Messaging app Telegram has made an important announcement. TON announced that its blockchain-based auction platform is almost complete and will be operational soon. This platform will allow usernames to be auctioned. After Telegram’s announcement, altcoin project Toncoin (TON) experienced a sharp rise.
Telegram made an important announcement
In a tweet on Oct. 21, TON Blockchain disclosed its platform for auctioning unique usernames. It announced its collaboration with the messaging platform Telegram. cryptocoin.com As we reported, Pavel Durov, founder and CEO of Telegram, announced the idea of offering unique Telegram usernames a few months ago. It will allow users to buy and sell unique usernames on the TON Blockchain-based marketplace.
According to Telegram usernames, the development phase has been completed and the auction platform will be live soon. The platform offers users to acquire the most valuable usernames on the TON Blockchain and secure their ownership. Recently TON held an auction for domain/wallet names. Wallet.ton was sold for 215,250 Toncoins worth approximately $260K, while casino.ton was sold for around $244K.
Pavel Durov believes that Telegram can achieve better results thanks to its 700 million users. It aims to auction usernames, groups and channel links. The plan also includes all four-letter usernames like @bank, @club, @game, and @gift, as well as addresses like @storm or @royal being available for sale.
Altcoin price jumps
Telegram’s intention to isolate and auction private usernames signals a surge in investor interest. Telegram recently announced the TON-based feature that allows users to buy and sell cryptocurrency directly to others. As a result of the announcement, the price of Toncoin (TON) rose. The cryptocurrency managed to rise from the levels of $1.26 to $1.42. At the time of writing, it’s changing hands at $1.41. It’s showing a 3.5% gain in value over the last 24 hours.
The cryptocurrency has also been bullish on the wider time frame. It has gained 13.2 percent in the last 7 days. It has risen close to 15% in the last 30 days. On an annual basis, it jumped by 81.2 percent. Still, it is trading below the record level of $5.29 set on November 12, 2021. The cryptocurrency has experienced a 73.3% drop since then.
