Telegram's Username Auction Has Started!

On 27th of October, Telegram has officially started auctioning username and channel handles on the TON Blockchain. It was few months ago that the well known global messaging service provider, Telegram, first announced it was considering auctioning username and channel handles.

The co-founder of Telegram, Pavel Durov stated in August

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. 

People can now buy and sell usernames on the website, https://fragment.com/. The auction is first rolled out for four to five character usernames and soon longer character names will be included.

Currently, user names 'bank', 'casino' and 'auto' are leading the auction with 73,500 TON (around $116,000), 52,500 TON (around $83,000) and 31,500 TON (around $50,000) respectively. 

The Open Network (TON) has successfully implemented an auction for its wallet and domain usernames before and managed to register a total sales of 2,392,000 TON ($3,779,360). It is believed that this figure will be surpassed by Telegram.

Pavel Durov further stated regarding this

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.

The big reason why Telegram chose TON to launch its auction is because it was the original designer of the blockchain. Additionally, Telegram trusts TON have a better qualities in regard to speed and scalability which will align in telegram's action plan.

Final Thoughts

Social platforms are utilizing the blockchain technology to benefit both themselves and their users which is always awesome to see. The adoption of blockchain technology is moving in an increasing speed due to these social platforms and I hope more platforms and organizations are following. It will really help in answering the trust issues that are usually raised by the users while benefiting every stakeholders of the platforms.  

So if you have four to five character username on Telegram, make sure to checkout the Auction. Or if you want to buy one, this is your chance.

Disclaimer

I am not a financial advisor. The information found here are for educational purposes and cite my personal opinion.