The favored messaging app Telegram has developed a brand new market that doesn’t embrace Nonfungible Tokens (NFTs). The social messaging platform stated it was able to launch its market for auctioning off distinctive social platform usernames, an concept that first floated in August.

In an official announcement on its Telegram channel, the corporate stated that the event part of {the marketplace} is nearing the tip. {The marketplace} is constructed on its native blockchain referred to as The Open Community (TON).

The concept was first teased by firm founder Pavel Durov in late August this 12 months, when he proposed a market that would use “NFT-like good contracts” to public sale coveted usernames. Durov made the proposal following the “success” of area title auctions by The Open Community (TON), a Layer 1 blockchain initially designed by the Telegram crew.

Durov stated on the time {that a} new market the place holders of usernames might switch them to events in protected offers – with possession secured on the blockchain by way of NFT-like good contracts – might turn into a fascinating service in Web3. He added that different components of the Telegram ecosystem, together with channels, stickers or emojis, might additionally turn into a part of this market in a while.

Telegram has not responded to Cointelegraph’s requests for remark on the time of publication.

Associated: “Distinctive Phenomenon”: All 5 billion Toncoins are mined on the PoS TON blockchain

Telegram launched its Web3 and crypto challenge hoping to launch a digital cost platform for Telegram. Nonetheless, like many different platforms from the ICO (Preliminary Coin Providing) period, Telegram additionally bumped into hassle with US regulators over the unregistered sale of its Gram token.

After dropping a lawsuit in opposition to the US Securities and Trade Commission in 2020, Durov resigned from the challenge to concentrate on Telegram. Since then, open supply builders have revived the challenge beneath the banner of The Open Community.