According to TechCrunch, the concept was first brought up in August by Pavel Durov, the founder of Telegram, who noted the potential for “a little bit of Web 3.0 to Telegram.”

“I am really impressed by the success of the auction TON conducted for their domain/wallet names. Wallet.ton was sold for 215,250 Toncoin ($260000) while casino.ton was sold for $244000,” Durov was quoted as saying in the report.

“If TON has been able to achieve these results, imagine how successful Telegram with its 700 million users could be if we put reserved usernames, group and channel links for auction,” he added.

Telegram and TON Foundation use a separate website (fragment.com) as a hub for these auctions. Users can access the website using Telegram, the Tonkeeper app or their TON-based wallets.

The website will assist users to connect their accounts to the purchased handles, the report said.

Each handle that is placed up for bid will have an additional hour for final bidding and will end in a week.

The company sets a $10,000 Toncoin minimum auction value for four-character handles, which at the time of writing is equal to about $18,400.

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