The messaging service Telegram announced on Friday that the market for offering original names had almost run its course and that domain name auctions would shortly begin. Telegram is collaborating with the TON blockchain to supply usernames. As a result, the price of Toncoin (TON) has risen by about 12% over the previous day.
Telegram will provide distinctive and memorable usernames. The cost of toncoin (TON) rises 12%.
The messaging service Telegram announced on Friday that the market for offering original names had almost run its course and that domain name auctions would shortly begin. Telegram is collaborating with the TON blockchain to supply usernames. As a result, the price of Toncoin (TON) has risen by about 12% over the previous day.
Telegram works with TON Blockchain to provide distinctive usernames
On October 21, TON blockchain stated in a tweet that it would be working with chat app Telegram to create an auction site for unique usernames.
The idea to provide distinctive and memorable Telegram usernames was first introduced a few weeks ago by Pavel Durov, the company's founder and CEO. Users will be able to purchase and trade distinctive usernames on the TON blockchain-based market.
The development stage is already finished, and the auction site will be live soon, according to Telegram Usernames. It advises users to secure ownership of the most valuable usernames in the immutable record of the TON blockchain.
The domain/wallet name auction was recently held by TON. Casino.ton was sold for over $244K, while Wallet.ton went for 215,250 Toncoin, or roughly $260,000.
Pavel Durov believes Telegram will be able to achieve better results because of its 700 million users. He intends to auction off usernames, groups, and channel URLs. The idea also includes selling all addresses with four letters, such as @storm or @royal, as well as usernames with four letters, such as @bank, @club, @game, and @gift.
The announcement has caused the price of Toncoin (TON) to increase by more than 12% in the previous day. The low and high for the previous day are $1.24 and $1.40, respectively. The TON price is now $1.35 at the time of writing.
The trade volume has increased by more than 380%. It shows a rise in interest from dealers as Telegram plans to reserve and auction off unique usernames. The TON-based functionality, which Telegram recently introduced, enables users to immediately buy and trade cryptocurrency to others.
