On Wednesday, nonfungible token (NFT) domains platform Unstoppable Domains announced that it closed a $65 million Series A funding round at a valuation of $1 billion.
Notable investors in the deal include Pantera Capital, Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, Sound Media Ventures, Boost VC and Draper Associates. Unstoppable said it will use the fresh capital to fuel product innovation and grow partnerships in the Web3 space.
Unstoppable Domains offers NFT domains, which are suites of smart contracts live on a public blockchain that give users control of their stored data. NFT domains enable users to send or receive crypto and interact with decentralized applications in lieu of their wallet addresses. A one-time, upfront fee is needed to unlock one's domain for life, with no further renewal payments required.
Since its inception in 2018, Unstoppable has registered 2.5 million domains integrated with over 150 Web3 applications and more than 80 wallets and exchanges. The company claims to have built more than 300 partnerships with leading Web3 companies like Polygon, Blockchain.com, and MoonPay. The firm generated nearly $80 million in sales over the past three years.
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Unstoppable Domains founder and CEO Matthew Gould likened NFT domains to the growth the digital economy. "As the digital economy becomes a larger part of our lives, it's time for people to own their identity on the internet," he said, adding:
"We're thrilled to partner with Pantera and other investors who share our vision of onboarding billions of people onto Web 3.0 through NFT domains that unlock user-owned, private, and portable identities."