Does the blockchain still have a market prospect?Talking about the future of domain name and blockchain Web3.0

Industry Information 25 Aug 2023 08:13:07 AM By:DN platform editor
Abstract:

Years ago, I had only a vague understanding of the domain industry and blockchain, finding them intriguing. It wasn't until I fully grasped the relationship between domains and blockchain that I realized their connection. To achieve Web3.0,

Years ago, I had only a vague understanding of the domain industry and blockchain, finding them intriguing. It wasn't until I fully grasped the relationship between domains and blockchain that I realized their connection. To achieve Web3.0, the combination of domains and blockchain is crucial. In recent years, some individuals have acquired numerous domains, particularly in areas like blockchain and the metaverse. This is a gamble, a bet on the future of integrating blockchain and domains. So, does blockchain still have market potential? Here, we'll briefly discuss the trend of combining domains and blockchain.

Does the blockchain still have a market prospect?Talking about the future of domain name and blockchain Web3.0

1. Seeking a Universal Business Card for the World

Once upon a time, there lacked a globally accepted "personal identity ID" worldwide. Not to mention a universally applicable "ID number" or even patents and trademarks recognized by all countries. Let alone the coveted QQ numbers, mobile numbers, or unique usernames on different platforms that were popular among Chinese users. These IDs couldn't become universal business cards for the whole world.

For true globalization, for achieving Web3.0, for realizing the metaverse, a universally accepted identity system is imperative. And now, domains are gradually becoming a globally accepted identifier.

If you have a domain like http://YB.com, anyone familiar with the internet worldwide recognizes it as an impressive domain. There's only one like it in the entire world.

I've thought about this many times – aside from domains, there's genuinely no symbol that can cross platforms and regions while being recognized. But how willing would ordinary people be to use a domain as their name? And even if they did, how would others understand it?

2. Blockchain Initiates a New Era

Many have pondered these questions, and solutions are finally emerging. The era of domains as identity markers is dawning. Those familiar with blockchain have undoubtedly witnessed the explosion of decentralized domains (specifically the ENS domain ".eth") over the past few years.

In the past, traditional domains were introduced to solve the problem of complex-to-remember IPv4 addresses. This led to the explosion of domain registrations that have only increased over decades. While the traditional domain market has seen fluctuations, overall registration rates continue to reach new highs.

In contrast, the ENS team tackled the issue of lengthy blockchain addresses and launched decentralized domains, resulting in immediate success. With the recent cryptocurrency bull market and the proliferation of concepts like Web3.0 and the metaverse, decentralized applications have finally entered the public eye.

Decentralized domains have also gained momentum in this wave. Numerous celebrities and influencers on Twitter changed their IDs to XXX.eth, including Ethereum's founder Vitalik Buterin as vitalik.eth, singer Trey Songz as treysongz.eth, and actress Paris Hilton as parishilton.eth. In the Web3.0 context, decentralized domains have unexpectedly developed social attributes.

3. The Integration of Blockchain and Domains

Blockchain domains aren't the same as traditional internet domains. Domains on the blockchain can be understood as a new type of ID, akin to exclusive fancy numbers. The only difference is the added period ".", which gave birth to the name "domain."

Not everyone knows Ethereum, let alone the .eth domain suffix. If I tell someone outside the crypto community that I have 888.eth, it's still hard for them to grasp. That is, until the blockchain news of August 2021.

This time, blockchain domains finally established their identity. A domain is a domain, whether it's .eth or .com, they share the same essence on the blockchain.

The value of .eth domains might not lie in facilitating transfers on the blockchain but, like the Bored Ape Yacht Club (BAYC) monkeys, they are unique NFTs, akin to exclusive VIP status. This time, the social attributes of .eth domains are bridging to traditional Web2.0 domains.

Perhaps you don't recognize my YB.eth, but you surely recognize my http://YB.com, right?

4. Embracing the Future of Web3.0

Suddenly, a large traditional industry has opened a new window. The bridge between Web2.0 and Web3.0 has quietly been established within the domain field. An entity that operated quietly in the commercial domain for decades within the hidden realms of the internet is now, thanks to the Web3.0 wave, entering a whole new range of applications.

Domains, for the first time, possess a new attribute on the societal level: personal identity cards.

Imagine, in a metaverse built on blockchain infrastructure, we need a name that can be cross-chain resolvable and universally usable, a name that cannot be impersonated. Domains are the perfect vessel for this purpose.

If we guess right, in the future metaverse, perhaps everyone will have a domain name above their head, and these domain names might very well be traditional top-level domains.

The domain industry is by no means one that will disappear; it's just a question of when it will experience explosive growth.

If we're right, a new growth point is right before us.

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Does the blockchain still have a market prospect?Talking about the future of domain name and blockchain Web3.0