Messaging app Telegram successfully sold over $50 million worth of usernames on its fully decentralized auction platform Fragment built on the Open Network (TON) blockchain.
Telegram founder and CEO Pavel Durov stated, “Fragment has been an amazing success, with 50 million USD worth of usernames sold there in less than a month. This week, Fragment will expand beyond usernames.”
In October, Telegram’s official auction of its usernames on its new marketplace built on the TON blockchain was announced. Telegram began the auctions of four- and five-letter handles with the price to be paid in Toncoin, the native token of the TON blockchain.
On Fragment, several specific Telegram usernames have generated significant revenue. According to the official website, the username @news was auctioned for 994,000 TON, approximately $1.7 million.
Durov stated the next stage for Telegram is to develop a collection of decentralized tools like non-custodial wallets and decentralized exchanges, adding that blockchain-based projects should go back to their roots of decentralization, citing the recent FTX crash.
“The time when the inefficiencies of legacy platforms justified centralization should be long gone. With technologies like TON reaching their potential, the blockchain industry should be finally able to deliver on its core mission – giving the power back to the people,” Durov noted.