As we all know that non-fungible tokens are getting tremendous popularity each day, and why not? After all, they are becoming a great source of income. Don’t believe me? Let me revise the example of Beeple which efficiently sold a piece of digital art for more than $69 million in 2021. This was record-breaking.
After that, many business owners and companies tried their luck. Some of them earned hundreds of dollars while many others are still trying and hoping to receive such a lucrative amount.
Beeple is not the only example when it comes to generating millions with NFT. Hundreds of other digital assets helped people become a millionaire in no time. And most surprisingly, this thing isn’t limited to a piece of art. Today domain names have also been selling as NFTs and an incredible number of people are showing interest and buying them.
So, what do you think would happen after the surge of the NFT craze in domain names? Will this thing also get the same popularity as digital art NFTs?
Let’s have a look and get the answers to all the questions.
The Surge of NFT Domain Names
The NFT trading concept based on the blockchain and transferring ownership of art is now beginning to gain a strong foothold in different areas of digital life.
Currently, domain names are being considered high value as well as becoming the major commodities in the world of the NFT marketplace.
Let’s take an example. We have all heard about the ‘win.crypto’ domain, which has recently broken the blockchain domain sale record and sold for more than $100,000.
Since domain names have become the best digital foundation of every business – every clean, reliable, professional, and recognizable domain automatically boosts the authority and reputation of a business, which means they can sell for lucrative amounts. Your website is essentially a gateway to content that millions of people access every day at the click of a button. This means, your website domain should be memorable, easy to understand, and relevant to the NFT market so that it can spur long-term business growth.
The Growth and Development of Blockchain Domains
There has been a great sudden growth witnessed in the value of assets that were hosted on blockchain technology. It gives rise to different issues regarding websites. Perhaps it could fundamentally shift the way we consider website development.
Currently, there is a growing concern that blockchain domains as well as the development of decentralized websites can pose a lot of threats to personal and business security.
As they are getting bigger and more popular, these channels are now being used for several malicious purposes which are developing and disseminating malware.
What’s even more troublesome, blockchain domains usually lend themselves to anonymity as well as censorship, which means they serve as the best breeding grounds for committing several malicious acts.
Now because NFTs, blockchain domains, and URLs everything has been operated through the blockchain, it simply means that NFTs can become a de facto way for engaging domain-related transactions, which eventually increases the risk for several online operators working around.
Are There Any Risks NFTs Posing to Domain Names?
It’s important to understand that domain names and blockchain domain names have very amazing and long-standing value. But some opportunist cybercriminals want to get their hands on some popular and incredible assets.
Domain names usually become a victim of the phenomenon often known as ’drop catching’ where hackers can manually or through software track the position and worth of their desired domains and then purchase them at the exact minute the registration period ends.
This means they are enabling the companies to deny access to their own material.
Here I would mention the example of drop catching done by Nicolas Kurona. He accidentally owned all the rights to have ‘google.com.ar’ temporarily in April 2021.
Though technically, it is not a crime under some particular circumstances, drop catching or typo squatting also has a great potential to ruin the companies financially and morally. Especially for small businesses without having any cash assets to buy back their domain name or the legal wherewithal to counteract a hijacking of their URL, can be so devastating.
It also takes time to recover and manage the overall process.
Every business should be vigilant enough to keep tabs on the expiry of their domain dates. Many domain providers also assess the condition of the domain and then automatically remind as well as renew the domain name. So, it’s also important to check with the domain provider so you won’t run any risk of having the domain name snatched by other people.
Will the NFTs Survive?
One of the most frequently asked and emerging questions regarding NFTs and their survival is whether they will survive in the continuously growing marketplace. Or they will die after a certain period?
The value being limited to the creative and artistic spheres, NFTS usually hold value if the buzz still remains very high. Now their overall value is driven by speculation as well as the perception of the lowest supply in the market.
Still, it looks like NFTs are not going anywhere soon. In fact, they will grow further in the future and their value will dramatically increase. So, not only in domains, you will find NFTs in several departments. This means NFTs are surely going to survive and thrive.
How to Create Domain NFTs?
If you want to create a domain NFT marketplace, then it’s recommended to choose an agency like NFT Unfold that can help you create a remarkable domain NFT.
The purpose is to let more people know about your domain NFT so it’s also best to follow NFT marketing so you can utilize channels like Facebook and Twitter for the growth and promotion of your NFT.
If you want to get started, then it’s best to consult with NFT professionals today. They will guide you throughout and assist you in every way. So why wait anymore when you have a chance to get domain NFT today?