Welcome to Web3: Why You Need an NFT Domain Service

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NFT domains (such as .bitcoin, .crypto, .wallet, and .nft) are a fast-evolving area of the internet. Our NFT domain service and associated Web3 solutions help brand owners assess the risk and maximize the opportunities in this fast-changing space.

We have written before about the necessity of preparing your domain name strategy for Web 3.0 (also known as Web3), including metaverses, the Blockchain, and Non-Fungible Tokens (NFTs). But did you know why you also need to consider NFT domains as part of your corporate domain name management strategy?

What Are NFT Domains?

Whether a digital picture, feature, piece of land, music file, gif, video clip, or digital piece of art, NFTs provide proof of ownership of a unique asset and can be bought and sold using cryptocurrencies within metaverses or on specialized NFT marketplaces.

NFT domains (also known as blockchain domains or Web3 domains) are NFTs hosted on blockchains that allow owners to use the relevant name (e.g., JOHNDOE.nft or BrandName.wallet for receiving payments in cryptocurrency) as usernames in games or as addresses for websites hosted on a blockchain. As of March 2023, there were already more than seven million such NFT domains registered, and many have been cybersquatted in violation of the IP of well-known brands.

As part of our domain name management service, we provide a dedicated NFT domain service and tailorable web3 solutions to support brand owners protect their rights in this challenging new environment [1].

Why You Need an NFT Domain Service

NFT domains have the same basic function as normal domain names: they translate long strings on the blockchain into short, easy, and memorable addresses and means of identification. Accordingly, they can be used as a substitute for a complex crypto wallet address or for your identity in Web3.

Just as is the case for domain name registrations in general, it's important to monitor NFT domains for infringing use—and, in some cases, even more so, given the high levels of risk:

Alias for wallet code

In the Web3 world, you may want to send cryptocurrency to another wallet. Each wallet address consists of a 42-bit long complex alpha-numeric string (“1A1zP1eP5QGefi2DMPTfTL5SLmv7DivfNa” was the world’s first Bitcoin address). With NFT domains, it is possible to replace or translate the long string with a simplified name, such as questel.nft.

Fees

In the domain name system (DNS), you do not own your domain name. To maintain your right to use the domain, it must renewed (usually) every year with the payment of a renewal fee. An NFT domain, however, is registered (or “minted”) on a Blockchain forever.

No Censorship

On Blockchains, it is generally not possible to remove an item once created (“minted”). Therefore, once the NFT domain is registered, nobody can cancel a domain, regardless of the name registered or what content is associated with it.

No Governance, No WHOIS, No Dispute Resolution Procedures

As public (“permission-less”) Blockchains are not regulated under the Internet Corporation for Assigned Names and Numbers (ICANN) or any other international governance, there are no registrant data or dispute mechanisms available to right holders and the owner may choose to sell the domain name at any time.

Domains as IDs or Logins

Many Apps on Blockchains are already supporting NFT domains for log-in purposes, and X (Twitter) supports connecting an NFT domain to a username.

Decentralized Websites

NFT domains can also be used as a website domain functioning as the address for a website hosted on a Blockchain, using the IPFS protocol (as opposed to http). The data is stored in a decentralized manner across the Blockchain and is delivered via peer-to-peer technology. Currently, Opera and Brave browsers support this protocol, and plugins are available for several other browsers, including Chrome, MS Edge, and Firefox.

To find out more about NFT domains, including how to prepare your domain name strategy for Web3, download our dedicated eBook ‘NFT Domains: The Next Generation of Domain Names?’.

How an NFT Domain Service Can Assist

NFT Domains are a new phenomenon in the tech world, but they are growing very fast. New companies enter the market and offer new NFT domains on a near daily basis. That's why we support our clients to register their brands across at least the most popular NFT-domains, even if they have no current plans to engage with customers in metaverses or to create or sell NFTs or receive payments in cryptocurrencies.

Looking for Expert Web3 Solutions?

Thomsen Trampedach, our center of excellence for domain name management, supports our clients with a wide range of Web3 solutions, including assist with NFT and .crypto domain registrations and sharing its extensive NFT domain expertise.

Find out more

<h3>Looking for Expert Web3 Solutions?</h3>

Frequently Asked Questions About Our NFT Domain Service

My Name is Already Registered—What Can I Do?

You might be able to find your desired name for sale on an NFT marketplace, such as https://opensea.io/. Currently, there is no way to contact owners of NFT domains, nor is there any dispute resolution to challenge a NFT domain. As part of our NFT domain service, we offer take down services and assist with buying registered NFT domains.

How Can I Use My NFT Domains?

Once your company is ready to use your NFT domain names, we will assist you with the technical set up.

Do I Need a Crypto Wallet?

Yes, this is required if you wish to actively use your NFT domains. Our specialists can assist you with securing ownership and then, once you wish to begin using the domains, we will guide you on how to set up a company wallet and we will transfer the NFT domains.

How Do I Know If My Name is Available?

We would be happy to send you the complete list of currently available NFT domain extensions upon request. Please contact us to request this list.

Which Extensions Should I Register?

The most popular extensions are the .crypto domain, plus the .nft, .x, .wallet, .bitcoin, .dao, .888, .zil, .blockchain, and .eth domains.

How Can I Pay for My NFT domains?

You will receive an invoice, as for any other services. Should you wish to pay directly in crypto, we can guide you through the applicable payment process

Interested in Our NFT Domain Service?

Our NFT domain service and associated web3 solutions help brand owners protect their rights in the metaverse, on the blockchain, and in the Web 3.0. Contact us to find out more about our wide range of corporate domain name management services.

[1] Questel does not provide any legal services. Legal services are provided by independent IP attorneys on the basis of a separate engagement agreement between you and, if you wish to, a partner IP attorneys firm.