You can find stories all over the internet of people who bought website domains a few decades ago, who have then to go on to sell those domains for a nice lump of fiat. Obviously, we are too late to benefit from website domains, but blockchain domains offer a new opportunity for those who are interested.
A blockchain domain can be treated as an investment, something that you can own for a cheap price now and sell on later when someone wants to register a domain you hold. You can potentially extract some good value from some domains if you choose a popular one early on.
Another benefit in owning a blockchain is that it's honestly pretty cool to have one! Instead of having to send your crypto to a long and complicated address, you ca set it to your own name or nickname for example. Therefore, instead of sending your Eth to 0x.................., you can simply type in your domain - in my case, 'cryptocelt.wallet'. This saves you from having to double and triple check your complicated address for a mistake and you can send your crypto to your wallet with less stress.
It's also important to note that once you buy a domain, it lives on the blockchain - so it can't be deleted and taken down by a corporation, therefore it offers greater protection than regular website domains.
Below I will take you through the process of registering your own domain and what further benefits you will get.
How do I get my own domain?
First you need to head to Unstoppable Domains, you can find my referral code below;
Step 1 - The first step is then to search for the domain you want to purchase and own. I'll take you through an example using my publish0x username.
So, as you can see I have made a search for 'cryptocelt' and all options are available. For more common/popular names, you may find that some of the more lucrative domains are take. The '.x' for example is a very popular one, which you can see is reflected in the price.
If your name is available, then it's simply preference on which one/price point you wish to purchase. I'm personally not overly fussed about owning the '.x' one, so I have decided to go for '.wallet'.
Step 2 - If you are happy to proceed with the domain you have chosen, simply go to the checkout. For me, it'll only be $20 for this purchase.
There are multiple methods of paying, including a crypto.com avenue. The screenshot below shows that you can purchase a domain through the crypto.com app, while also receiving 10% in rebates. Therefore, I will pay using this method.
This will cost you nothing in network costs and you'll earn some CRO back for your efforts. You'll receive confirmation and an e-mail receipt confirming your purchase. Congratulations, you have now purchased your own crypto domain!
Step 3 - The next step is to mint the domain that you purchased. This will be done on Polygon, and the fees are actually covered by Unstoppable Domains - so minting will be done free from cost. Minting is done for so;
"Minting is the process of registering a domain onto the blockchain via your cryptocurrency wallet to gain full custody of the domain. This means that nobody else has control over it except for the rightful owner. This is what makes them decentralized and ultimately "unstoppable". Once minted, neither Unstoppable Domains nor any other entity is able to make changes to the domain or take it back from you."
You'll then need to chose a wallet address you wish your domain be connected to. If you send crypto to your domain, this is the wallet address that will receive the deposit. This is a irreversible action, so make sure you choose wisely.
I've provided an example above. The domain I have chosen will be assigned to the wallet address when minting is complete.
Once confirmed, the minting process will start and you'll have to wait for the transaction to complete. This may take between a few minutes to a few hours depending on network congestion.
Step 4 - Now you'll be able to manage your domain and set your addresses;
You'll now be able to deposit crypto to your domain, and it should arrive in your wallet. I would recommend testing this out with a small transaction first though just in case.
From this dashboard, you'll be able to sell and transfer your domain also. So perhaps a domain might ne a good Birthday present to a crypto enthusiast.
Find here a list of compatible apps integrated with Unstoppable Domains;
I've already mentioned some benefits in the article but I'll add some here as well. Having your own crypto domain simplifies the process of crypto transfers, taking away the pain of having to type out a complicated address that you always have to copy and paste and double check. Simply input your domain, and you're good to go.
Unlike website domains, there are no renewal fees for owning a blockchain/crypto domain. Once you pay for, you own it fully as recorded on the blockchain.
You can create your own website on the decentralized web with your domain and take part in the emergence of web 3.0.
Once you're set up you can; "you can receive over 275 different cryptocurrencies instantly! But remember, each type of crypto has its own address, so make sure you’ve linked all your crypto addresses to your domain before receiving any payments"
I hope you found the article educational and I hope you get on board and purchase your own blockchain domain. It's very easy to set up and you can be first in line to a future trend, so have a look at Unstoppable Domains.