Social media giant Telegram will auction four- and five-character social media identifiers, similar to domain names, in a marketplace on the TON block chain.
Telegram and the TON Foundation will be hosting the auction of the social media handles on a website called Fragment.com, with the floor price for four-letter names set at 10,000 Toncoin.
What you need for Telegram Auction
Telegram will initially offer four-letter and five-letter Telegram handles to the general public and will also allow users to auction their handles. The auction will last for one week.
“For the first time, social media users will be able to transparently prove ownership of their handles through their tokenization on the TON blockchain,” said Andrew Rogozov of the TON Foundation.
People wishing to participate in the auction can log on to Fragment.com using Telegram or the non-custodial wallet apps thunder and ton wallet. The wallet must contain Toncoin before a user connects it to Fragment. To bid, the user must select one of the auctions, enter an amount and pay. Whoever bids first on the blockchain will win the auction and you will be refunded if you do not win.
Handles may not be available on all Telegram clients. The social media company will soon be rolling out updates to existing platforms that will offer support.
First DNS TON launched earlier this year
The TON foundation launched its own Web3 domain name system, TON DNS, on June 30, 2022. A Web3 domain name system serves a similar purpose to a Web2 DNS. In Web2, the domain name system associates an Internet Protocol address with a human-readable name. Instead of typing a numeric IP address 22.214.171.124 into your web browser’s search bar, you can type Google.com.
The Web3 equivalent of an IP address is a crypto wallet address. These usually consist of long strings of letters and numbers that can be shared with any crypto user who wants to send you funds. Services like the Ethereum name service and unstoppable domains instead allow you to share human-readable web-like addresses with people who send you money. ENS will allow you to create addresses ending in .eth, while Unstoppable Domains will allow you to own an address ending in .crypto, .bitcoin, or one of several other domains.
From its launch, the TON DNS made it possible to create domain names ending in .ton. Like the new Telegram handles, the domain names went up for auction, with the first auction on July 30, 2022. Wallet.ton was the most expensive, selling for $260,000, while casino.ton sold for 244,000 $.
Developers could also bid for their smart contracts to have custom domain names. Ton domain names are NFTs that a user can store, sell or gift, a blog post Remarks. NFT owners are responsible for paying a small annual domain name smart contract renewal fee. Otherwise, the domain will be auctioned again.
In contrast, the new Telegram handles will not need to be renewed. The bid with the highest minimum bid at the time of publication is 63,000 Toncoin.
TON is up 23.49% at $1.61 at press time. It has a market capitalization of just under $2 billion.
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