Domain names prevailed in the crypto market way before the emergence of bored apes, crypto punks, NFTs, and the metaverse that clogged up the Ethereum blockchain. In a sense, domain names are still presiding over it.
Domain names are also the original NFTs, considering how users have a particular .com that one else can use for a website and build on it.
A short .com domain name is a rarity today. Regardless, they still have a massive potential to be a part of the big blockchain disruption.
Blockchain domain names have the power to change the way we think about online ownership. It also adds a new layer of security, functionality, and transparency.
Challenges in the Domain Names Industry
Today, more than 59.5% of the global population uses the internet. Domain names are being sold most inflated. Estimates also suggest that the industry would reach more than 1k billion USD in the next five years.
Some recent examples explaining the height of the domain names market include the sale of Business.com for a lofty 345 million USD and the sale of CarInsurance.com for about 49.7 million USD.
However, there is one massive issue when it comes to regular domain names. Suppose you have purchased a xyz.com domain name. You don’t own it; instead, you are merely renting it from a domain registrar.
How Quik.com Aims to Disrupt the Domain Names and the Metaverse Space?
Apart from selling regular domain names, Quik is offering a marketplace of NFTs, including blockchain domain names that don’t rely on the centralized system on Web 2.0.
Instead, it focuses on connecting buyers with sellers that offer assets relying on distributed P2P, peer-to-peer systems validated by the network participants.
In other words, Quik.com is a metaverse marketplace, an NFT marketplace, and a domain names marketplace that focuses on connecting NFTs buyers and sellers.
One thing that makes Quik exemplary is that all the transactions on the marketplace happen on the blockchain through Ethereum. It makes the platform exceptionally transparent, rapid, and cost-effective.
Quik is Helping Usher a New Digital Era
The idea of combining domain names and blockchain technology goes way back to 2011. Satoshi was the first to conceptualize it in the bitcointalk forum. However, it had limited functionality as smart contracts were not available then.
Fast-forwarding into today, with smart contracts, the potential for blockchain domains, NFTs, and metaverse is much more exciting. Several companies are working on decentralizing the internet, free from complexities, secret regulations and operations modes, discriminatory policies, and hefty costs.
With Web3 gradually becoming mainstream, blockchain technology integrated with the internet, things are more decentralized, secure, scalable, permanent, permissionless, and easily transferable. Users can trade any NFTs, including domain names, on an Ethereum-based marketplace like Quik.
Here’s a summary of what a decentralized web can look like for a user: people can own their data. Web 3.0 allows users to reclaim the freedom initially charted by Web1.0.
Quik is sitting at the nexus of the NFT space and the decentralized web, an area where the crypto industry has witnessed explosive growth over the past few years since it allows people to own their digital identities and assets.
It will create an entirely different type of incentive structure than what is available at the moment. It will usher in a new digital era where users can retain more control over their own data.