Own your own Blockchain NFT-domain forever
Blockchain domain NFTs are the latest arrival in the block(chain) party. Part URL, part collectible, these fascinating assets are becoming the hottest new crypto in town. In this introductory article, we’ll walk you through the basics of blockchain domain NFTs.
What Are Non-Fungible Tokens (NFTs)?
Before we get into the nitty-gritty of NFTs, you need to understand the blockchain. Since its conceptual introduction in 2008 by Satoshi Nakamoto, the blockchain has perplexed the world. This decentralized ledger uses cryptography to permanently string together blocks of data.
Blockchain is the technology that powers Bitcoin, Ethereum, and every other cryptocurrency in the world. It leveraged this decentralized public ledger to solve a theoretical riddle for digital currencies, the “double-spend” problem.
Cryptocurrencies are what’s known as fungible tokens. Much like with two separate dollar bills, there’s no difference between one Bitcoin and another. They’re completely identical in every way. Cryptocurrencies aren’t the only thing that blockchains are capable of, though.
Non-fungible tokens exist at the opposite end of the spectrum. Like cryptocurrencies, they are cryptographic tokens registered on a specific blockchain. However, they’re each entirely unique (and therefore, not mutually interchangeable) — like serialized collectibles of the digital world.
There are multiple types of NFTs out there. Digital art can be registered on a blockchain, for example, as a way to certify authenticity and ownership. The result would be digital art NFTs that represent ownership of original, authentic artworks.
Blockchain Domains vs Regular Domains
A blockchain domain is a type of domain name that is stored on the blockchain. Therefore, it is decentralized and is not stored on any particular server. Some examples of blockchain domain zones or extensions are .eth, .crypto, and .zil. Blockchain domains using the .crypto and .eth extension names live on the Ethereum blockchain, while those under .zil fall within the Zilliqa blockchain.
The most apparent difference between blockchain and regular domains is that the former is decentralized, like any innovation built on the blockchain. Blockchain domains are stored on the owner’s cryptocurrency wallet, so only he/she has control over them.
On the other hand, regular domains, such as those under the .com and .org zones, are regulated by the Internet Corporation for Assigned Names and Numbers (ICANN). A successful complaint or court order against the domain would generally require ICANN to hand it over to the complainant.
Owning blockchain domains is pretty straightforward, as whoever owns the keys owns the domain. The owner can sell it anytime, which entails passing on the key to the buyer. Losing the key would also mean losing the domain forever.
Another difference is that instead of resolving to Internet Protocol (IP) addresses as regular domains do, blockchain domains are tied to the owner’s crypto address.
Why should I use a blockchain domain?
Besides the benefit of openness, security and increased functionality, one is the ability to send cryptocurrency more easily as Blockchain domains can work as a naming registry for crypto addresses, which makes the process of sending and receiving crypto much more user-friendly than it was without blockchain domain names.
Use your NFT domains as your:
- Universal username across apps and websites
- Website URL
- Payment address for wallets
Blockchain domains can work as a naming registry for crypto addresses, which makes the process of sending and receiving crypto much more user-friendly than it was without blockchain domain names.
Another major advantage to blockchain domains is the ability to build decentralized websites. You can point your blockchain domain name to a website on a peer-to-peer hosting platform like IPFS, for example. It’s also possible to connect domains to social media accounts to verify identity and set up things like email and chat protocols associated with your domain.
How do I register a blockchain domain?
Registering a blockchain domain is easy with Unstoppable Domains. All you have to do is go to the website, type the domain you want into the search bar to see if it is available, and follow the steps to register it – better yet, if you click the banner below, you will get a $10 credit:
Once the domain is chosen and added to the cart, you can proceed to checkout. If you choose not to buy with store credit then payment options available are PayPal, card, or crypto. I suggest that you read my article about Crypto.com to additionally get cashback when paying with Crypto.com Pay feature.
Minting your domain via Metamask
Once you purchase a domain of your liking you will be requested to claim the domain. Claiming your domain is important as the name you purchase lives in the Unstoppable database until it is claimed. I recommend using the Metamask wallet for claiming and storing your Blockchain domains.
At this point, you can fully manage your domain and maintain control. Until it’s claimed, full control of the domain doesn’t belong to you. You must have the private key in order to manage your domain. Similar to cryptocurrency your domain is tied to a private key. Not your keys, not your domain.
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