The last couple of years has seen a significant shift towards digitalization, creating several opportunities, including the rise of domain names. Domain investing or domaining has become popular mainly because it provides a healthy return on investment (ROI).
Domain names are notably one of the most valuable commodities, with some domains selling for millions. Domain investment uses the buy low and sells high concept similar to stocks and other assets in the market. Parties buy a selection of potentially lucrative domains or domains and sell them for a profit at a future date. In 2009, an investor sold their insure.com domain for $16 million. So far, the most expensive domain, carinsurance.com, has sold for $49.7 million. While the domains are extreme-scale examples, many fetch hundreds of dollars daily.
The introduction of the Web3 (decentralized web) has taken domain services to the next level, providing more opportunities and advantages than ever. Today we will analyze the new Web3 domains service. Let’s determine whether it is worth using it, why you need to buy domains, and how you can make money on them now.
Introducing *W3DNA and its advantages
*W3DNA protocol is an NFT domain currently on Binance Smart Chain (BSC), Ethereum, and Polygon, with other EVM-compatible chains to be added in the coming days. The domain provides its users with a domain, name, and account (DNA) in Web3. The platform enables clients to access a decentralized website in any language or symbol, a username, and an identity for Web3 apps and Web3 accounts to receive their cryptocurrencies and chain.
The NFT domain gives clients a username usable in Web3 apps and an account to receive payments in crypto and chain. The username allows owners to get an identity and store their avatar and other profile data, which they can use in *W3DNA and Web3 services such as social networks, decentralized messenger, and more.
Launched in 2022, *W3DNA claims to reinvent domains by providing the first-ever domain without extension. Unlike traditional domains, *W3DNA allows users to ‘teleport’ from point A to B eliminating unnecessary steps. This is made possible because the *W3DNA domains are in the form of NFTs. *W3DNA technology uses smart contracts eliminating all the work done in Web2, such as the registry and hosting. The absence of a governing body means that no one can delete or take away the domain except in exceptional cases that the whole network can vote on. This gives users freedom of creativity free from any limitation.
The *W3DNA domains can be adapted in three ways: by installing the *W3DNA browser or adding an extension to the user’s browser. The last option entails waiting until the *W3DNA team can negotiate with other browsers to have the *W3DNA script library by default. Notably, each domain name created cannot be changed. It will not be possible to register the same domain with a mix of letters from different alphabets or with punctuation marks.
Another advantage of the *W3DNA domains is that they can be registered in any language. Users can opt to register their domain in hieroglyphs, any language, symbols such as the Latin alphabet, Chinese characters, Arabic script, or emojis. This can be done with no extension and length limits. Traditionally, extensions have brought several problems to users, especially easy targets to scammers. Scammers can take a user’s name to create other domains using different extensions to dupe clients. The extension also shows that a user belongs to a specific organization, limiting a user’s creativity.
As mentioned earlier, with *W3DNA, a user mints their NFT domain only once on three chains: ETH, BSC, and Polygon, saving time and protecting users against errors. The *W3DNA team plans to add more EVM chains in the coming days. In addition, there are no renewal fees with *W3DNA domains. A user only pays once and owns the domain forever.
Lastly, investing in NFT domains is not subject to inflation unlike other investments. A user can buy the *W3DNA domain for $30 and sell it to a person or company at a price they set.
Buying *W3DNA domains
Since the Web3 concept is still relatively new, buying a domain can cost as low as $5. However, given the current trajectory, in the next year, the same domains will cost about $30. *W3DNA users can resale their domains by posting on OpenSea or Raible. *W3DNA domains are bought depending on their domain length. The regular price of a domain with 30 characters in length is $30, while that with one character is $600k. *W3DNA has a special offer selling them for $5 and $100k, respectively. As the price of domains keeps growing, these figures will likely be sold at times more expensive in the coming days. Also, the absence of domain zones increases the investment value.
A user can register a famous person’s domain to resell it to them at a higher cost making a profit. For instance, many Instagram names have been resold for $100k as rising stars seek to own their domain name.
Domain investment success cases
The last couple of years have seen a few investors make their mark in different industries after investing early in promising projects. For instance, two Australian friends, Alan Googlu and Fotios Tsiouklas predicted the success of Tiktok and proceeded to buy the domain ‘titoks.com’ for $2000 just after its launch. Tiktok’s parent company Bytedance then offered $145,000 to the two friends, who refused the offer and are now reaping huge on their investments.
As stated earlier, domain investment is a pretty lucrative undertaking. In August 2022, an investor resold the domain ‘NFTs.com’ for $15 million (the second largest domain sale in history) after buying the domain name at its initial stage. Recently, someone purchased a pjfi.eth for 0.12 ETH and sold it for 350 ETH. Another purchased a bitcoinbeliever.crypto domain for 0.0095 ETH and sold it for 0.05 ETH. Notably, the price increases depending on the number of domains sold.
As Web3 continues to spread across industries, the need for Web3-based domains is eminent. Since Web3 domains are still in their infancy, they provide a great investment opportunity allowing one to buy low and resell at a higher price in the future. Imagine registering a ‘Ronaldo domain for $80 now with *W3DNA only to resell it for $500 (five times its initial value and more) or hundreds of dollars. Additionally, compared to traditional domains, Web3 domains offer more advantages to their users. The platform is the first to provide domains without extension, providing endless advantages. One such advantage is that*W3DNA enables its users to easily relate with their target audience by allowing them to create their domains using any language, symbol, or emoji. Also, *W3DNA users can now save up their funds that would have been used to renew their domain subscriptions. Users also enjoy the benefits of three chains (ETH, BSC, Polygon) by just paying for one.
There is no better time to join the *W3DNA community than now and reap the benefits in the future!
Github – https://github.com/BlockWit/w3dna
Twitter – https://twitter.com/web3dna
Medium – https://medium.com/@web3dna
Telegram – https://t.me/w3dna_official