exploring adding “a little bit of Web 3.0” to the app in the coming weeks. 

What Happened: In a post to his 651,000 subscribers on Monday, Durov proposed auctioning reserved Telegram usernames, groups, and channel links as assets on the blockchain. 

In addition to the millions of Telegram addresses that could be auctioned, Durov suggested that all four-letter usernames like “bank” and “game” could also be made available for sale. 

“This would create a new platform where username holders could transfer them to interested parties in protected deals – with ownership secured on the blockchain via NFT-like smart contracts,” he said.

Durov’s proposition comes after being inspired by the $3.2 million auction that was recently carried out by The Open Network (TON).

The blockchain network successfully auctioned 2000 .ton domain names for 2,392,002 Toncoin TON/USD. The highest valued sale was for the Wallet.ton domain, which sold for $260,000, followed by Casino.ton domain, which sold for $244,000.

Why It Matters: Telegram was directly involved in the TON blockchain’s development but handed over the reins to independent developers after the SEC alleged that it had conducted a $1.7 billion unregistered securities offering of GRAM tokens.

Durov plans to use the TON network as the primary network that would facilitate its decentralized auctions because of its scalability and speed.

“Our team can write bullet-proof smart contracts for TON (since it was us who invented its smart-contract language), so we are inclined to try out TON as the underlying blockchain for our future marketplace,” he said.

See Also: HOW TO BUY AN ENS DOMAIN

Price Action: At press time, the native token of the TON blockchain was up 16% over 24 hours. It gained 17% against Bitcoin BTC/USD and 15% against Ethereum ETH/USD.

Illustration by IgorKom on Shutterstock

Posted In: BitcoinPavel DurovTelegramTONCryptocurrencyNewsMarketsTech

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.