WHAT IS WEB3 DOMAIN OR NFT DOMAIN ?

Imagine you buy a domain name like .com domain and it will be yours forever. You don’t have to renew it yearly. This is the web3 domain or NFT domain.

Web3 domain or NFT domain are like traditional domains but these domains are stored in blockchain. These domains are NFT and so you are the sole owner of these domain until you transfer it to someone.

In this blog post , I will explain everything about web3 domain or NFT domain. At first I will walk you through the web3 concept, the difference between web 2 and web3 domain, its pros and cons and more.

WEB3 DOMAIN ASLO KNOWN AS

Web3 domain is also know by many other name like

  • Web3 Domain
  • NFT Domain
  • Decentralized Domain
  • Wallet Domain
  • Blockchain Domain

Which domain name will get stuck to the common people depends on the future to come

ONWARD JOURNEY FROM WEB 1.0 TO WEB 2.0

Web 1.0 connected us online and you could only get information. It was just like reading a book or newspaper in a digital format similar to an ebook. You could not interact with anything.

Web 2.0 connected us to online communities. In this era you could read, write and interact on the internet. But the internet was controlled by centralized companies. The data you generated was hosted in a centralized server and in full control of the company. It increased our screen time.

Web 3.0 or web3 will connect us to communities in the virtual world but in a decentralized manner. You are the owner and servant of your data.

WEB3: THE NEXT ITERATION OF WEB 2.0

Web3 is the next version of today’s world wide web or web for short. Web3 is the decentralized version of web 2.0. Web3 is dubbed to encompasses technology like blockchain, NFT, metaverse. Web3 is referred to as the decentralized web and the read-write-trust web.

Web3 is built on top of the blockchain computing platform. Many freelancers and parties are contributing to the development of software, games, and applications that can be freely traded on web3.

WHAT IS WEB3 DOMAIN OR NFT DOMAIN ?

Web3 domain or NFT domain are the domains that are present in public blockchain and you are the complete ownership of the domain. You can do everything using web3 domain like the present domain names i.e web 2.0 domains.

Things you can do with web3 domain

  • Crypto Transition. Your domain name becomes the wallet address.
  • Creating and Hosting Websites
  • NFT Gallery
  • And more

Web3 domain or NFT domain are basically NFT or Non-Fungible Token. Web3 domain or NFT domain are coded through smart contracts. Smart contacts are a set of instructions written in blockchain. 

WEB 2 DOMAIN VS WEB3 DOMAIN

Web3 Domain or NFT DomainWeb 2.0 Domain
Web3 Domain can be used as crypto wallet addressBut you can’t do this with web 2.0 domain
You are the sole owner of the domain lifetimeYou have to renew your domain and if you don’t another person can buy it.
You fully own and control your Web3 domain.You partially own web 2.0 domain. You domain can be banned.
Web3 domain is stored in blockchain.It is stored in traditional centralized server
Web3 domain is more source as it is stored in blockchainWeb 2.0 is less secure.
You have to pay zero renewal fees as there is no concept of renewal and expiration.You have to pay hefty renewal fees.
Web3 domain domain ends with .crypto, .eth,.x, .nft,.dao, etc extension.Web 2.0 domain ends with .com, .org, .net, .uk, .in ,etc extension.

PRO OF WEB3 DOMAIN OR  NFT DOMAIN

There are many pros of web3 domains i can list out. But as for now I am listing the major one.

  • Your web3 domain or NFT domain address can be used to receive crypto transitions. It will be the alternate address of your public wallet address.
  • web3 domain or NFT domain is in form of NFT
  • You fully own and control the web3 domain or NFT domain. 
  • When you buy a web3 domain or NFT domain, it is stuck to you for a lifetime unless you transfer it.
  • You can use your web3 domain or NFT domain address to receive 275+ coins and tokens across multiple blockchain.
  • You can put your domain name for resale in NFT market place like OpenSea, Rarrible, etc

CONS OF WEB3 DOMAIN OR NFT DOMAIN

Along with a host of pros there come cons with it. Web3 domain or NFT domain as of now has the following cons but I think it is going to go away soon.

  • Web3 domain or NFT domain are accessible to mainstream browsers like Chrome, Mozilla, etc only through extension.
  • Web3 domain or NFT domain are not recognized by Google Search i.e it is not indexed by google search.
  • These domain are costly and the gas fees for some domain are much higher than the cost of domain.

EXTENSION OF WEB3 DOMAIN OR NFT DOMAIN AVAILABLE 

As of now the following Top Level Domains are available  as web3 domain or NFT domain

Name of TLDsTLD Ending
Blockchain.blockchain
Gemini (Bitcoin).bitcoin
Circle USDC (Coin).coin
Opera Browser (NFT).nft
Payment.wallet
Angel Number.888
Open governance & community..dao
Short name.x
Crypto.crypto
Zilliqa.zil
Ethereum Name Service (ENS).eth
Decentralized Finance.defi
Solana.sol

HOW WEB3 DOMAIN OR NFT DOMAIN WORK?

Web3 domain or NFT domain aims to eliminate the dependence on Internet Corporation for Assigned Names and Numbers (ICANN) for registering domain. Web3 domain or NFT domain is not stored any centralized server. It is stored in blockchain and distributed in the network. As of now you have limitation to host dynamic website. It is only possible to host static webpages pointing to Web3 domain or NFT domain.

CONCLUSION

As of now web3 domain or NFT domain is in the infant stage. As of now it is actually used as a short form of crypto wallet public address. But using web3 domain or NFT domain you can actually point to all sorts of stuff like point to a decentralized website on IPFS and to traditional web 2.0 server. 

Web3 is going to be the next big thing and web3 domain or NFT domain will have a greater role to play. Hope for a decentralized web to come. As of now, tune to my blog from more web3 and decentralized content.

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