Anyone who wants to create their website needs a domain. That’s why we introduce you to NFT domains, the new generation of domains, and show you how you can register one yourself.
Anyone who has previously registered a domain chooses in advance and at the same time agrees to store all website data centrally on the provider’s servers. This is quite different with NFT domains, because the data is stored decentrally.
In principle, everyone has the opportunity to register NFT domains. We’ll show you exactly how this works in this article.
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Journey: basic information on NFT
Before we deal with NFTs, let us first explain what NFTs are in general. NFT is an abbreviation for nemployment-FUnacceptable TOK. Translated, this means “non-replaceable token”. The token is the digital form of the asset. A token can have a specific value or a specific function.
Therefore the NFT is a unique digital object. NFTs are currently popular especially in digital artwork, such as videos or GIFs. The creator can then sell them and assign individual rights.
NFTs work with blockchain technology. A blockchain is a decentralized database that is mirrored on many computers. The background of the blockchain is that it summarizes and stores its entries in blocks.
What are NFT domains?
The technology behind NFT domains is similar in principle. Information about domain owners is stored on the blockchain, as are all website and domain contents. The NFT domain is stored in an already known wallet of cryptocurrencies. This makes you completely independent from the Internet.
You can register your NFT domains with different providers. Unlike regular domains, top-level domains are not issued by ICANN, but are managed by the providers themselves. Examples of top-level domains for NFTs are “.crypto”, “.nft” or “.x”.
The fact that TLDs are not formally managed by ICANN can lead to problems. This is because NFT domains are not entered in the root zone of the domain name system, which means that websites cannot be opened in all browsers.
In addition, problems could arise in the future if ICANN officially manages used top-level domains and allows them into the domain name system.
How Domain NFTs Works
Essentially, domain-specific NFTs work like regular NFTs: you can buy them, keep them, or sell them again. Therefore, NFT domains are cryptographic addresses that act as addresses for websites.
At the same time, domain-specific NFTs act as wallet addresses. This allows someone else to send a specified amount of compatible cryptocurrency directly to your NFT domain address. This makes cryptocurrency trading easier and easier.
What are the advantages of an NFT domain?
The biggest advantage of NFT domains is that you host your domain completely independently from the rest of the internet and that you own it completely. As mentioned earlier, you also have the opportunity to greatly simplify trading in cryptocurrencies.
To do this, you register your domain on a decentralized application and convert your wallet address into a simpler URL for cryptocurrency trading. Your customers don’t have to remember a complex sequence of numbers and letters, they just use your NFT range.
Plus, with NFT domains, you don’t have to account for recurring costs, but only for a one-time purchase fee. After that, it will be yours forever, at no additional charge.
Where do you register an NFT domain?
NFT ranges can be traded on NFT marketplaces such as OpenSea and Pay for Cryptocurrency. With a few providers, you also have the option to pay for your domain in other currencies, such as the US dollar. It is important to note that NFT domains cannot currently be registered with traditional service providers.
How to register NFT domains?
The actual purchase and registration of NFTs is similar to the process for normal domains. The first step is to search for the desired domain name in one of the NFT marketplaces. You will then see the availability and pricing of the different domain extensions. Prices vary greatly for ends, you should expect prices from around $100 to several thousand US dollars.
In the registration process, you then link your crypto wallet, which must be supported by the provider – you must check this in advance. Your NFT domain is then minted and stored in your wallet.
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This article is part of our Content Center for Web Hosting, Cloud Services and Domains sponsored by IONOS.