The majority of internet users today recognize domains as being the combination of letters they type into their browser. However, what many don’t know is that domains were designed to accomplish a lot more than displaying a website, with functionality to send emails and make payments, to list a few. So, why aren’t we seeing domains leveraging this additional utility? In short, the answer comes down to their control from centralized servers. As the story goes, with centralization comes greater control, in turn, adding barriers to innovation.
Fortunately, the rise of nonfungible tokens (NFTs) and decentralized technologies have proven that once high barriers can be eliminated. With decentralized domains, users maintain self-custody, ensuring the complete control of their assets, verified on the blockchain and stored similar to a cryptocurrency in a virtual wallet.
These domains then gain advantages such as the ability to support decentralized websites, provide full ownership control of domain management features and allow developers to innovate beyond what is typed into a browser. In fact, NFT domains are said to be the catalyst in bringing about transformation to the internet as the world knows it today.
Recognizing the vast potential of NFT domains is Quik.com, a site claimed to be “the world’s first blockchain marketplace for NFT domains.” The platform, designed to support the purchase and sale of blockchain-based NFT domains, includes a domain name registry where users can browse specific listings.
The team behind Quik goes on to share that their intention behind this project is to, “harbor a creative NFT domain for the internet of tomorrow.”
As a gateway into Web 3.0, the Quik ecosystem is designed to help businesses move away from Web 2.0, a centralized system, to a Web 3.0, permissionless and permanent future for the internet. The result will be that users can reclaim the lost freedom in the initial transition from Web 1.0 to Web 2.0 and evolve towards the decentralized future experts claim to be inevitable.
Owned not rented
Building upon the traditional standard of domain sales, buyers can browse offerings with an advanced search system, enabling users to provide blockchain domains with minimal effort. Differences to traditional domains become apparent in their foundation on blockchain infrastructure.
With blockchain, NFT domains are owned by the user rather than rented. Therefore, users will mint the domain with a one-time registration fee, ensuring that they will never be required to pay a renewal fee again. True ownership also means that the original minter will become eligible for a permanent royalty of 5%-10% on every subsequent domain sale.
Upon launch, users can browse through top-level domains (TLDs) including .doge, .shib, .vr, .bored, .blockchain, .web3 and .metaverse, which will coincide with an original artwork. With these assets, users can enter the internet of tomorrow on a gateway of their choosing. That said, TLDs will be limited in minting capacity, meaning users will become subject to a first-come, first-mint basis.
Although this first round of TLDs will all exist on the Ethereum blockchain (ETH), Quik.com has plans to add additional blockchains, including Solana (SOL), Binance Smart Chain (BSC) and GateChain shortly.
Within the Quik ecosystem, domain holders will use their domain as a website URL, universal username across apps and websites or payment address for their wallet. These use cases are said to be only the starting point, which will quickly grow as the ecosystem advancesIn .
From domain names to wallet addresses
Following the launch of Quik’s marketplace for NFT domains, set to take place at the end of February 2022, the team shares their focus will remain on launching extensions for web browsers, including their own and partnering with several major cryptocurrency wallets, such as Coinbase. These partnerships will allow exchanges to leverage Quik NFT domains instead of existing wallet addresses.
Quik.com is also hosting a private pre-sale for QUIK Tokens, which will be followed by a public token sale.
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