🛡 The Great Web3 Domain Rush. Why?!
.com & .net are the most popular generic web2 TLDs, with about 144m & 14m, respectively as of 2019.
What will be the most popular #web3 TLDs in 5 years? We can’t say for sure, but we’ve seen that there have been more registrations of web3 domains, precisely .eth, than even the most popular web2 domains in the past months.
The most popular web3 domain name services currently boast about 2.7m+ registrations, and the bear market doesn’t appear to be slowing down.
Why The Name Rush?
The secondary market of ENS is heated right now, with several domains changing hands for tens and hundreds of ETH, even in this falling market. Besides speculative retailing reasons, there are some substantial reasons worth noting.
➡️ Web3 domains hold more utility. Web2 domains primarily serve as links to websites and are limited to that. Using web3 domains transcends locating centralized or decentralized websites to wallet transactions and altogether web3 interaction.
➡️ More users, more demand. It’s always good advice to get what’s in high demand early or envisioned to be. Because of its multi-utility nature, there will be more users of these domains than its predecessors. Individuals, not businesses alone, will need these domains for transactions and dapp interactions.
➡️ Composable Identities. The web3 vision is aimed at self-sovereign identities & decentralized data management. In simple terms, platforms no longer name or identify you based on their terms but yours. Users will store their identities and web activity history and transport it between platforms. This puts more demand pressure on a much more limited supply of naming services. High demand, low supply equals higher market price.
All of these reasons, collectively inform the speculations heating up the web3 domain market. However, in the future, many will still settle for the blockchain naming service on whatever blockchain best meets their needs.
Assuming standard integrations amongst the blockchain domains, some users will default to naming services that prioritize anonymity, some will select naming services that prioritize privacy, and others will settle for naming services that balance accountability with anonymity.
We strongly believe that the web is moving towards a future that connects the real world with the digital world. We see evidence of this with the built immersive experiences, now termed the metaverse. Blockchain domains bound to reign supreme are those that toe the same line, connecting, with zK principles, real-world ID with the web3 ID.