Pavel Durov, the brains behind Telegram, has proposed building an NFT marketplace that would give room for the auctioning of well-known usernames using NFT-like smart contracts.
The Open Network (TON), a layer-1 blockchain initially built by the team behind Telegram, "succeeded" in holding domain name auctions, prompting Durov to create the recommendation.
The blockchain innovation, in the middle of July, presented the TON DNS service, which provides users with the right to give websites, smart contracts, and cryptocurrency wallets human-readable names.
On Tuesday, Durov, in his Telegram group Durov’s Channel, expressed his joy by stating how the success of recent auction TON'S for their domain/wallet names got him fascinated. He continued by stating ways Telegram could change and get more prominent if they auctioned reserved @ usernames, group, and channel connections.
Durov suggested that Telegram key into the use of associated technology to launch a fresh market where users could purchase and sell "catchy t.me addresses such as @storm or @royal, and all the usernames that have four letters.
He emphasized that this development would pave the way for a fresh platform where username owners could sell them to keen parties in safe transactions, with proprietary rights guaranteed by smart contracts such as NFTs. He continued by saying that in time, other Telegram ecosystem parts such as links, emojis, or stickers might potentially join this market.
The TON DNS platform rolled out its premier auctions on July 30. The ".ton" variation, just like the Ethereum Name Service (ENS) ".eth" domains, allows users to enter decentralized applications easily without needing to type a lengthy string of letters and numbers from their wallet addresses.
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FunC programming language is what the TON network uses to create specialized smart contracts for the blockchain and to run them on the TON Virtual Machine. There's a likelihood of them being developed on this measure if Telegram included NFTs.
Because Durov and his team built the Telegram Open Network, now known as TON, with the messaging app in 2018, similar incorporation should be straightforward for Telegram.
Durov supported this development by stating that they are confident they can create smart contracts for the project since their team created TON's smart-contract language. As a result of that, they are open to choose TON as the foundational blockchain for their next marketplace.
TON was originally made as a platform for Telegram's virtual payments. It didn't take long however for issues to come up with the US Securities and Exchange Commission (SEC) over an unrecorded prelude sale of $1.7 billion worth of Gram tokens.
Halfway through 2020, Durov engaged in a legal dispute with the SEC and lost. In light of this incident, he pulled out of the project to focus on Telegram. Since then, the project has been revived by open-source programmers under the moniker The Open Network.
The TON network's proof-of-stake (PoS) consensus procedure provides several elements, staking, NFTs, and decentralized applications. The company's native asset, Toncoin (TON) has shot up 14.70% above the prior day in value, regarding reports from CoinMarketCap, and is presently trading at $1.33.
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