NFTs are all the rage so in turn it greatly affects the value of domain names. Write about NFTs what they are and write about how overnight the owner of NFT.com, and anyone with a catchy NFT domain is in the money.
NFT’s. The digital asset that has celebrities like Elon Musk and his wife Grimes, Snoop Dogg, Paris Hilton and more joining the crypto art craze. We keep hearing about them on the news, in pop culture and online articles. But, what are they really?
Are NFT’s just a short lived craze? Or will they shift the world of investing forever? In this article Saw.com will answer your questions about NFT’s; what they are, why you should care and how they could affect the domain industry.
What is an NFT?
Put simply, an NFT, or Non-Fungible Token, is a unique digital asset. They represent real-life objects like art, music, videos and in-game objects. However, they are bought and sold online, and many times purchased using cryptocurrency. Most NFT’s are part of the Ethereum blockchain, an open-sourced blockchain.
A NFT can not be replaced with something else, because they have distinctive properties. An example of a non-fungible object is The Mona Lisa painting by Leonardo da Vinci. If you traded it for another painting, you would have something completely different. There is nothing that compares and can be traded equally for The Mona Lisa.
Some characteristics of NFT’s include:
- Each non-fungible token has a unique identifier
- Each token has a creator and an owner. It is easy to verify yourself as either the creator or owner.
- NFT’s are not interchangeable with other tokens. Each is completely unique.
- NFT’s are based on Ethereum.
- They can be sold through an NFT market like Ethereum or sold from consumer to consumer.
NFT’s are not to be confused with a fungible token, like the cryptocurrency Bitcoin. Bitcoin is a digital currency, without a central bank or single administrator. It can be sent from user to user through bitcoin network without the need for an intermediary. Furthermore, there is no difference between two Bitcoins, they are like two United States one dollar bills. Interchangeable, physically identical and worth the same amount.
Examples of NFT’s
Charlie Bit My Finger, Nyan Cat GIF, CryptoKitties and NBA shots are just a few examples of recently sold NFT’s. Although most often associated with digital art, NFT’s can apply to any product online. And they are truly taking the digital world by storm. One NFT, Beeples “Everydays: The First 5000 Days”, sold for a whopping $69 million dollars this year.
Some examples of NFT’s include: unique digital artwork, a video, gifs, an essay, digital collectible, a video game items in games based on metaverse full of NFTs, designer sneakers, an online ticket for an event and a domain name. However, NFT’s are still so new. Because they include anything that is unique and requires individual proof of ownership, in the future there could be much more that is identified as an NFT.
NFT’s and Domain Names
As the interest in NFT investments rise, there will be more and more websites handling the transaction of NFT’s. Thus causing an increased need for NFT related domain names. Domain company, Donuts, monthly market report of trending keywords reported a huge spike of domains containing NFT’s in March and April in 2021.
Some of these domain names were registered by investors, but some buyers were companies who sell NFT’s. Common keywords for NFT related domain names include NFT, NFT’s, NonfungibleTokens, NonfungibleToken, as well as the hyphenated versions, non-fungibleToken and non-fungibleTokens.
For example, by our estimation it looks like NFT.com, and NFT’s has changed hands. Saw.com would presume that if they did trade, they sold for millions of dollars, if not above 10,000,000 each. In order to break into the NFT space, one does not have to have a domain that has the letters N F and T in it. Amanda Waltz recently co-brokered the sale of Candy.com. Candy is currently being used as a NFT site.
Additionally, a close friend of Saw.com is launching an NFT site on NFT.net. We wish the site good luck and look forward to see its success!
The Importance of Domain Names in the NFT Industry
Domain names are the digital real estate upon which we build our businesses. They provide a portal for customers to reach us. Domains have never been more valuable or important as they are in 2021. The rise of the United States E-commerce goes hand in hand with the increased sales of NFT’s. There are 4.27 billion Internet users in the world, and a website provides access to each and every one of them.
This is true for domain names in the NFT industry. With a memorable NFT domain name, this digital real estate will become a destination for both NFT buyers and sellers. Additionally, a domain name shares many characteristics with NFT’s. They are each unique, non-fungible, with proven ownership.
Purchase an NFT Domain Name
As the number of NFT investments rises, it will be crucial for reliable NFT marketplaces to become more prominent and offer more transaction options. Owning an NFT related keyword that is one word and memorable will be the key to success in the new world of digital currency.
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