Global Brands Entering Web3? Look to Their Domain Names

Web2 to Web3 transitions often begin with a domain name purchase.

Web3 domains are, essentially and typically, akin to blockchain identities that are stored in a crypto wallet as an NFT. They’re important for interactions with blockchain apps and can be used for tasks like website hosting and building — or to receive crypto payments.

Unstoppable Domains and Ethereum Name Service (ENS) have quickly become top blockchain domain name providers for Web3 users.

Given surging interest in the sector, companies have been lining up to drive Web3 utility initiatives. And domain name services have seen a jump in interest and adoption in the last year. Unstoppable Domains alone has over 3.3 million names registered, while ENS has over 2 million.

Unstoppable Domains’ chief operating officer Sandy Carter broke down which companies are in the process of entering Web3, or are likely to enter.

“There’s no shortage of big global brands exploring Web3 and the metaverse right now and it’s easy to see why,” Carter told Blockworks, pointing to big-name brands that have jumped into the space over the last few months.

Nike in November launched an NFT marketplace under the domain “.Swoosh,” hosting NFTs and virtual apparel up for sale on Polygon blockchain. Starbucks, Porsche and Build-a-Bear have also launched their individual Web3 strategies.

“This only promises that other similar companies will follow suit,” Carter said.

Gucci, Prada among fashion icons setting up metaverse shop

Fashion in the metaverse is also becoming a hot trend, where brands are showcasing their digital collections by enabling users to dress up as avatars.

Gucci, Prada, Ralph Lauren, Dolce & Gabbana, Burberry, Christian Dior and Zara have all experimented with Web3 technologies, creating unique digital assets that customers can purchase and collect.

Carter expects an influx of not only more fashion brands in the space, but also industries including food services and transportation.

“I also think that other industries are bursting into the space too like automotive, sports, technology, hospitality and retail,” she said. “Think about BMW — they are in the metaverse co-creating with their customers and were one of the first to join the Metaverse Standards Association. And Lowe’s is using NFTs to track theft with their power tools.”

Thinking of getting one yourself? There are no formal industry-wide prerequisites to secure a Web3 domain. Once you have decided which service to use, simply look up the instructions and check if your desired address is available.

And proceed to pay.