The rise of Web3 domains as a new growth engine in the NFT market

robot
Abstract generation in progress

Web3 domain names have become a new growth point in the NFT market

Web3 domain names have performed exceptionally well against the backdrop of an overall downturn in the NFT market, becoming a major point of rise. The user base for Web3 domain names is vast, with significant room for growth, serving as an important Web3 identity credential for users, allowing access to full-chain applications. In the long run, the utility value of Web3 domain names outweighs their speculative value.

Web3 domain names have rapidly developed recently, with the following main characteristics:

  1. The trading volume and registration volume have significantly risen. ENS's trading volume has increased by 22.48% month-on-month over the last three months, and the total number of domain registrations has surpassed 2.6 million.

  1. The user base is large. The domain registration volume of Unstoppable Domains and ENS has both surpassed 2 million.

!

  1. Diversified functions. Web3 domain names can aggregate address information, consolidate user data, access dApps, and serve as social account nicknames.

  2. Combines human readability and decentralization, but there are concerns about user privacy protection.

  3. The number of multi-chain deployments and multi-category suffix domain projects is on the rise.

  4. Deepen cooperation with DID applications such as social graphs and reputation platforms.

  5. The use value is greater than the speculative value.

  6. The competition pattern of domain names is converging with that of public chains.

Mainstream Web3 domain projects include Unstoppable Domains, ENS, Handshake, . bit, SPACE ID, etc. Each of these projects has its own characteristics and develops on different public chains.

!

!

!

!

!

In the future, Web3 domain names will become users' identity credentials and unified accounts in Web3, truly realizing their value. The trend of multi-chain deployment and integration of various dApps will further promote the development of the Web3 domain ecosystem.

ENS2.44%
View Original
This page may contain third-party content, which is provided for information purposes only (not representations/warranties) and should not be considered as an endorsement of its views by Gate, nor as financial or professional advice. See Disclaimer for details.
  • Reward
  • 8
  • Share
Comment
0/400
CantAffordPancakevip
· 07-19 23:32
What will unify web3 domains
View OriginalReply0
MEVHunterBearishvip
· 07-18 07:14
Played people for suckers of various types, this wave is truly fragrant.
View OriginalReply0
ChainChefvip
· 07-16 23:59
looks like web3 domains are cooking up a tasty new recipe for nft growth... raw alpha detected
Reply0
GasFeeDodgervip
· 07-16 23:57
Another round of cutting leeks to force
View OriginalReply0
GasFeeCrybabyvip
· 07-16 23:57
This damn gas fee is enough to eat half a month's salary.
View OriginalReply0
FastLeavervip
· 07-16 23:48
Give it a try~ it's quite popular
View OriginalReply0
BearMarketSurvivorvip
· 07-16 23:41
It's ridiculous to play people for suckers every day.
View OriginalReply0
RugResistantvip
· 07-16 23:38
I was so excited
View OriginalReply0
Trade Crypto Anywhere Anytime
qrCode
Scan to download Gate app
Community
English
  • 简体中文
  • English
  • Tiếng Việt
  • 繁體中文
  • Español
  • Русский
  • Français (Afrique)
  • Português (Portugal)
  • Bahasa Indonesia
  • 日本語
  • بالعربية
  • Українська
  • Português (Brasil)