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Sunday, December 4, 2022

Telegram Founder Suggests ‘NFT-Like Smart Contracts’ To Auction Usernames

Telegram is a messaging app that allows users to send encrypted messages and files. It has gained popularity due to its end-to-end encryption, as well as its focus on privacy.

The idea that a username could be represented by an NFT is not new. It’s one of the first use cases for NFTs that was proposed, and it is intended to create a digital token representing something tangible (like an Instagram handle).

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In a recent interview with The Verge, Pavel Durov, founder of Telegram, suggested that he would implement Telegram’s username auction by giving the names to the highest bidder, who could then resell them. Durov also noted that “you can have [NFT] tokens on Ethereum or EOS or whatever you like.”

Telegram Boss Impressed by Success Of Auction

NFTs are different than cryptocurrencies in that they can represent anything tangible or intangible. They’re also not fungible, which means each NFT is unique and can be sold on the market.

This would be possible through non-fungible tokens (NFT), which are differentiated by a unique digital token that represents something tangible or intangible.

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NFTs can represent a physical asset like gold coins, rare artworks and even sports memorabilia; they can also represent more abstract assets like domain names or stock certificates; or they could even serve as loyalty points for businesses that want to reward their customers for shopping with them over time – any type of thing you can think of!

For this, Durov suggested using non-fungible tokens (NFTs). Unlike cryptocurrencies, NFTs are unique digital tokens that represent something tangible or intangible.

They can be used to represent ownership of a physical or virtual item like artworks, or even a particular username in Telegram’s case.

This would be similar to the way domain names can be sold in the internet. Domain name registries and registrars will list domains for auction, where a potential buyer can bid on them at any time. The highest bidder wins ownership of that domain name.

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