Web3 domain name provider, Unstoppable Domain hit a $1 billion valuation after shutting down a $65 million Series A funding round led by Pantera Capital.
Speaking on the investment, Panthera Capital partner Paul Veradittakit said:
Unstoppable Domains is rapidly defining a new category of decentralized identity that will change the Internet as we know it. We are proud to support Matt and the rest of the team in making this vision a reality.
Other Series A investors include Draper Associates, Boost VC, Mayfield, Gaingeles, Alchemy Ventures, Redbeard Ventures and Spartan Group.
Founder of Unstoppable Domains Matthew Gould Noted that for a long time people’s digital identities have been controlled by big corporations, but as the digital economy becomes part of everyday life, it is now imperative that people own their identity on the internet, which is why they build unstoppable domains.
Goud continued to say:
The billion-dollar valuation highlights the importance of the infrastructure behind decentralized digital identities, separating “the identity component from the financial component”.
With the latest funding, Unstoppable Domains is looking to expand its team, develop new partnerships, and enable more businesses and individuals to build their Web3 identity on the platform.
Unstoppable domains continue to grow
The domain naming platform was founded in 2018 to allow users to create NFT domains with full control and ownership of their digital identities.
Domain names issued by the platform are used to replace long crypto wallet addresses and to connect to supported Web3 applications. Users can register for top-level domains (TLDs) such as .crypto, .coin, .bitcoin, .x, .888, .nft, and .dao.
So far, they have registered over 1.4 million domains including 300,000 NFT domains and 32 wallets with .Wallet Alliance.
To meet the demand of its 240,000 customers, Unstoppable Domains has forged strategic partnerships with Web3 companies such as Polygon, Blockchain.com, MoonPay. A report of Fortune, reveals that it has generated more than $80 million in sales since launching its naming service in September 2019.
Expressing his faith in the company’s future, Gould in an interview with Fortuneexpressed his thoughts:
“…one billion people will have at least one NFT domain in five years, and most people will own about five.”
Web3 domain names are here to stay
During the first week of July, 108,000 ENS domains were registered, indicating a 216% increase over the previous month while generating sales of $684,000. The spike could be because the ENS 000.eth address was bought for a record 300 ETH. Domain flipping could be a major trend as web3 domain adoption increases.
Meanwhile, Unstoppable Domains (UD) recently threatens to sue its competitor Gateway.io for operating a .wallet domain in the Hand shake system. Unstoppable Domains claims to have trademark rights to the .wallet top-level domain name.