Unstoppable Domains announced the sale of its “win.crypto” blockchain domain NFT for a record $100,000 on March 3.
Unstoppable Domains is a company that builds blockchain domain names. These blockchain domain non-fungible tokens (NFTs) can be purchased via Unstoppable Domains, OpenSea, or traded on decentralized NFT trading protocol NFT 20.
Domain Names NFTs
“The NFT market is experiencing unprecedented growth and is drawing more attention to the space,” explained Brad Kam, co-founder of Unstoppable Domains. “While most people assume NFTs are digital art, the reality is there are a substantial number of NFT use cases that don’t center around art — like domain names,” Kam added.
Similar to .com domain names, domain name NFTs would be the browser access point for decentralized websites. They also replace complex cryptocurrency wallet addresses with a name more intelligible to normal people.
Unstoppable Domains announced in February that any internet browser would now access the .crypto extension just like a .com. Users can now view a decentralized website with a single DNS setting change.
Unstoppable Domains has so far unveiled a total of 94 premium sports and gaming NFTs for public sale. Examples include “win.crypto”, “baseball.crypto” and “gambling.crypto”. Within the first three days of the month, Unstoppable Domains was able to pull off the largest domain name NFT sale so far with the “win.crypto” blockchain domain.
“The surge in NFT excitement supports the idea that ownership – whether physical or digital – is incredibly valuable,” Kam continued. He added that “Unstoppable Domains aims to put true, verifiable ownership in the hands of users with domain name NFTs.”
Blockchain domain NFTs also enables true ownership in a way that traditional domain names lack. Users can buy traditional domain names through a registrar, usually for around $10. However, they typically require a yearly registration fee to renew the domain and keep possession of it.
The benefit of a blockchain domain NFT comes with it being an NFT. This means that whoever buys it gets that proof-of-ownership imprinted in the NFT’s metadata, making it permanently theirs.
Following the successful sale of several of their blockchain domain NFTs, Unstoppable Domains will be releasing a new batch every week. The categories will expand from gaming and gambling into travel, transportation, electronics, and finance.
The sale of these blockchain domain NFTs demonstrates the growing interest in the NFTs beyond digital art.
People are starting to realize the wider use cases for NFTs, which is why their recent growth has been colossal.
Across the top platforms, NFT sales soared past $342 million in February alone, according to DappRadar. This is an increase of 400% from January. This amount also surpassed NFT sales in the whole of 2020. Some speculate that market capitalization for NFTs could exceed $1.3 billion by the end of the year.