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Highlights
- High transaction fees accompany the popularity of Ethereum.
- Polygon is developed on top of Ethereum to improve transaction speeds while cutting costs.
- Unstoppable Domains is migrating its NFT-based domain names to Polygon.
Unstoppable Domains - a Blockchain domain announced that the company will no longer charge customers gas fees to mint an NFT domain name from today onwards. The company has completed the first phase of its move to Polygon, a layer - 2 scaling solution for Ethereum that empowers transaction speed and mitigates fees.
Before moving to Ethereum and now Polygon, initially, Unstoppable Domains made use of the Zilliqa blockchain. Polygon proclaims itself as "the eco-friendly blockchain scaling Ethereum. "
On Ethereum, "gas" refers to the variable cost of making any transaction on the network, which can quickly add up. Gas fees for minting a single domain name on Unstoppable Domains using Ethereum, for example, might be as high as $100. While Ethereum is actively updating its network to lower such fees, it is uncertain when the update will be completed, which could explain why Unstoppable Domains chose Polygon now.
NFT domain names are simply web domain names that live on a blockchain, unlike many other NFTs, which are commonly coupled with visual art like photos, gifs, or short movies. NFTs are digital tokens that can represent ownership of a variety of digital assets, such as "uncensorable" web domains. Similar to the ".eth" names given by the Ethereum Name Service, these domains also serve the dual goal of providing short, easy-to-remember crypto wallet addresses.
Since 2018, Unstoppable Domains claims to have registered over 1.5 million NFT domain names through their service. Users can acquire domain names ending in. crypto,.nft,.bitcoin,.dao, and .Blockchain, to mention a few. Unstoppable Domains promises to offer domain administration and transfer alternatives for people with earlier Zilliqa and Ethereum-minted domains now that the company has moved to Polygon.