Websites have become a doorway for individuals to utilize and engage with the Internet as the world has become a global village. The “dot com” extension has been commonly used since the first website was hosted in the early 1990s. This resulted in the well-known “dot com bubble” a few years ago. However, with the introduction of blockchain technology and its offshoots, the Domain Name System is being supplanted by the NFT domain system. According to reports, the NFT domain name “win.crypto” was sold for $100,000. One of the most successful NFT domain registrars, Unstoppable Domains, said in February of this year that it had over 2 million registered domains. This demonstrates that NFT domains are quickly becoming the standard, replacing the dated domain name system. The Inner Workings of NFT Domains Before you can understand how NFT domains work, you need to know what a non-fungible token, or NFT, is. NFT is a unique, digitally protected object. Digital art is often produced with NFTs. If an artist makes an NFT for a GIF or a video, for instance, they can sell it along with the rights that go with it. So, in many situations, an NFT is like a title deed for a digital object. Blockchain technology underpins NFT. Information about an object is stored in a chain of blocks that are linked together, and this information is stored in a decentralized way in a peer-to-peer network. An NFT domain uses the same technology. The blockchain...
