Freename Sells Web3 TLD for $15,000, Creates History
In a first-ever deal, Freename was able to sell a web3 TLD (top-level domain) for five figures at the RightOfTheDot auction house. This monumental moment marks an unprecedented achievement in web3 auctions, with no domain even coming close to this remarkable figure.
The TLD auctioned at RightOfTheDot was ‘.expo.’ Submitted by Freename for auction, the TLD attracted great interest from everyone in the room. The price went as high as $15,000 and eventually sold to the final bidder.
This high valuation demonstrates the huge potential web3 domains have. And it’s only going to increase in the years to come.
RightOfTheDot is a digital asset auction company and consulting firm that auctions several premium domains, digital assets, and NFT collections. Interested parties then submit their assets to go under the hammer. An auctioneer proceeds with the auction process, and the asset goes to the highest bidder.
There were 350 digital assets up for sale at the auction. Freename’s .expo TLD secured fourth place in terms of price. However, in the web3 segment, it recorded the highest deal of the day.
Besides .expo, the other premium TLDs that were sold were .explore, .webpay, .aistyle, .iam.satoshi, .podcast.metaverse, and .forevermetaverse.
Special thanks to @rigthofthedot for providing the platform that paved the way for this groundbreaking success!
Why are Web3 Domains Gaining Traction?
Web3 domains have been around for a year, but only in the last few years have they gained traction among users. And the five-figure sale is a testimony to that.
With Web3 domains, users have greater ownership and control over their digital assets. Blockchain-based systems enable individuals to own their domain names truly, reducing dependence on centralized authorities. This decentralized ownership model allows domain owners to experiment with new business models, offer different services, and truly own their digital identity. These things weren’t available in the web2 model.
Cost is another factor that is causing the uptick in popularity. Blockchain technology is now within reach of average users. Innovations like Polygon’s sidechain have drastically reduced gas fees. Freename utilizes the sidechains to cut costs and make web3 domain ownership affordable. Besides being affordable, the sidechain architecture also makes the transactions eco-friendly.
Estimates suggest there are over 3 million web3 domains currently. This is well short of 350 million web2 domains. But in the coming years, you can expect the gap to close.
It’s only a matter of time before a new web3 TLD breaks the $15,000 record.
Freename is a web3 company that facilitates buying web3 domains and TLDs at affordable cost. The domains purchased through Freename are hosted on the blockchain and yours forever! With Freename, you can become a registrar, set up your own domain company, and offer web3 domains to your customers.
There’s also an opportunity to earn passive income. Whenever someone purchases an SLD (second-level domain) under your purchased TLD, you can receive commissions in the form of royalties. The royalties are paid out each month directly into your account.
Since all transactions take place in the blockchain, everything is transparent and verifiable.