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The creators of Algorand’s name service NFDomains have received funding to launch their marketplace.
The creators, TxnLab, closed a 1.25M seed round to get the marketplace running. The private funding round was led by GoldenTree Asset Management and Borderless Capital.
Hey #AlgoFam, get your spacesuits ready because we got funded! 🚀
The $1.25M round led by @borderless_cap will help us build #Algorand's name service & marketplace for #NFDs — unique, readable identities for your wallet.
Lift off is planned for Q2 2022.https://t.co/PfWk7InyMo
— NFDomains (@NFDomains) January 21, 2022
In a Medium article released a few days ago, they announced that the marketplace launches in Q2 of 2022. This means that within the next few months, you will be able to buy .algo names. NFDomains, otherwise known as Non-Fungible Domains, allows users to change their 58 character wallet address to a readable name.
What Can You Use Algorand Domain Names For?
In addition to providing a memorable address for your wallet, these domains give the buyer even more. They provide the holder with “full control of their digital identity” according to the article. These domains provide the tools needed to attach a(n):
- Avatar
- Social Media Links
- Other Metadata
Artists can use these to represent their portfolios. DAOs receive transparency in votes as well. Finally, the tooling and API are custom built for Algorand developers.
The Future of the Internet With Decentralized Name Services (DNS)
Much like that of:
- Ethereum Name Service
- Unstoppable Domains
- BTC.us
- Handshake
NFDomains provides buyers with completely decentralized domain names. These domain names can point to websites, wallets or other payment processors just to name a few uses. Instead of relying on a centralized service to store and provide your domain name, DNS provides this in a decentralized manner. There is no worry of censorship or domain being shut down at any point.
At $51, the ENS DAO controls a treasury worth $2.5B fully vested.
There were no investors, so no tokens were allocated to investors.
We have money. We have people. We have memes.
It's up to us to decide what we build and what the future looks like.
— cory.eth (@cory_eth) November 10, 2021
There are many experts that believe these domain names are the Web3 iteration of usernames. They have the potential to store user information. They can essentially be passports on the internet. Instead of companies like Meta or Google storing your user information, users have full control and ownership.
In essence, these names allow users to control all aspects of their online experience. Their financial, social, professional, etc. profiles can be directed through these DNS names. If you are an Algo believer, it makes sense to purchase a .algo name. Stay tuned for the release of the marketplace soon to make sure you get the exact name you want. When they are claimed, you need to buy them on the secondary market!
NOTE: Remember always to do your research, make your own decisions, and invest in projects that interest you!