What is an NFT Domain? A domain asset on a blockchain.
What are the use cases of NFT domains?
NFT domains have two unique use cases:
1. Replace cryptocurrency addresses with human-readable names
Right now paying someone is like this – ask for their cryptocurrency address, they go into their wallet and copy an address, they paste it into an email, send it to you, you open the email, copy/paste the address into your wallet, and pay.
With an NFT domain name, it is like this – Attach your cryptocurrency addresses to your domain, and tell your friend to pay by typing in your domain name (for example; yourname.crypto).
2. Enable decentralized websites
NFT domains can be used to build decentralized websites. Traditional domain assets are stored on your behalf by custodians like Godaddy and Google Domains. But an NFT domain is stored in your cryptocurrency wallet and controlled by you so no company or court order can take it.
Ways to surf the decentralized web:
Why are NFT domains needed?
The current system is flawed.
Payments are not native
Payments were meant to be a core part of the design of the internet, but at the time no cryptographically secure ways to send money existed.
Only recently, 25 years later, have tools like Stripe made it easy for businesses in the U.S. and the West to accept digital payments. Yet this infrastructure doesn’t integrate easily with other solutions around the world.
Centralized vs Decentralized
The current domain system is based on a singular registry, that a series of approved parties can update. Those parties are called registrars and are companies like GoDaddy or Google Domains.
When you buy a domain, you buy directly from a registrar and they are the custodian of that domain for you. Because registrars are custodians, they can take the domain away from you if someone asks them to.
Centralized entities control the internet
ICANN has full control to grant permission for new extensions. Major social media companies harvest and sell our data as the user has become the product. All of this makes the internet less free and creates a business model around exploiting the user.
- Offer a major UX improvement for payments by replacing cryptocurrency addresses with human-readable names.
- Are controlled by their owners. Your keys, your domain.
- Domain assets are stored in the wallets of the owners. This gives the owner full custody over their domain and enables decentralized websites.
- Create a way to rebuild the internet through an experience where the user has full control.
- Allow users to use their domain for payments and as a website, at the same time.
How does an NFT domain replace a cryptocurrency address with a human-readable name?
You control the domain so you are the only person able to associate cryptocurrencies with it. Input your cryptocurrency addresses on the blockchain itself. When someone types yourname.crypto into an integrated wallet, the wallet looks up that domain on the blockchain finds the appropriate address, and sends. It’s that simple.
About Unstoppable Domains
Unstoppable Domains is a San Francisco-based company building domains on blockchains. The company is backed by Draper Associates and Boost VC and has received grants from the Ethereum Foundation and the Zilliqa Foundation.
Unstoppable Domains has registered 800,000+ domains so far!
- Payments - Domains can be used as a payment gateway for cryptocurrency payments. These are cheap, almost instant, and can be done from anywhere in the world to anywhere in the world.
- Decentr Websites - Other companies and governments cannot control the content you show on your website.
- Alternate Root - Are not governed by and don’t require approval from ICANN.
- No Custodian - NFT domains are stored by the owner. No 3rd party can move or seize them.
- No Renewals - Pay once and it’s yours … forever.
- Transfers - NFT domains do not require an escrow agent to securely exchange the domain or funds. This transfer can happen in less than 1 minute, from or to anywhere in the world.
Ready to dig deeper?
- Hashing It Out | with Brad Kam
- Taking Back The Internet
- Our most recent live AMA | Founders Matthew Gould and Brad Kam "Plans for 2021"
- POV Crypto Podcast
- Hashoshi: Decentralized Internet
- How Multi-Currency Payments Will Unite The Blockchain Community
- Anthony Pompliano’s Off the Chain podcast with Unstoppable Domains