NFT domains: Users of the 1inch Network can now use human-readable addresses supplied by Unstoppable Domains to transact in 1inch’s product ecosystem.
Under the new agreement, users of the 1inch Wallet can purchase a domain name from Unstoppable Domains that they can freely mint as a non-fungible token (NFT). The user will then be the perpetual owner of the name. Domain names help prevent users from accidentally entering incorrect alphanumeric strings when transacting with other wallets.
“The issues of user experience, security, and identity are still holding back Web3 mainstream adoption. The partnership with Unstoppable opens up opportunities for overcoming these barriers by making Web3 onboarding more fun and attractive, while users will also benefit from a user-friendlier way of transacting,” said Sergej Kunz of 1inch Network.
1inch Network is a suite of DeFi protocols accessible through a unified frontend. The most popular protocol is the 1inch DEX aggregator that can aggregate or collect prices from multiple decentralized exchanges (DEXs) and split trades to offer consumers the best prices.
Founded in 2018, Polygon-based Unstoppable Domains provides users with a distributed digital identity that can be used across multiple Web3 platforms. Users have the option of having their domain names end in “.NFT,” “.crypto,” “.blockchain,” “.Wallet,” “Crypto,” “.X,” “DAO,” and others. Domain names can also serve as website URLs pointing to censorship-resistant websites. Access to these websites is generally only possible using a crypto-native browser like Brave or Opera’s Crypto Browser.
NFT domains reduce friction
1inch Wallet holders can now use any creative address like Andy.crypto, or David.NFT when transacting, instead of long strings like 0xdafea492d9c6733ae3d56b7ed1adb60692c98bc5, which have proven a barrier to Web3 entry.
“We’re thrilled to partner with 1inch to make transacting with, accessing, and buying crypto simpler and more intuitive than ever,” said Sandy, Senior Vice-President at Unstoppable Domains.
At press time, the Unstoppable Domains NFT collection on OpenSea has a total trading volume of 1242 ETH. According to the company’s website, Unstoppable Domains has registered 2,600,000 customized domain names usable with Trust Wallet, Blockchain.com Wallet, OpenSea Wallet, and Coinbase Wallet. Domain names do not attract high prices on NFT marketplaces because their supply is almost infinite, in contrast to collections like the famous Bored Ape Yacht Club or CryptoPunks collections with a limited number of NFTs in their respective collections.
A growing cohort of domain services
The partnership comes when domain name services are increasing in popularity with Web3 users. The Ethereum Name Service (ENS),which offers domain names ending in “.eth,” recently surpassed BAYC in the seven-day trading volume metric on OpenSea. Over 2.2 million ENS domain names have been created to date.
Another domain name service, Linagee Name Registrar, dating back to 2015, was recently brought to public attention by NFT historian LeonidasNFT to much Twitter fanfare. It allows users to mint domain names as NFTs for roughly $0.70 and wrap them for $3-$4 for listing on OpenSea. So far, the LNR smart contract has processed over 400,000 transactions.