Owning NFT domains is the future
NFT became a household word when digital artworks were sold for millions, but today the technology is used for much more than artworks. We have probably only seen the beginning of NFTs' uses. Several experts predict that in the future there will be a huge demand for owning NFT domains, especially NFT wallet domains.
A domain is what you type into your browser when you want to visit a website, such as google.com. It is both an address and an identity used online. An NFT domain is a domain where ownership is stored on the blockchain. This means that if you own an NFT domain, you cannot lose the right to use it and you do not have to pay a renewal fee. However, you must be able to access it via the crypto library associated with it.
The domain name is very important for organisations and businesses because it is one of the first things that users see when they visit the website. However, in legal terms, it is important to distinguish between a domain name and a trademark because registration, and therefore ownership, is handled separately by different bodies.
The importance of domain names has led to an increasing number of companies, organisations and individuals choosing to buy ownership of the domain. The owner of an NFT domain controls it using a private key. The main difference compared to regular domains is that you own an NFT domain instead of renting it. The domain lives on the blockchain and it cannot be shut down either. The domain is stored in your crypto loan book.
NFT domains can also be collector objects and used to create short addresses for receiving and sending crypto.