We have had various users ask us about NFT domains over recent weeks, regarding purchasing, minting and storing. We now aim to provide you with a small insight into NFT domains and how they work!
Before we begin, think, what do you believe the future for website domains holds, and do you truly believe NFTs can revolutionize the way website domains work?
NFT domains benefits
The biggest benefit users find with NFT domains is simple – ownership. However, it is evident that there are other areas where NFT domains will find positivity in the future, with the functionality being more than just a website address.
Users who own NFT domains are able to map their wallet address to this, for example, hodooi.eth can become the address for users instead of their long-digit wallet address.
Some of the most popular web2 TLDs are .com, .net, .org. As you would expect, NFT domains come with different TLDs such as:
The biggest issue we have found though is users are able to find where to purchase NFTs, with the various NFT marketplaces, but where could they purchase NFT domains? There are two main providers to date, both of which have seen large volumes and sales since the NFT boom in early 2021, these being Unstoppable Domains and Ethereum Name System (or ENS). However, even though users may think they both offer the same service, they don’t. Unstoppable Domains will allow users to purchase their NFT domain for life, and ENS will only allow you to purchase NFT domains for limits higher than 10 years, meaning users must pay a year-on-year fee to keep their domain – or sell it on to another owner.
Here’s a summary of the benefits and ideas to you by NFT domains:
- Simplify crypto transactions by mapping wallet addresses to domain names
- Login to dApps with your domain name NFT as your universal Web3 username
- NFT Domains run on decentralized infrastructure and smart contracts
- Trade your domains as NFTs freely without commissions
So, what do you think the future of NFT domains holds, have you used the two platforms above to purchase NFT domains, or will you now give it a go and see if you can flip NFT domains?
HoDooi.com is the multi-chain marketplace to Create, Buy, Sell & Resell NFTs in a decentralized permissionless environment initially launching on the Binance Smart Chain.
Our offering is supported by the HOD token, the native cryptocurrency of the platform. HOD can be used for Payments, joining the platform’s tiered Membership Program, Staking Rewards, access to exclusive NFTs.
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