Telegram gears up to launch its on-board Web3 marketplace

Worldwide Widespread Instant Messaging Service, Telegram, announced the imminent arrival of its in-house Web3 marketplace. Within that, it aims to auction off premium blockchain-based usernames, which the company says are ‘definitely not NFTs’.

The new assets will take inspiration from NFT smart contracts and operate through its native The Open Network (TON) blockchain. However, Telegram has sought to distance itself from the ‘NFT’ moniker, perhaps due to the barrage of bad press. Consequently, it is sufficient to change the code to skirt the NFT association and classify it as a ‘different’ product.

Through the marketplace, Telegram aims to monetize premium usernames by launching a series of auctions to acquire the city’s best virtual identities. If the scheme is successful, Telegram will then branch out into other assets such as channels, emojis and stickers.

In recent months, more and more platforms have sought to phase out the NFT term, identifying it as synonymous with social media outrage and digitally native ‘angry mobs’. So, as the technology continues to evolve, many organizations will look to repackage NFTs in a way that appeases the user.

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