Unstoppable Domains is a company that offers an NFT domain name registration service that aims to give you complete control over your website name and brand. The company was founded in 2018 by a group of entrepreneurs.
Since then, they've got millions in funding in the short few years and are looking for even more – at a company valuation of one billion dollars. All this is to help individuals and businesses get started with their online presence by providing easy access to domain names.
Given its meteoric rise and seemingly unstoppable (no pun intended) momentum, is the Unstoppable Domains concept genuine, or is it another dot-com bubble waiting to happen?
What is an NFT Domain Name?
NFT (short for Non-Fungible Token) Domains are domain names based on blockchain. They differ from traditional domain names because they have different values attached to them – the same way your house has more value than your car.
Another way they differ from traditional domain names is ownership. When you pay for a conventional domain name, you’re renting it and must pay annual renewal fees. Comparatively, you own an NFT domain name once you’ve purchased.
Top Level Domains (TLDs) You Can Get With Unstoppable Domains
Who doesn't want their own .bitcoin domain? With Unstoppable Domains, you can get one today. Here are some other top-level domains available:
- .blockchain (latest addition)
Advantages of NFT Domain Names
One-time Payment for Life
Aside from outright ownership, NFT domains come with other advantages and disadvantages. These are important to understand if you’re considering getting one for yourself. One of the most hyped-about advantages is the one-time payment for an NFT domain.
Once you’ve paid for the domain name, it’s yours forever. There are no recurring fees or no hidden costs. If you have concerns about managing your private keys, Unstoppable Domains can help manage those securely with its free wallet service.
The decentralized DNS is a new way to manage the DNS for an NFT domain name. It uses a distributed storage system to store information about the domain name. This system increases its security because there is no single point of failure, and no one can control its content.
The lack of control also provides censorship resistance. Because of the decentralized system, nobody can take down an NFT domain except its owner. Another security feature is the compatibility with crypto wallets.
Universal Wallet Address
When sending or receiving cryptocurrency, you usually need to enter long wallet addresses. This complexity makes it difficult for newbies to understand how to do so safely and puts them at risk for phishing attacks.
In contrast, an NFT domain allows you to transact directly from your wallet without a host’s access management permission. Essentially, there’s less risk of someone hijacking an account or stealing funds because they know its password.
Disadvantages of NFT Domain Names
NFT domains are still new and may not reach universal adoption. Internet Assigned Numbers Authority (IANA) has not include the new NFT TLDs into their database. Google, at time of writing, does not include NFT domains in their index. Additionally, these domains are not yet universally supported by all web browsers. In addition, NFTs are labeled a cryptocurrency-only feature, making some businesses wary of adopting them.
Finally, you must ensure that your web host supports the Interplanetary File System (IPFS) before purchasing an NFT domain. If you intend to use it to host a website, that is.
Use of Unstoppable Domains and NFT Domains
There are few companies like Unstoppable Domains that offer NFT domains at present. As you can see from the pro and cons discussed above, the concept is still in relative infancy. Because of that, the answer to this question depends on you.
You should use an NFT domain if:
- You want to own the domain name.
- You want easier cryptocurrency transactions.
- You want to store your website on a decentralized website.
- You want bragging rights with a unique domain name
- You’re a domain name investor
Also read – How to build and flip websites for profits
How Do You Buy an NFT Domain Name?
If you want to buy an NFT domain name, you'll need to find a registrar that sells them since you won’t get one from a traditional seller. There are a few different options, but the most prominent name seems to be Unstoppable Domains. Here’s how you can get yours from them;
- Go to Unstoppable Domains and search for the domain name and TLD.
- Add it to your cart, then pay (Unstoppable Domains accepts credit cards, PayPal, or crypto).
- Done! You’re now the proud owner of an NFT domain name.
Final Thoughts: Is NFT Domain Replacing Conventional Domain?
For most of us, Unstoppable Domains’ future is still murky. However, the company is doing big things in a small niche. However, the one thing that attracts me here is the single payment and lifetime ownership. I may decide to buy one just for the heck of it since it’ll be mine forever.