Anyone who wants to create their own website needs a domain. That’s why we introduce you to NFT domains, the next generation of domains, and show you how you can register one yourself.
Anyone who has already registered a domain opts for a provider and at the same time agrees that all website data is stored centrally on the provider’s servers. It’s exactly different with NFT domains, because the data is stored in a decentralized way.
In principle, everyone has the opportunity to register NFT domains. We’ll show you exactly how it works in this article.
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Excursus: Basic information about NFT
Before dealing with NFT domains, let’s first clarify what NFT is in general. NFT is the abbreviation of NOTon-Fillegible JOkay. Translated, this means “Untradable token”. A token is the digitized form of an asset. The token can have a certain value or a specific function.
An NFT is therefore a unique digital object. NFTs are currently particularly popular for digital artwork, such as videos or GIFs. The creator can then resell it and set individual rights.
NFTs work with blockchain technology. Blockchain is a decentralized database that mirrors across many computers. The background of the blockchain is that it abstracts and saves its inputs into blocks.
What are NFT domains?
The technology behind NFT domains is similar in principle. Information about domain owners is stored on the blockchain, along with all website and domain content. The NFT domain is stored on a wallet already known to cryptocurrencies. It makes you completely independent from the internet.
You can register your NFT domains with different providers. Unlike normal domains, top-level domains are not published by ICANN, but managed by the providers themselves. Examples of top-level domains of NFT domains are “.crypto”, “.nft” or “.x”.
The fact that TLDs are not officially managed by ICANN can cause problems. This is because NFT domains are not entered into the root zone of the domain name system, which means websites cannot be opened with all browsers.
Additionally, problems could arise in the future if ICANN officially administers the top-level domains used and authorizes them in the domain name system.
How Domain NFTs Work
Basically, domain NFTs work like normal NFTs: you can buy them, keep them, or resell them. So, NFT domains are cryptographic addresses that act like website addresses.
At the same time, domain NFTs serve as wallet addresses. This allows someone else to send you a specified amount of compatible cryptocurrency directly to your NFT domain address. This makes cryptocurrency trading easier and easier.
What are the benefits of an NFT domain?
The biggest advantage of NFT domains is that you host your domain completely independently from the rest of the internet and own it completely. As already mentioned, you also have the opportunity to significantly simplify trading in cryptocurrencies.
To do this, you log into a decentralized application with your domain and turn your wallet address into a simpler URL for trading cryptocurrencies. Your customers don’t have to remember a complicated sequence of numbers and letters, they just use your NFT domain.
Also, with NFT domains, you don’t have to reckon with recurring costs, only one-time purchase fees. After that, it’s yours forever, at no additional cost.
Where to register an NFT domain?
NFT domains can be traded on NFT marketplaces such as OpenSea and paid for with cryptocurrencies. With a few providers, you also have the option of paying for your domain in other currencies, such as US dollars. It is important to note that NFT domains cannot currently be registered with traditional providers.
How to register NFT domains?
The actual purchase and registration of NFT domains is similar to the process for regular domains. The first step is to search for the desired domain name on an NFT marketplace. You will then see the availability and prices of the different domain extensions. Prices vary widely for purposes, you should expect prices of around 100 to several thousand US dollars.
In the registration process, you then link your crypto wallet, which must be supported by the provider – you must verify this beforehand. Your NFT domain is then created and stored in your wallet.
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