What is nft domain or blockchain domain?
In simple words, nft domain or blockchain or crypto domains are just just like any other domain names that we use to build websites the only difference is that these domains work on decentralized networks like web3.0
Which means there is no centralized ownership and this is the reason most of the nft or crypto domains don’t require renewal unlike the traditional domains for which we have to pay a renewal fees. Like traditional domains in nft domain also, we have different
domain extensions for example.
.crypto
.nft
.blockchain
.eth
.zil
.888
Here are some pros and cons of nft domains.
Pros
With NFT Domains you don’t need to rely on domain registrars in order to purchase the rights to use a domain name
You only pay once— and the name is yours forever
You can host your website using your
NFT domain name independently from
Web 2.0 Internet
You can access other decentralized apps, also known as
DApps, using your domain
The cryptocurrency wallet frees you from having to memorize your crypto address
Cons
Not all browsers will have access to NFT domain names
Blockchain Domains
Are Not Under The
Jurisdiction Of ICANN
While the blockchain is almost impossible to hack, there are still some security concerns.
Once an NFT is stolen, it is rather difficult to get it back
Lack of a central organization in charge of managing the registration and use of NFTs
What are nft domains used for?
There are both long term or short term use of nft or blockchain domains. Presently the web3.0 is not much developed and people are not aware of this hence these domains are not being used for website development currently however in future when web3.0 will have its presence in the world all the websites would have to shift on these blockchain domains.
However if you still want to create a website, You can do this with free hosting from pinata and themes of elegantthemes
So if they are to be used in future why people are buying them now?
There are primarily two reasons why people are buying these crypto domains.
They have a utility:
these domains can be used as a wallet address. Currently the blockchain wallet addresses are very ugly hash number however one can assign any nft domain of his or her choice to a wallet address.
Investment purposes :
you might get this question “are nft domains a good investment? Well the answer is yes.
we know that in future NFT domains will be used by many businesses to create websites so they would huge demand in such case to harness the benifit of such price rise, people are buying them now at lowest possible price to pocket big profits.
How to get crypto domains?
There are two NFT domain marketplace.
Unstoppable domains:
Unstoppable domain is the most traded platform for nft domain buy and sell. The best part about Unstoppable domain platform that you don’t have to pay renewal fees here once you buy a domain it will belong to you forever.
Ethereum name service:
This gives NFT domains in only one extention which is “.eth” and that too this service like traditional domain selling platfrom where you have to pay annual fee for renewal of domain.
There is another nft domain marketplace which is blockchain.com and for the record it provides NFT DOMAINS FREE. It works in partnership with unstoppable domains.
How to select best nft domains :
Although there is no hard and fast rule to select best nft domain for you. However we have analysed some factors that affect the value of an nft domain. Let us have a look at each of them one by one.
1)Number of characters:
This has been generally seen that domains having less number of characters are more demanded hence there are high chances of these being sold. The reason is simple short names are easy to pronounce, and easy to remember.
Here is the data which shows that that domains having 4 to 6 characters have high chances of being sold.
2) Number of words
With same logic as above, the lesser the number of words, the higher the probability of sales. It can be evident from the following data that domains having 1 word are frequently bought and sold.
3) singular vs Plural words
Data shows that singular words are given preference over the plural words. Though there is no specific reasons however possible reason could be that it is more specific to a person, a name, a place or an object.
4) word type :
There are different types of words like nouns, pronouns, verbs adjectives etc. and each has its own importance when it comes to domain names. And specifically for nft domain if we look at the data,
we find that noun words have higher demand because nouns simply means the names of person or place and currently nft domains are being used as the wallet address hence everyone wants an address with his or her name.
As you can see in the following images, names of colour and emotions are high valued.
The pronoun based domains like she.eth are valued at around $22000 to $30000.
5) Identity :
Generally domains having two types of identities are called premium. First is iconic names, places, landmark etc. And second is brand. Here is the sales data of it.
6) character type :
domain names can be completely alphabetical, numerical or alphanumeric. It depends on the combination of characters if it makes the word unique.
7) Extensions:
Like we see in traditional domains the value of dot-com domains are much higher then other TLDs. The same concept works in nft domains. The value of some extensions like dot-crypto and dot-eth is higher than other.
Here are some best nft domains.
So we tried to analyze few factors that affect the demand and price of nft domains, using past data. however it doesn’t mean that these are the only factors there can be other factors also, like some people also check the price of domain with traditional Dot-com extensions before buying the Nft domain for example if you want to buy Abc.nft then you can check the current value of Abc.com if it is more than $800 then Abc.nft is worth giving a chance.
Apart from this, we also need to exercise our own judgment what is best for us. So with this note, we wish you luck for your nft hunt.
