Blockchain domains or NFT domains are domain names that are identified by particular unique extensions and are recorded on the public ledger of the blockchain on which they are coined. Blockchain domain names have a number of advantages that make them a far better alternative than traditional domain names.
These TLDs are not a part of the traditional DNS system and are not associated with ICANN and hold value inside the Quik’s ecosystem. Quik.com plans to launch its Chrome browser, which shall help the domain owners to host websites on IPFS and also use the NFT domains to replace their long cryptocurrency wallet addresses. Unlike traditional domains, NFT domains, once minted, do not need to be renewed again and remain in the custody of the minter or the buyer inside their cryptocurrency wallets owned and controlled by them rather than any third party.
Benefits of NFT Domains:
Unlike traditional domains, NFT domains do not need to be renewed again once they are minted. The minter or buyer remains the owner. Apart from the two uses of the NFT domains inside the Quik ecosystem: Replacing cryptocurrency wallet addresses and hosting websites on IPFS, NFT domains on Quik.com also grant the minter of the particular domain name, a lifetime royalty on all future sales of that particular domain name.
For e.g.: If you mint abc.metaverse and sell it on Quik or other marketplaces such as Opensea, and the buyer further sells it to someone else, you’ll get a 5% royalty on the sale of the NFT domain, and this shall continue as the domain name keeps selling further.
Ready to mint your first NFT Domain? Here are the steps to do so:
- Go to Quik.com and log in by connecting your Metamask or Mobile Wallet.
- Search for your favorite domain.
- The domain shall appear in 9 different extensions; if the domain is available for minting in your favorite domain extension, click on Mint.
- Approve the transaction on Metamask or Mobile Wallet.
- The domain name shall appear in your Profile once the transaction is approved on the Ethereum Blockchain.