Freename Celebrates International NFT Day

To celebrate International NFT Day, Freename has thought of something special… But first, let’s find out what this day is all about.

International NFT Day is a global celebration of the rapidly evolving world of non-fungible tokens (NFTs). Held annually on September 20th, this event brings together artists, collectors, blockchain enthusiasts, and innovators to recognize the profound impact NFTs have had on various industries, from art and music to gaming and digital real estate. Moreover, it serves as a platform for discussions, exhibitions, and workshops, shedding light on the transformative potential of blockchain technology and decentralized ownership. By recognizing NFT pioneers and fostering collaboration, International NFT Day underscores the profound shift towards decentralized ownership, provable scarcity, and blockchain innovation. It’s a pivotal moment in the ongoing digital revolution.

Why Web3 Domains?

Web3 domains are considered NFTs, or Non-Fungible Tokens, due to several key characteristics that align with the principles of NFT technology:

  1. Uniqueness

Each Web3 domain is inherently unique, just like traditional NFTs. They represent distinct digital assets with specific combinations of characters or attributes that set them apart from one another.

  1. Ownership

Web3 domains can be owned by individuals or entities, and blockchain technology ensures a transparent and immutable record of ownership. This blockchain-based ownership proof is a hallmark of NFTs, granting full control and authority to the domain holder.

  1. Scarcity

Scarcity is a fundamental aspect of NFTs, and it applies to Web3 domains as well. That is because the limited supply of desirable domain names enhances their value and underscores the scarcity principle, as certain domains may have special keywords or characteristics that make them highly sought after.

  1. Transferability

Like traditional NFTs, Web3 domains can be bought, sold, and traded in a decentralized manner. Therefore, ownership can be transferred to others through blockchain transactions, creating a vibrant secondary market for these assets.

  1. Indivisibility

NFTs, including Web3 domains, are typically indivisible, meaning they cannot be divided into smaller units. Each domain is a whole, making ownership straightforward and clear-cut.

  1. Interoperability

Web3 domains can seamlessly interact with various decentralized applications and platforms within the Web3 ecosystem, emphasizing their integration into the NFT landscape.

  1. Smart Contracts

Many Web3 domains incorporate smart contracts, which encode rules and conditions governing the domain’s use and transfer. These contracts can dictate who can own the domain, how it can be utilized, and under what circumstances it can be transferred or auctioned.

  1. Immutable History

The blockchain ledger ensures an immutable history of domain ownership and transactional records. In consequence, this immutable history bolsters the authenticity and provenance of Web3 domains, a crucial aspect of NFTs.

  1. Digital Collectibles

Just as traditional NFTs often represent digital collectibles, art, or unique digital assets, Web3 domains serve as collectible digital real estate, highlighting their NFT-like nature in the Web3 ecosystem.

  1. Decentralization

Web3 domains, like NFTs, align with the broader goal of decentralization by eliminating the need for centralized authorities in domain registration and management. That is why this shift toward decentralized ownership is a defining feature of Web3 domains as NFTs.

Let’s celebrate… the next BIG THING!

To celebrate International NFT Day, Freename is offering everyone the 1st season collectible NFT Poster of the next BIG THING!

A yet-to-be-announced social media series on web3 domains is lurking in the shadows…

Will you own a piece of the mystery before the world finds out? Click here to redeem!