A Web3 domain is your username in Web3. Essentially, it's a simple version of your crypto wallet address. It's a way for you to send and receive crypto payments, interact with DApps, and for people to identify you and your wallet.
Domains are essentially website addresses. We navigate the internet through a domain name system (DNS). You know how to reach Google through its traditional domain: "google.com". A traditional Web2 domain ends in something like ".com" and hosts a website like "youtube.com".
Web3 domains are the next generation of domains. This domain is an NFT that can be connected to your Web3 wallet, so you can easily send and receive digital assets. It can also contain metadata like an avatar, social media links, and other identifying information. The Web3 domain, like a ".algo" address, is linked to a crypto network, which in this case would be Algorand.
Web3 domains, sometimes called non-fungible domains, are becoming part of users' identities as they navigate Web3. It encapsulates the idea of a portable, self-sovereign identity. You own the information contained within it and choose what to do with it. You will be able to carry around your digital identity between platforms and applications. Web3 domains can help identify the artist creating NFT art, the participants in a DAO, or wallet addresses in a blockchain explorer app.
The Algorand name service NFDomains (by TxnLab) provides Web3 users with ".algo" domains for life, while other Web3 domain services may offer a subscription model where you must pay yearly to keep your domain. Setting up an NFDomain is simple: You search the NFDomains marketplace for your desired domain, then follow the setup instructions to attach it to your Algorand wallet address.
A major pain point in crypto is that wallet addresses are extremely long (58 characters!) and almost impossible to remember by heart. A Web3 domain looks to simplify this by attaching a readable and memorable identity to your wallet address.
Web3 domains:
NFDomains is an Algorand-based dapp that allows you to attach a readable identity to your wallet address. For example, it could be your name, like "silvio.algo".
So, rather than saying, "Send 10 Algo to 5NBAJP3FDBY4HXY3RZWRBE3VG4YJLXWOULC2QC4WM75KKCX4JZYG4ASVJ4", we can say, "Send money to "silvio.algo". It's quicker and easier to remember, and there's a lower chance you'll make a mistake.
Once you mint the .algo NFT, you own it forever, unless you decide to sell it. Unlike other blockchain name services, NFdomains is not a subscription; you purchase the domain once and it's yours to keep.
NFDs are built on Algorand and utilize Algorand Standard Assets (ASAs), as well as smart contracts. The ASA is used to represent the current state of the NFD's smart contract, so you’re able to see it in your wallet, and it updates as you update metadata in your NFD.
NFDs can be bought and sold on the secondary marketplace and displayed in a gallery. It can be viewed in your wallet much in the same way as an NFT would be. You have full control and ownership of it, provided you have self custody of your wallet.
Anyone who knows your NFD can send you funds or digital assets by adding your .algo name to the account address when setting up a transaction.
You can display your NFD profile, NFT gallery, and NFT creations by adding ".xyz" to the end of the ".algo" domain name, so "silvio.algo" -> "silvio.algo.xyz".
You can also point your NFD to an independent website. For example, “arc.algo.xyz” redirects to “arc.algorand.foundation”.
The list of wallets that support .algo addresses is constantly growing. You can check the NFD integrations list for the full list of wallets and places where .algo addresses are currently integrated. Here are the current wallets that you can connect with on NFDomains.
Further reading:
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