ICYMI: Social Media Giants in The Metaverse

Telegram plans to launch a username auction platform on the TON blockchain. Telegram’s CEO Pavel Durov has earlier floated this idea in August and is now set to become a reality. The popular messaging app with over 700 million users announced that the development phase was over and plans to roll out the platform soon. 

What is Telegram’s Username Auction About?

Telegram’s username marketplace will utilize smart contracts to auction highly-sought after usernames. The username holders will be able to sell and transfer them to interested parties – ownership of these usernames can easily be verified and confirmed on the blockchain. This initiative is touted to become a sought-after service in Web3, and we could see other platforms spring up soon. Furthermore, Telegram also plans to incorporate channels, stickers, and emojis into its marketplace in the future.

Does Reddit Have More Active NFT Wallets Than OpenSea?

Reddit Chief Product Officer Pali Bhat recently revealed that Redditors had created over 3 million Reddit Vault wallets. According to Bhat, at least 2.5 million of these wallets have been used to buy and trade NFT avatars that Redditors can use as their profile pics. Although most NFT marketplaces are usually secretive about such metrics, this feat would suggest that there is the possibility of Reddit having more active NFT wallets than NFT Marketplace OpenSea.

Reddit ventured into the NFT space in July when it launched an NFT-based marketplace that Redditors could use to purchase blockchain-based profile pictures. The current figures would suggest that this initiative has paid dividends.

That hasn’t been Reddit’s only initiative in the web 3 space, as it partnered with several artists to release NFT avatars with different designs a few months ago. These avatars sold out upon release. The company also followed in Twitter’s footsteps by allowing its users to use NFTs as their profile pictures. 

This article was written by Patrick Hagerty on the Exploring Digital Assets  on 25.10.2022 and has been published here with permission.

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