The emergence of blockchain technology has given rise to new value exchanges, dApps, Web 3.0, and crypto-assets. And one of the most essential and innovative of them is the NFT domains.
The crypto wallets and decentralized apps work with lengthy and cumbersome alphanumeric identifiers. However, we associate these crypto addresses with domain names. It could disrupt the crypto industry like how traditional domain names had revolutionized the internet by replacing IP addresses.
Quik.com offers NFT domain extensions or TLDs such as .chain, .metaverse, .vr, .doge, .shib, .bored, .btc, .web3, .address and .ai. Apart from the artwork that comes with each minted NFT domain, the owners shall also be able to use these NFT domains inside the Quik ecosystem once Quik launches its web extension and browser, which are planned for the future.
What Are NFT Domains?
Blockchain domains offered by platforms such as Quik.com and Unstoppable Domains are essentially domain name systems or DNS embedded on the blockchain instead of the traditional centralized system. It allows the data structure to be distributed over a decentralized network, allowing everyone in the network to read its content.
In other words, blockchain technology is the next big thing for the domain name industries with new functionalities and advantages. However, NFT domains cannot be used to host websites inside the traditional DNS but rather have their own set of advantages.
These systems are also completely free of central entities like ICANN, making them resistant to censorship.
However, it is essential to note that features of NFT domains can differ based on the underlying smart contracts of the issuer that mints the blockchain domain code.
Blockchain Domains Over Traditional Domains
In the .com era, several businesses found success primarily because of their domain and its primacy in search results. Today, traditional domains are worth more than 20 to 100 billion USD as an asset class.
So far, over 300 million domain names are sold, some of them costing hundreds of millions of dollars, insurance.com and internet.com, for example. There are more than 1,500 different domain extensions currently live.
However, the innovation in the traditional domain market has become stagnant over the past many decades. And now, with the emergence of NFT domains, we can't help but start imagining them as the biggest digital asset class.
In addition, their features like censorship resistance and ease of payment address major drawbacks of the present domain names. It makes NFT domains virtually borderless, permissionless business tools.
While traditional domains were primarily for businesses, blockchain domains have applications for businesses and individuals. As the entire centralized DNS infrastructure can easily migrate to a public blockchain at any time in the future, NFT domains may soon become the first choice.
NFT domains you purchase or mint on the Quik marketplace offer edge over traditional and other blockchain domain names because:
● There are no renewal fees, offers 100% ownership
● Censorship resistant
● Mint, purchase, or sell NFT domains using Quik's intuitive UI with minimum effort.
● Quik also offers the infrastructure to help businesses move from Web 2.0 to Web 3.0
● Minters also get 5 to 10% of royalties for life on every subsequent sale
● Each domain name comes with a unique NFT artwork attached to it
The current NFT domain names are based on the Ethereum blockchain, but Quik plans to launch NFT domains on other blockchain protocols as well in the future.
The NFT domains available on Quik shall work within the Quik ecosystem. Quik plans to launch its web browser and web extension to help empower these NFT domains soon.
"NFT domains offer superior functionality over traditional domains, which are one-dimensional and have narrow purposes. We believe blockchain domain names have the potential to drive the idea of a truly decentralized internet," said Sahil Kohli, the CEO of Quik.
Ready to mint your first NFT Domain? Visit Quik.com.
Read Quik's whitepaper here.
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