What are NFT domains? How are they the next big thing in tech?
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Have you ever thought of a domain that can be 100% decentralized and offers lifetime ownership to the users? Well, it was not possible until the prevalence of Web 2.0, but as the technology progressed, the world slowly started to enter Web 3.0. Now, NFT domains or Non-Fungible Token domains are trending, and it offers a series of advantages over the conventional ones.
Conventional .com or .net domains are fading slowly. It is because of their rented nature and various other factors. For instance, a popular domain, business.com, was bought for $7.5 million in 1999 and later sold for $345 million. You must be shocked to see such huge money lost just by buying the domain. Domains are the first step toward building a website URL for any business, and their cost so much should be a matter of concern.
Moreover, these domains were not actually ‘bought’ but rented for a particular time. Thus, the major drawback of conventional domains is not getting access to full ownership rather than receiving it in fragments. However, as soon as ownership technology emerged, tokenization of domains became a thing.
Let us look at some examples of Web 2.0 vs. Web 3.0 domains.
Web 2.0 domains: .com, .io, .org, .net
Web 3.0 domains: .blockchain, .metaverse, .vr
Why are NFT Domains trending?
NFT, decentralized, crypto, or blockchain domains are trending for multiple reasons, and they are indeed the next-generation domains. Unlike the Web 2.0 domain-based models, NFT domains don’t rely on annual renewal fees, and these domains are one-time purchases. Moreover, these domains provide 100% ownership rather than relying on any domain providing service like GoDaddy or Google Domains.
But NFT domains are long to read, often leading to confusion. Thus, to counter this, ENS is introduced.
Why is ENS necessary for NFT domains?
Talking about NFT domains, there is another new thing speculating around. It’s ENS or Ethereum Name Service. ENS aims to make NFT domains a bit easier and more understandable. Since NFT domains are a long series of numbers and alphabets, sometimes it isn’t easy to manage them.
Thus, ENS acts as a nickname by shortening the URL for your website. With ENS, instead of having a long address for your website, it can simply be read as orange.eth to receive any crypto.
In addition to Ethereum addresses, ENS also provides readable domains for other crypto wallets, websites, content hashes, and metadata – intended to be your Web3 username, which connects all your addresses and websites under one nickname so that you can obtain any form of cryptocurrency. or NFTs with your ENS domain.
Quik is a next-generation marketplace for NFT domains where users can buy or sell great NFT domains with unique traits. The Quik ecosystem recognizes the enormous potential of Web 3.0, thus, assisting the businesses to transition smoothly. It aims to restore the individuality and freedom lost by the 1st and 2nd generations of the web. Quik provides TLDs in several forms such as .blockchain, .metaverse, etc.
Join Quik now and get access to QUIK domain minting, which is live now!
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