Technology is moving FAST, and where having a website was once the new but necessary thing, are we moving towards a world where everyone will find owning crypto domain names necessary?
At Unstoppable Domains that seems to be their thesis, and it's already paying off—they just secured $65 million in funding for their Series A round. While crypto is in a bit of a bear market right now, crypto is still here to stay, and soon you may see people buying crypto domain names similar to how people buy website domains just in case one day they want to use it or make a profit by selling it to someone else.
"Gould said that Unstoppable Domains has registered more than 2.5 million crypto domain names to date, including with extensions such as .crypto, .bitcoin, .nft, .blockchain, and .dao. Registration starts at $5 per domain and can range into the hundreds of dollars—the firm claims to have generated more than $80 million in sales so far.
Each Unstoppable Domain takes the form of an NFT asset that’s minted on Polygon, an Ethereum scaling platform that enables faster, cheaper, and more energy-efficient transactions."
More than anything, Unstoppable Domains brings us closer to a future where every person can one day have a decentralized identity where they can own their information and rent it out, as opposed to the current model where companies own your data and make money off of it without you getting a piece of it. This can equally do a lot to clean up the internet and incentivize people to make better decisions when it comes to what they post online because it'll affect their reputation.
"Beyond allowing users to control their respective digital identities with a crypto wallet and NFT domain, Gould said that it has serious implications for online reputation, with the ability to track negative behavior (such as propagating scams) from users across various platforms... With an NFT-based online reputation system, however, he believes that there’s potential for such actions to be tracked across platforms."
To me, this is one of the most EXCITING aspects of crypto. It'll be interesting to see how Unstoppable Domains evolves over the years, but more importantly the idea of a digital identity.
Pre-money valuations should warrant skepticism.
I'll probably sound a bit cynical asking, and don't mean to be a downer, but what exactly are crypto domains solving that isn't already solved?
@devinlasarre They aren't solving any problem that's not being solved, but I think it's the larger vision of decentralized identity that is exciting. To have one profile that you log into that is your key to any website online would solve the problem of having multiple usernames and passwords to all the sites an individual frequents, and would put them in control of the data that they want to share.
When I look into things like this I like to think about the long-term viability, so no need to think you're being cynical! Many of the web3 projects I see do seem to be based off of hype & new tech, but don't really solve a problem, so I understand your concern.
@joeyhirendernath I’m thinking possibly a wallet that you log into on every website you visit. Facial recognition is cool too, so something to consider! This company is innovating on the “my data my asset” concept but I think we’re still a few years off: https://aiisma.com
not sure if ENS isn't a better alternative to Unstoppable domains.