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An NFT domain is a unique domain represented by a single Non-Fungible Token (NFT) that combines two essential ideas – they are crypto wallet addresses that also function as website domains and many other advantages that we will talk about later in this article. you can create nft domain or buy nft domain names from specialized and recognized websites
Domains have always been among the most valuable digital real estate on the internet:
1- Business.com was purchased for $7.5 million in 1999, and eight years later sold for $345 million to RH Donnelly.
2- LasVegas.com was sold for $90 million in 2005 to a Las Vegas travel agency.
3- Voice.com was sold to Block.one, creators of the EOS cryptocurrency, for $30 million in 2019.
4- Crypto.com was bought by the crypto company visa then known as Monaco (MCO) in 2018 for an alleged $12 million.
If those numbers raise eyebrows, consider that these companies didn't actually "purchase" the domain but rather "lease" the rights to it from a domain registry (we'll get to all of that later). As soon as the technology to “own” something digital appeared, the tokenization of domains was inevitable.
It helps to understand some NFT basics to get a better idea of how an NFT domain works; a non-fungible token is a token that matches a single unique asset, whether it's an image of a Cat Friendly title of a house or, in this case, a domain, which are marketed on specialized platforms such as opensea domain names
Web-2 domains: .com, .org, .gov
Web-3 domains (NFT-based): .crypto, .x, .nft, .zil
Domain NFTs (also known as decentralized domains, NFT crypto domains, or blockchain domains, unstoppable domains...) offer several advantages unique to traditional domains.
Are also typically one-time purchases compared to traditional Web-2 domain business models based on annual renewal fees.
NFT domains are also 100% user-owned. When you decide to buy nft domain names and after confirming transaction, it becomes yours forever, which means that a centralized entity such as GoDaddy or Google Domains cannot censor or repossess your domain at will.
What makes nft domains so great is that they can also function as public cryptocurrency addresses, meaning the domain can send and receive other compatible cryptocurrencies and tokens as payment.
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