NFT domains make transactions in crypto easier
NFT domains: Users of the 1inch Network can now use human-readable addresses provided by Unstoppable Domains to shop in 1inch’s product ecosystem.
Under the new agreement, 1inch Wallet users can purchase a domain name from Unstoppable Domains that they can freely mint as a non-fungible token (NFT). The user will then be the eternal owner of the name. Domain names help prevent users from accidentally entering incorrect alphanumeric strings when trading with other wallets.
“The issues of user experience, security and identity continue to hold back Web3 mainstream adoption. The collaboration with Unstoppable opens up opportunities to overcome these barriers by making Web3 onboarding more fun and attractive, while users will also benefit from a more user-friendly way of shopping, says Sergej Kunz from 1inch Network.
1inch Network is a suite of DeFi protocols accessible via a unified frontend. The most popular protocol is the 1-inch DEX aggregator which can aggregate or aggregate prices from multiple decentralized exchanges (DEX) and shared trades to offer consumers the best prices.
Founded in 2018, Polygon-based Unstoppable Domains provides users with a distributed digital identity that can be used across multiple Web3 platforms. Users have the option to have their domain names end in “.NFT”, “.crypto”, “.blockchain”, “.Wallet”, “Crypto”, “.X”, “DAO” and others. Domain names can also act as URLs that point to censorship-resistant websites. Access to these sites is usually only possible using a crypto-native browser such as Brave or Opera’s Crypto Browser.
NFT domains reduce friction
1″ wallet holders can now use any creative address like Andy.crypto or David.NFT when transacting, instead of long strings like 0xdafea492d9c6733ae3d56b7ed1adb60692c98bc5, which have proven to be a barrier to Web3 entry.
“We are thrilled to partner with 1inch to make transacting with, accessing and purchasing crypto easier and more intuitive than ever,” said Sandy, Senior Vice-President at Unstoppable Domains.
At press time, the Unstoppable Domains NFT collection on OpenSea has a total trading volume of 1242 ETH. According to the company’s website, Unstoppable Domains has registered 2,600,000 custom domain names that can be used with Trust Wallet, Blockchain.com Wallet, OpenSea Wallet and Coinbase Wallet. Domain names do not attract high prices on NFT marketplaces because their supply is almost infinite, unlike collections such as the famous Bored Ape Yacht Club or the CryptoPunks collections with a limited number of NFTs in their respective collections.
A growing group of domain services
The partnership comes as domain name services grow in popularity among Web3 users. Ethereum Name Service (ENS), which offers domain names ending in “.eth”, recently surpassed BAYC in seven-day trading volume on OpenSea. Over 2.2 million ENS domain names have been created to date.
Another domain name service, Linagee Name Registrar, which dates back to 2015, was recently brought to public attention by NFT historian LeonidasNFT to much Twitter fanfare. It allows users to create domain names as NFTs for about $0.70 and package them for $3-$4 for listing on OpenSea. So far, the LNR smart contract has processed over 400,000 transactions.
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