What are NFT Domains? NFT or Non-fungible token domains are blockchain domains, i.e. domains based on blockchain technology. Unlike the websites on the Internet known to us so far, the data of these domains and the websites linked to them are stored in a decentralized manner. Anyone can register a new NFT domain, but addresses ending in .crypto or .nft often come at a steep price.
General information about NFTs
To understand how NFT domains work, you must first know what an NFT is, i.e. a “non-fungible token”. This is a unique object with digital protection. NFTs have invaded the market for digital works of art: when an artist creates an NFT, for example for a GIF or a video, he can then sell it, including rights to be defined individually. In many cases, an NFT is thus a kind of certificate of ownership for digital objects.
NFTs are based on blockchain technology: information about the object is stored in blocks organized in a chain and decentralized in a peer-to-peer network.
What are NFT domains?
The same technique is used for an NFT domain: beyond information about you as the domain owner, all content of a website or domain is also stored in the blockchain. The NFT domain is registered in a wallet, like cryptocurrencies or NFT. In other words, you are completely independent of the Internet and any third-party providers. NFT domains are also used to facilitate cryptocurrency trading.
Several vendors have specialized in NFT domains. Here are some examples of available domain extensions:
The fact that an NFT domain is 100% yours and you can host websites that are completely independent of the traditional Internet, however, is only one of the many advantages. You can also use the domain to connect to other decentralized applications (called DApps, decentralized application) and make your cryptocurrency trading wallet address an easy-to-remember URL. Instead of going through a complicated string, you buy and sell through your NFT domain.
Unlike conventional domains, where you usually have to pay an annual usage fee, an NFT domain belongs exclusively to you after registration and only requires a one-time payment, at no additional cost.
How to register an NFT domain
NFT domain names are often traded on NFT marketplaces such as OpenSea and purchased with cryptocurrencies. Some providers also allow you to buy the domain directly and make payments in other currencies such as US dollars. It is still not possible to register NFT domains with traditional domain providers who act as registrars.
The purchase or registration initially takes place as for a “classic” domain: you enter the desired domain name in a search field, where you can see the availability and prices of the different extensions. These can vary between 100 and several thousand US dollars. For the registration process, you then need to connect your cryptocurrency wallet (which must be supported by the provider). The NFT domain is then “tagged” and saved to your wallet.
There Are Some FAQs About NFT Domains
What are NFT Domains
NFT domain is a domain based on the blockchain technology. Unlike the websites known to us so far, the data of NFT domains and the websites linked to them are stored in a decentralized manner. You can register a new NFT domain free of charge and our platform will assist you during the registration process.
How do NFT domain names work?
NFTs work on the blockchain, just like cryptocurrencies or NFTs. This means you’re independent of the actual Internet and any third-party providers.
How do I buy an NFT domain?
How to buy NFT domain names
- Sign up for an NFT marketplace. Look for collections of existing domain names for sale, such as OpenSea and Rarible.
- Create a digital wallet.
- Add crypto to your wallet.
- Choose an NFT.
- Finalize your purchase.
Can a website be an NFT?
A new website lets you create an NFT (non-fungible token) for free, but it is up to you to figure out how to sell it – (can the website sell it?) because the website self destructs the second you click away from it.
The future of the web will be built on NFT, divisible tokens and smart contracts. Domains ending in .crypto or .nft are likely to be worth a small fortune as they will be the first global assets owned by millions of people. It’s going to be a very interesting next couple years as more people start accessing the internet via decentralized technologies.