Crypto and Web3 domains are new web extensions introduced as smart contracts on public blockchains such as ERC-721, ERC-1155, and BEP-721, BEP-1155 on the Ethereum blockchain or Polygon Network.
Web3 domains can be held in the user's wallet similarly to cryptocurrencies and NFTs and are decentralized, meaning that only the owner of the web3 domain retains all the rights. This means that no third party can interfere with the use of the Web3 domain or restrict the content.
These web3 & crypto domains are the gateways to the decentralized web because of their capacity to host decentralized websites on the decentralized web. The decentralized web is also known as the developer's web because of its autonomy and user-oriented difference.
Additionally, these domains may be used to link cryptocurrency wallet addresses and replace complicated algorithms with human-readable NFT domain names, making it simple for users to generate their chosen identity names and conduct rapid swaps.
The decentralized domains are distinguished by their genre-specific characteristics, such as Web3 domains, Crypto domains, NFT domains, or Blockchain domains, but because they share the same qualities, features, and characteristics, a wider range of possibilities is available for users and developers to experiment with.
Various NFT domain platforms specialize in web3, crypto, and NFT domains such as Quik.com, Unstoppable Domains, and ENS Domains, as well as many others that provide decentralized domain name services for users that are user- and genre-focused.
NFT domains have a promising future and the ability to grow since, in contrast to traditional domains, they are open and autonomous. This freedom to grow allows developers to extend to find new applications for the technology as well as ways to improve it.
The traditional domain name space is regulated by ICANN, which also adds several regulations and restrictions that limit the developer's imagination and block exploration, whereas crypto and web3 domains are not centralized and, even though they are offered by service providers, once minted, not even Quik.com or Unstoppable domains can intervene with the NFT domain use case.
The key aspect of crypto and Web3 domains is self-custody, which gives the user or developer control, ownership, and management rights. Previously, developers were always behind the scenes, but with the decentralized web, they are on the front lines.
Due to the decentralized nature of these domains:
Users of Quik.com and other NFT domain platforms have the chance to earn a passive income by receiving a 5–10% royalty on each subsequent sale of their NFT domain. Unstoppable Domains offers lifetime ownership of the domain name, requiring no renewal or gas payments.
Other NFT domain platforms also provide such services to enable even common users to take full advantage of the decentralized technology while it is still in its infancy.
All domain management is done using smart contracts, and to write or make modifications, add or remove features, etc., a transaction must be signed by the wallet address that owns the domain. This adds to the security of these domains.
If users attempt to control the domain from a different wallet, they will eventually receive an error notice requesting them to sign the transaction with the appropriate wallet. After a domain is created, it is no longer under the control of any NFT domain platform.
Users have private keys to the wallet where the domain is stored; therefore, neither the user nor the developer can lose control of the domain, the website, content, or management settings.
These domains are safe and can build a safe future. They also present a chance for developers to improve their abilities and take advantage of the use of these crypto & Web3 domains.