Unstoppable Domains CEO Matt Gould discussed the importance of incorporating digital identities into web3 platforms and the growth of NFT domain names in a recent interview with Block West Capital. Unstoppable Domains, which has registered over 2.5 million NFT domain names, aims to make cryptocurrency more accessible with easy-to-remember names. The potential market for digital identities is 10-100 times larger than traditional website domain names, with applications for influencers and individuals as well as businesses. The verbal and visual nature of domain names makes them more shareable and easier to remember than profile pictures, and they can provide a persistent identity across multiple web3 applications.
The Importance of Digital Identity in Web3
As the world moves towards a more decentralized web3 ecosystem, digital identity is becoming increasingly important. In this interview with Matt Gold, CEO of Unstoppable Domains, Ashton Addison from Block West Capital discusses the importance of digital identity and how it can be incorporated into the web3 space.
Unstoppable Domains has been in the crypto space since 2017, and their main goal has been to create an easy-to-remember UX name, an NFT domain name that can be associated with all your data, including crypto addresses. They have just crossed the two and a half million domains registered mark, and their NFT domains have been picked up by a wide range of people in the crypto space.
The Benefits of Owning an NFT Domain
According to Gold, owning an NFT domain is much more valuable than a profile picture NFT. Web3 domains have more value than web 2 domains because they can be used for a wide range of purposes. The difference between NFT domains and regular domain names is that the former is for end-users who want to take their identity with them between websites on the internet. This means that instead of being for businesses, there are different types of domains that people are interested in, like registering their names or gamer tags.
The Future of Digital Identity
Gold predicts that as governments and other organizations shift towards digital identities, we will eventually have a universal identity system where we can use our blockchain identities regardless of our location. He emphasizes that influencers and individuals will need good NFT domains to represent their personal brands online.
The Value of Names
Gold believes that names are more shareable than pictures and will be more important in the long run, as they can be visualized and said out loud. He thinks that the name you choose for your web3 identity will be even more crucial than your profile picture, as it can be the same name in every single metaverse you visit.
In conclusion, the emergence of web3 has created a need for an identity that can be carried across applications, and NFT domains seem to be one of the solutions to the problem. Unstoppable Domains has made significant strides in this space and is leading the way in creating easier-to-remember names for digital identities.