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question The future of WEB3 Domains?

NameSilo

Siful Moni

Established Member
Impact
12
In the current domain industry ENS already taken strong position. 5 figures sales are occurring almost daily.
Some ENS are selling too high that even counter .com domain names.

What is the future of web3 domains if the trends going this way?
 
I would take any sales with a grain of salt when it comes to this stuff.

A lot of the people involved are the same involved in shitcoins, NFT, etc.

The field involves a lot of pump and dumps, rug pulls, wash trading, greater fool trades by a small amount of people.

I own one .eth domain, and personally don't see the utility or demand from the general public, especially since legacy extensions can also be used on the blockchain.

It is a small amount of people driving the speculation.

Brad
 
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jhm

Top Contributor
Impact
8,776
As of right now, the likes of an ETH, CRYPTO, NFT blockchain domain...they serve their purpose. Using a blockchain domain instead of copying / pasting that long deposit address for payments is pretty convenient. Comparing these things with the COM, NET, ORG, IO, CO, XYZ...just different. Crypto serves its purpose, a lot of money swims around, and people have money to spend on speculation...so be it

Like the NFT's and the whole bored ape club. Joining this "special baller club", celebs buying them up for big prices, raising their profile. If you knew a certain celeb owned "X" NFT, and he / she decided to sell it...that has a value. They even bring out their own collections / limited edition works. Many applications have been suggested for NFT use, but at the core a lot of NFT value (like many things) is speculation / sell it for more one day mentality...and that's fine. IMO
 
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Siful Moni

Established Member
Impact
12
Maybe it's just me; the .eth extension doesn't seem so attractive to me, yet. I read the other day how gas fee can skyrocket the price. I don't have such money to throw around yet. :)
I agree with you. There be huge gas fees and other barriers. As a domainer we could have the chance to grab this ENS trend.
CloudName.com developing a huge marketplace for NFT/ENS/WEB3 domain names. I'd say the market is still in the early stage.
 

webthree

New Member
Impact
-20
In the current domain industry ENS already taken strong position. 5 figures sales are occurring almost daily.
Some ENS are selling too high that even counter .com domain names.

What is the future of web3 domains if the trends going this way?

In my opinion Web3 Domains will have a big market. Many people are now choosing decentralization. ENS domains are top trending at this moment because it has no ICANN to control. There are many marketplace forming for NFT, ENS, Web3 domains. Just like OpenSea turns into the biggest marketplace for NFT things.

In domain community many companies are going to enable ens/nft domain names for trade. Cloudname also is developing a big marketplace based on web3 domains.
 

Future Sensors

78% of human domainers will be replaced by robots
Impact
11,230
ICANN, office of the CTO, has published the following document on 27 April 2022.

Challenges with Alternative Name Systems

Full report:

https://www.icann.org/en/system/files/files/octo-034-27apr22-en.pdf

Executive Summary

The Domain Name System (DNS) is a component of the system of unique identifiers ICANN
helps to coordinate. It is the main naming system for the Internet. It is not the only one. Some
naming systems predate the DNS, and others have been recently proposed in the wake of the
blockchain approach of decentralized systems.

Proposing a new naming system is one thing. Making sure everybody on the Internet can use it
is another. Alternative naming systems face a huge deployment challenge. A number of
solutions exist to bridge the DNS to those parallel worlds, but they all come with their own
drawbacks.

Furthermore, the lack of name space coordination, either between those alternative naming
systems and the DNS, or simply among those alternative naming systems, will result in
unworkable name collisions. This could lead to completely separate ecosystems, one for each
alternative naming system, which would further fragment the Internet. This is the exact opposite
of the vision of “one world, one Internet.”

Conclusion

Even though alternative naming systems can be deployed in controlled, managed
environments, deploying them on the Internet at large faces serious challenges.

As we have seen over three decades of IPv6 deployment, transition mechanisms are useful for
early adopters, but do not seem to be a viable long-term approach. Similarly, alternative naming
system bridging solutions cannot be expected to work flawlessly. Requiring user intervention to
install or configure anything is typically a non-starter. Asking resolver operators to bridge the
DNS to those alternative naming systems can lead to unpredictable results, user frustration,
rising support costs, and in the end, a less secure and stable Internet.

Furthermore, the use of specially built applications to work with alternative naming systems
poses significant risks. As seen in Section 5, the creation of new namespaces without any
coordination (either among themselves nor with the DNS) will necessarily lead to name
collisions, unexpected behaviors, and user frustration. The end result might very well be
completely separate ecosystems, one for each naming system, further fragmenting the Internet.
It is worth remembering that the vision of a single Internet necessitates a unique system of
identifiers, in other words a unique namespace, as discussed in ICP3.
 
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karmaco

Top Contributor
Impact
10,536
I was wondering how long it would be before they would get annoyed with the possible emerging competition. A monopoly is also not a healthy situation Mr. Icann 😬


Its a bunch of smoke and mirrors. They aren’t concerned with the internet running smoothly. They just don’t like the thought of losing revenue or control.
 

coolhands

RIP Riz
Impact
471
it's like in the 90s, the few guys who believed and registred .com domains for cheap are now Millionaires. and same as When Bitcoin was first introduced in 2009, it was worth $0. A year later, when early adopters began trading in the digital currency, it was valued at the fraction of a cent. those people who believe on bitcoin first was rewarded now.
Blockchain/web3 domains are here to stay, and people who invest in this domains for cheap, they will be rewarded after 10-15 years.
 
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branding

Who's afraid of red, white and blue?
Impact
7,481
I don't see how these domains differ from what was tried in the past. The tech behind it has evolved but ultimately it's just other self proclaimed extensions not recognised and unusable by/for the general public.

Just like nft, it's a huge bubble which will burst sooner or later. Investing in any of them is a very high risk bet, wouldn't even call it an investment tbh.
 
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