Heard people talking about how to purchase a Web3 domain but not sure how to do it? In this blog we will explain how.
A Simple Way To Purchase A Web3 Domain
A Web3 domain, which technically is an NFT (Non-Fungible Token), is your opportunity to claim ownership of your personal ID on Web3. It can be as simple as searching the domain name you want – for example “stanleykilpatrick” and selecting an extension such as .crypto, .wallet or something similar. It is then yours forever. Depending on the type of domain you bought, you may even be able to sell it.
About Web3 Domains
Web3 brings ownership to the internet hence a Web3 domain is your little patch of the blockchain. If you have a website on the traditional internet, you merely rent that space, you can never own it. With Web3, your domain is yours to keep.
Why Buy a Web3 Domain Name?
Web3 is the latest iteration of the internet and is poised to become the most powerful yet. Its decentralized nature takes control away from central and government authorities and puts it in your hands. Owning your own domain is a good idea for many reasons:
Perpetuity – your domain has never been owned before and it can be yours forever. As long as no-one else has claimed it, it is yours to purchase.
Investment – buying a Web3 domain is relatively inexpensive and much cheaper than a traditional website. It is an investment in your online identity.
Presence – your web3 domain name is your digital ID. It is your one-stop shop where you can always be found online, hosting all of your affairs including your crypto wallet, website and any other applications you wish to associate with it.
Privacy – Web3 domains can be set anonymously so that the owner’s private information is not linked to the blockchain.
Security – Web3’s decentralized nature has no single point of failure and is therefore more secure than traditional online platforms. It can safely store sensitive data without fear of being hacked.
The Different Types Of Web 3 Domains
The Web3 landscape is rapidly evolving. At present, there are three kinds of Web3 domains, each with different nuances and pricing structures. The two biggest are ENS and Unstoppable Domains which is an NFT domain. ENS (ETHEREUM NAME SERVICE) DOMAINS
- A dApp on the Ethereum blockchain uses two smart contracts for functionality, adding a level of anonymity and decentralization not possible on the traditional web.
- Access is via supported browsers such as Brave, Opera, Puma or MetaMask Mobile. Support for Safari and Chrome is not yet available.
- You will need a compatible crypto wallet such as MetaMask
- While the cost of a .eth domain name may be as little as $5 per year, this rises to an annual fee of $160 for four character names and $640 for three characters. Potentially costly gas fees are also payable.
- Users are able to “squat” domains
- Unstoppable Domains is the leading seller of NFT domains which have the advantage of a one-time only fee of between $5-20 and no gas fees.
- It runs on Polygon which is a side chain on the Ethereum blockchain
- It is extremely secure and censorship resistant meaning their domains cannot be blocked or removed by governments or organizations.
- As an NFT, they can be traded, meaning you can sell your domain name.
- They offer more features than a standard web address allowing you to transfer cryptocurrency.
- Unstoppable Domains allow domain name squatting.
Additionally, there is a third option on the market. Handshake (HNS) domains operate via Namecheap and are an emerging player in this sphere but are still very much in their embryonic stages. They use a coin system to register domains and require a VPN, browser extension or the Handshake software to utilize.
How to Purchase an End Domain
- Open an account with a supported digital wallet such as MetaMask
- Go to ENS Manager
- Search for the .eth domain name you want
- Choose your rental period (at least 1 year)
- Register and pay in Ethereum
- Set a resolver to attach your old address to your new ENS one
How To Purchase An Unstoppable Domain
- Create an account at the Unstoppable Domains website.
- Search for the domain name you want.
- Select your preferred extension.
- Pay in fiat or cryptocurrency
- Activate your website by minting it as an NFT online.
- Transfer your NFT to your cold wallet for safekeeping.
Want To Know More About Purchasing A Web3 Domain?
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