Telegram Founder Focuses On ‘NFT-Like Smart Contracts’, Intends to Auction Usernames

by | Sep 5, 2022 | Market, Market News, News | 0 comments

NFTs are one of the attractive portions of virtual decentralized platforms. Social media platforms like Facebook Messenger, and Telegram is also a cloud-based instant messaging platform that allows users to multimedia messages, and phone and video conversations. Nikolai and Pavel Durov launched the platform in 2013. They are the same brothers who developed the Russian social networking platform VK. 

The founder of messaging application Telegram, Pavel Durov, is focusing on the planning of a marketplace that could take advantage of ‘NFT-like smart contracts’ to auction highly-anticipated usernames as the posterior of the success of domain name that is auctioned by The Open Network (TON).

The Ideation Of The Project :

The project was launched in mid-July. It supports the users employing human-readable names to crypto wallets, smart contracts, and websites by the TON DNS service.

The founder explained this idea in his Telegram group, named Durvov’s Channel. He shared that he is overwhelmed by the success of the TON auction that was recently conducted for their domain/wallet names. He joyfully stated that he imagined how successful Telegram with its 700 million members could be if they offer reserved usernames, groups, and channel links for auction.

According to him, Telegram could follow the same technology to explore a new marketplace that might be used to trade popular commodities like catchy addresses such as @storm or @royal, and it will follow all four-letter usernames.

Durov has been connecting with the project for a long time. He expected a huge potential in it. According to him, this project is going to develop a new platform where username holders can change them by interested parties with protected deals. That would be with ownership secured on the blockchain through NFT-like smart contracts. Other elements like the Telegram ecosystem along with channels, stickers, or emojis are expected to be a part of this marketplace later.

The auctions on TON DNS came live on 30 July. Users can access decentralized applications or app through the “.ton” variant most simply. It has no complicated typing of strings of numbers and letters from the user’s wallet addresses.

The TON network follows the FunC programming language. It aims to empower the TON Virtual machine along with launching specific smart contracts. Telegram might follow suit if they were to enter this space and launch NFTs.

Background Information :

Apart from ‘.ton’ Durov and his team, initially formed TON (formerly known as Telegram Open Network). It functioned as a digital payments platform related to Telegram. Though a sale of $1.7 billion of Gram tokens which is unregistered preliminary, meant that it ran into severe situations with the United States Securities and Exchange Commission (SEC).

A wide court conflict caused Durov to step away in 2020. Though the project was revived again when open source developers brought it back related to The Open Network.

The fact that he was the crucial personality behind the initial project. He said that their team can develop bullet-proof smart contracts for TON. So they are tending toward TON as the underlying blockchain for their future marketplace.

It was reported that the rate of the native token ‘Toncoin’ behind The Open Network also grew since Durov’s discussion. It rose to 14.70% and now sits at $1.33. 

The Prediction About NFT Market :

Between the years 2021 and 2026, the market for NFTs is anticipated to grow by an additional $148 billion. It is expected to rise at an approximately 36% growth rate.

The growing demand for digital artworks is anticipated to be a primary factor in the NFT market’s rapid growth.

There has been a remarkable rise in the demand for digital artworks on all kinds of online media over the past months.