What is an NFT Domain?
Have you ever wondered why do some people have those snazzy ".eth" usernames? They are NFT domains that are both functional and easy to remember. Read on to learn more how you can use NFT domains too.
Hello.eth! Have you ever wondered why you see “.eth” in web3 communities on Twitter or Discord? What does “.eth” mean and why is it important? Why does everyone seem to have one and why has 000.eth sold for 300 ETH ($316,862.81 USD at time of sale)? Read on to learn more about the utility of NFT domains!
What is NFT Domain?
NFT domains are domain names that are live on a public blockchain and give users complete ownership of their stored data. NFT domains simplify the process of crypto transactions because it replaces your public wallet address with a domain name that’s easier to remember and type. NFT domains also make it easier to create and host websites on web3. NFT domains are essentially code on a public blockchain, giving them the additional advantage of not being controlled by one company. Anyone can look at data on a public blockchain, meaning that you have access to all of your own data, and data transparency and openness is built into NFT domains.
Why are NFT Domains Important?
NFT domains make crypto transactions easier by replacing your public wallet address, which is a random string of numbers and letters that’s hard to memorize and is prone to typos, with an easy to type name of your own choosing. It also allows you to receive over 275 coins and tokens across multiple blockchain networks, and gives you the ability to login to apps with your domain name. You can create and host websites on your NFT domain, such as building a personal website for an NFT gallery.
- NFT domains are available on blockchain networks such as Ethereum and Polygon.
- Once you buy an NFT domain, it is truly owned by you for life. You won’t have to worry about pesky domain renewal fees that web2 companies charge even after charging you to purchase that domain name.
- Since NFT domains are hosted in a decentralized way on a public blockchain, there is no need for a specific server to provide hosting services, which is what happens with web2 Cloud hosting. This means the owner of the NFT domain retains full control over the domain.
- There is no limit to how many NFT domains you can buy or sell.
- NFT domains can be purchased on marketplace platforms and then minted for free on Unstoppable Domains.
NFT domains bring a host of benefits to their owners. Not only do you not have to ever pay annual domain renewal fees again, you also have full control over your NFT domain. Whether you want to buy an NFT domain to avoid typos that result in sending your crypto to the wrong wallet address (yikes) or if you’re waiting for your domain name to increase in value before flipping it for a profit, there are still thousands of NFT domain names available to purchase for your NFT project.