(2022) What Are NFT Domains? NFT Domains Explained
Today there are tens of millions of domains out there. Chances are that you own some domains as well. If you do happen to own your website domain, then you know that you don’t “own” it. Instead, you pay an annual fee to a domain operator with the understanding that your domain can be seized for non-payment.
Today, we are seeing a revolution with the dawn of NFT domains. At Token Page, we are at the forefront of the NFT domain revolution and we want to show you all the benefits that this new opportunity has to offer.
What Are NFT Domains?
NFT domains are domains that are stored on a crypto wallet much like an NFT or cryptocurrency. Because of this, you do own your domain. You pay for your domain once and you own it for life. As you can imagine, the freedom that NFT domains have to offer makes them especially attractive to those who already own NFTs and cryptocurrencies.
Examples of NFT Domains
All NFT domains will have a specific subset. That means that you won’t be able to get an NFT domain as a .com or a .co.uk. Instead, an NFT domain will have one of the following types of subsets:
NFT domains are not indexed by Google. Therefore, they are not ideal if you need one for SEO purposes. However, NFT domains are ideal if you want to store information or media that you easily want to share with others who have your NFT domain address.
What Are The Advantages of NFT Domains?
You may be wondering what the big deal is about NFT domains. After all, you can easily get a domain in seconds from several companies. However, if privacy and true ownership are important to you, then you will want to consider the many advantages that NFT domains have to offer:
One of the biggest reasons why people want to own an NFT domain is that they take actual ownership of the domain. Once you purchase the domain, it is stored on your crypto wallet and it is secured by a blockchain contract. That means that your domain can not be seized by anyone and you are not bound to any rules or regulations. Additionally, you do not have to worry about someone hijacking your domain. The only way you can lose your domain is if your crypto wallet is hacked or stolen.
2). No annual fees
One of the things that irk people about domains is the fact that they have to pay annual fees. There are some cases where people have lost their domains because they lapsed on their annual payments. When you purchase an NFT domain, it is yours for life. This makes it easy to hold on to your domain and not risk losing it over payment issues.
3). Can be transferred without third-party permission
Let’s say you want to sell or transfer your domain. With an NFT domain, you don’t have to worry about getting third-party permission. You can trade an NFT domain much the same way that you trade crypto or an NFT. That means that you do not need third-party permission to complete the transaction. This not only gives you more privacy when it comes to the sale, but you also save on any transfer fees.
4). It can not be seized
It seems like certain governments can get a little out of control when it comes to seizing assets over the littlest things. With an NTF domain, the only way that the government can seize your domain is if they take your crypto wallet. This gives you an added layer of security. Also, you don’t have to worry about having your NFT domain seized by someone overseas. The ultimate control of your NFT domain lies in your crypto wallet.
5). Stored on your crypto wallet
Finally, let’s talk about where you store the NFT domain. This asset is stored right on your crypto wallet much like your crypto and your NFTs. This makes it easy to secure your NFT domain and you can always be sure that your domain is in your control. For ultimate safety, you will want to use a cold storage wallet. This is a physical wallet that you can completely disconnect from any online presence.
Examples of NFT Domains
You may be wondering how you would use an NFT domain. The fact is that there are a number of ways that you can leverage the unique privacy and security of an NFT to help either boost your brand or promote your project. Here are some examples of how NFT domains can be used:
A home for NFT projects
If you have an NFT or a crypto project, then it would make sense to use an NFT domain. This will allow you to have better control over the site and you will be able to maintain ultimate privacy when it comes to the contents of the site as well as access to the site. This could be particularly important if you are worried about hackers and other malicious activity.
More and more people are starting businesses that exist specifically on the blockchain. If you would like to create an official website for these types of operations, then you may want to take advantage of the extra privacy that an NFT domain offers. For example, you may want to start a business where you sell fractionalized real estate. An NFT domain will allow you to create marketing materials that future investors can review away from the traditional web.
Political or activist site
Finally, if you would like to create a political and activist website, then it would make sense to use an NFT domain to protect access to the site. With traditional websites, a hostile government can simply block, seize or shut down the site. With an NFT domain, you are much more likely to keep your site up and running.
Since NFT domains are different from traditional domains, you should know how to be secure and use your NFT domains. Here are some best practices for you to follow:
1). Create a strong passphrase
Since you are going to have self-custody of your NFT domain, you are the ultimate security for it. Therefore, you need to make sure that you create a strong passphrase in order to secure the domain. It is recommended that your passphrase be at least 13 characters long. Also, be sure to use a combination of lowercase letters, upper case letters, numbers, and symbols.
2). Secure your passphrase
Once you have created your passphrase be sure to secure it in a place where it will not get lost. If you lose your passphrase, then you will not be able to recover access to your NFT domain. It is recommended that you keep the passphrase on a physical piece of paper and then store that paper where it can not be accessed by anyone else.
3). Watch out for scammers
There are a number of scammers who will try to steal your NFT domain since you are the only one who can access it. Therefore, you need to be careful of anyone who sends you a communication claiming to need verification of your NFT domain passphrase. There is no reason for anyone to need access to your passphrase.
How To Get Your Own NFT Domain
Now that you know what an NFT domain is and all of its benefits, you may be wondering how to get one for yourself. The good news is that you can get your own NFT domain in under one minute. Right now there are two popular marketplaces where most people get their NFT domains:
- ENS - This is the marketplace for .eth domains
- Unstoppable domains - This is the marketplace for .crypto, .coin, .wallet and other NFT related domains).
Once you get onto one of these sites, you will purchase a domain much in the same way you purchase other domains. The main differences are that you only pay one fee and you own the NFT for life. The other difference is that you will need to link your crypto wallet so you can download your domain.
At the Token Page's Milliondollartokenpage, we offer lots of ideas on how to make the most of your NFT domain. For instance, you can use your NFT domain to show off your NFT collection. You can also use it as a home for your NFT project. When you think about it, there are many possibilities to consider.
Look after your NFT Domains
NFT domains are one of the latest innovations in the blockchain world. If you want to own a domain without the usual third-party interference, then you should consider getting an NFT domain. Be sure to understand that your NFT domain will live on your crypto wallet. While self-custody is an ideal way to truly own something, you will ultimately be responsible for your own NFT domain's security.