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NFT REVIEW NEWS Telegram Gears Up to Launch its On-Board Web3 Marketplace


World-spanning instant messaging service, Telegram, has announced the imminent arrival of its in-house Web3 marketplace. Inside which, it aims to auction off premium blockchain-tied user names, which the company says are ‘definitely not NFTs’.

The new assets will take inspiration from the NFT smart contract and operate via its home-grown The Open Network (TON) blockchain. However, Telegram has looked to distance itself from the ‘NFT’ moniker, likely due to a barrage of bad press. As a result, changing the code just enough to skirt the NFT association, and classify it as a ‘different’ product.

Through the marketplace, Telegram aims to monetize the use of premium user names by launching a series of auctions to obtain the best virtual identities in town. Should the scheme prove a success, Telegram will then branch out to other assets, such as channels, emojis and stickers.

Over recent months, more and more platforms have looked to shake off the term NFT, identifying it as a name synonymous with social media outrage and the digitally native ‘angry mob’. So, as the tech continues to evolve, many firms will look to re-package NFTs in a way that will placate the userbase.

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