Last Updated on November 1, 2022 by Bitfinsider

On Thursday, the popular instant messaging service Telegram introduced its marketplace for Telegram handles.

This would allow Telegram handles, which include both usernames and channels, to be purchased and traded with Toncoin, Telegram noted in a news statement.

Toncoin (TON) is the token of The Open Network, the spiritual successor to Telegram’s autonomous blockchain ambitions that were stymied two years ago by federal officials.

The auction is held on Fragment.com, a “separate website” for those who choose to participate. Users can search for and buy three- to four-character domains, auction their current handles, and “connect pre-purchased handles to off-chain accounts” using this page.

Telegram will first offer four-to-five character handles for sale, with the least expensive going for at least 126 Toncoin ($200). Currently, some of the auctions with the largest minimum bids are for handles such as “bank,” “casino,” and “car,” with minimum bids over 30,000 TON.

In many instances, the original price will decline daily if no one submits a greater bid than the minimum bid.

“For the first time, social media users will be able to demonstrate publicly that they own their handles, owing to tokenization on the TON blockchain,” said Andrew Rogozov, co-founder of the TON Foundation.

The marketplace is founded on The Open Network (TON), a blockchain that concluded a similar domain and wallet name auction in August. At the time, the deal achieved total sales of almost $3 million worth of 2,392,002 Toncoin.

CEO Pavel Durov was encouraged by the company’s success, which culminated in its latest initiative. In his personal channel, the CEO hinted at “adding a little bit of Web 3.0 to Telegram” by employing smart contracts similar to NFTs.

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