How to name a crypto wallet with an NFT domain

Web3 still undergoes the same evolution as the Internet in its infancy, and gives a crypto wallet a human-readable name is an important evolutionary step. The Convergence of Blockchain, Metaverse, and Internet Forms”Web3“, the third generation of the Internet, and two fundamental elements of the Web3 are crypto wallets and NFTs. Usually when people hear of non-fungible tokens or NFTs, they think of an overpriced JPEG image that someone wasted a lot of money, but NFTs can be more than that.”NFT domainsare specialized NFTs that give crypto wallets a human-readable name, fixing a huge user experience problem that Web3 still suffers from.

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A crypto wallet is an account on a blockchain network identified by its “public address“, which is usually a 40-digit hexadecimal number that only a machine can remember. When sending crypto/NFT to someone, copy-pasting their public address is the only practical way to ensure that tokens do not go to the wrong address. Getting a recipient’s correct address is extremely important, because copying the wrong address (or changing a single digit) will result in a permanent loss of funds. Worse, because those addresses look a lot like the human eyes, it makes crypto phishing attacks and errors a This is where NFT domains come in to make Web3 easier and safer.


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With an NFT domain, NFTs and cryptocurrency can be sent to a human-readable username instead of copying and pasting the recipient’s public address. Instead of a JPEG image, the NFT represents a domain name, like “screenrant.eth,which has functional use and value. The two biggest services that create and sell NFT domains are Ethereum name service (ENS) and Unstoppable Domains (UD), although others also exist. As domains are NFTs, they can be transferred or sold to new owners on NFT marketplaces like OpenSea without a centralized intermediary. NFT domains are also used to name and navigate to decentralized websites hosted on IPFS and there are considerable differences between Web3 and Web2 websites. To obtain an NFT domain, it must be purchased and created from an NFT domain service, or purchased from its current owner if it already exists.


Ethereum name service vs. Unstoppable Domains

Ethereum Name Service was the first project to create NFT domains. With an ENS domain, a user can give their Ethereum address a human-readable name ending with the coveted .eth extension. ENS domains are purchased for a period of time and paid for directly in ETH using an Ethereum wallet. ENS domains also include subdomains that can be assigned to different addresses. For example, a domain would be screenrant.ethwhereas a subdomain would be phoenixangell.screenrant.eth. ENS charges a rate of 0.003 ETH per year plus Ethereum transaction fees upon registration, but subdomains only charge transaction fees.


Unstoppable Domains works with hundreds of different blockchains and offers .crypto, .nft, .x, .wallet, .bitcoin, .dao, .888, .coin, .zil, and .blockchain extensions. Instead of renting the domain name for a number of years, a fixed dollar amount is paid by credit card to “Parkthe domain, and the NFT can be minted later when the owner has a Polygon or Ethereum wallet. Once minted, the owner owns that domain forever until they transfer it to someone else. The price of a UD domain depends on the potential popularity of the domain, usually between $10 and $100, but with a few high value domains running four or five figure prices.The only downside is that unstoppable domains cannot not use subdomains.


Although the mass adoption of Web3 presents security and privacy issues that need to be addressed, purchasing one or more domain names for a crypto wallet or website could now be a very practical (or lucrative) choice. ) for the future. As more use cases are created for Web3 and NFTs, more people and businesses will open crypto wallets and buy domains for them. NFT domains are a very useful way to make any crypto wallet or Web3 website more personal, identifiable and legitimate, and are essential for brands and influencers who want to establish a Web3 presence or receive crypto donations/payments.

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Sources: Ethereum name service, Unstoppable Domains