Social media giant Telegram will auction four- and five-character social media handles similar to domain names on a marketplace on the TON blockchain.
Telegram and the TON Foundation, a social media handle on a website called Fragment.com, will host the auction with a four-letter name with a minimum price of 10,000 TONcoin.
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Telegram will first offer four- and five-letter Telegram handles to the general public and will also allow users to auction their handles. The auction will last for a week.
“For the first time, social media users will be able to transparently prove they have their tokens on the TON blockchain thanks to their tokens,” said Andrew Rogozov of the TON Foundation.
Those wishing to participate in the auction can log in to Fragment.com using Telegram or the non-custodial wallet apps ToneKeeper and TON Wallet. The wallet must contain Toncoin before the user can link it to the Fragment. To place a bid, the user has to select one of the auctions, enter an amount and make a payment. Whoever bids for the blockchain first will win the auction, and you will get your money back if you don’t.
Handles may not be available on all Telegram clients. The social media company will soon be rolling out updates for existing platforms that will offer support.
First TON DNS 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 the same purpose as a Web2 DNS. In Web2, the domain name system matches an Internet Protocol address with a human-readable name. Instead of typing a numeric IP address 172.217.204.10 into the search bar of your web browser, you can type in 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 money. Services like Ethereum Name Service and Unstoppable Domains allow you to share human-readable web-like addresses with people who send money. ENS will enable you to create addresses that end in .eth, while unstoppable domains allow you to own an address that ends in .crypto, .bitcoin, or one of several other domains.
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At its launch, TON DNS allowed you to create domain names ending in .ton. Like the new Telegram handle, the domain names were auctioned off 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 can also bid to have custom domain names for their smart contracts. There are tons of domain names NFTs that a user can store, sell, or gift blog post notes. NFT owners are responsible for paying a small annual renewal fee for the domain name smart contract. Otherwise, the domain will be auctioned again.
In contrast, new Telegram handles will not need to be renewed. The auction with the highest minimum bid at press time is 63,000 Toncoin.
At press time, TON is up 23.49% to $1.61. Its market cap is just under $2 billion.
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