NFT Domains: The Next Generation Of Domain Names – Fin Tech

You may already have started to consider how best to
protect your IP rights in new digital worlds and on blockchain
technologies. But did you know that the emergence of NFTs, the
blockchain, metaverses and Web 3.0 also has implications for your
domain name strategy? In our latest factsheet, we discuss NFT
domains and offer strategies for success.

NFT domains enable owners to use a registered name as a username
in games or as addresses for websites hosted on a blockchain.While
Non-fungible tokens (NFTs) provide proof
ownership of a unique asset (e.g. a digital picture, music file,
gif or video clip), NFT domains have the same basic function as
normal domain names, translating long strings on the blockchain
into short, easy and memorable addresses and means of
identification.

For example, they can be used as a substitute for a complex
crypto wallet address (e.g. BrandName.wallet) or for your identity
in Web 3.0 (e.g. John Doe.nft). For this reason, NFT domains are
also known as ‘crypto domains’, ‘blockchain
domains’, ‘decentralised domains’ and ‘Web 3.0
domains’.

NFT domains: Web 3.0, metaverses, the blockchain and NFTs

In our latest factsheet, we provide a helpful
‘need-to-know’ overview of NFT domains and their
implications for IP rights holders, and offer advice on how best to
protect your IP rights in Web 3.0.

Download the factsheet below to learn:

• What risks NFT domains pose to rights holders:
  there is no official authority controlling the NFT domain market or
  dispute resolution procedure with which to challenge
  registrations.




• Why you should register your brand names
  across (at least) the most popular NFT domains, even if you have no
  plans to expand into metaverses, create or sell NFTs, or receive
  cryptocurrency payments.




• How to apply for an NFT domain and set up a
  simple website or app on the blockchain, including the current
  costs and key differences with the existing domain name system
  registration process.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.