Users of the 1inch Network can now conduct transactions within the 1inch product ecosystem using human-readable addresses provided by Unstoppable Domains.
“User experience, security, and identification concerns continue to prevent widespread adoption of Web 3. The cooperation with Unstoppable opens up prospects for eliminating these barriers by making Web3 onboarding more enjoyable and interesting, while users will also benefit from a user-friendlier mode of transacting,” stated Sergej Kunz of 1inch Network.
Users of the 1inch Wallet can now acquire a domain name from Unstoppable Domains under the terms of the new agreement, which they can then freely mint as a non-fungible token (NFT). The name will then belong to the user forever. When interacting with other wallets, domain names help users avoid mistakenly typing the wrong alphanumeric strings.
A collection of DeFi protocols called 1inch Network are accessible via a single frontend. The most widely used protocol is the 1inch DEX aggregator, which can divide trades and aggregate prices from many decentralised exchanges (DEXs) to give customers the best deals.
Sandy, Senior Vice-President of Unstoppable Domains, said, “We’re happy to collaborate with 1inch to make interacting with, accessing, and purchasing bitcoin simpler and more intuitive than ever.
Unstoppable Domains, a Polygon-based company founded in 2018, offers customers a dispersed digital identity that can be utilised on many Web3 platforms. The domain name extensions “.NFT,” “.crypto,” “.blockchain,” “.Wallet,” “Crypto,” “.X,” “DAO,” and others are available to users. In addition to being website addresses, domain names can direct visitors to censorship-resistant websites. In most cases, a crypto-native browser like Brave or Opera’s Crypto Browser is the only way to access these websites.
The Unstoppable Domains NFT collection on OpenSea has a total trading volume of 1242 ETH as of the time of publication. Unstoppable Domains has registered 2,600,000 customised domain names that may be used with Trust Wallet, Blockchain.com Wallet, OpenSea Wallet, and Coinbase Wallet, according to the company’s website. Contrary to collections like the well-known Bored Ape Yacht Club or CryptoPunks collections with a constrained quantity of NFTs in each, domain names do not command high prices on NFT marketplaces because of their nearly limitless supply.
an expanding group of domain servicesThe collaboration comes at a time when Web3 consumers are becoming more and more interested in domain name services. Recently, BAYC was eclipsed by The Ethereum Name Service (ENS), which provides domain names with a “.eth” extension, on OpenSea’s seven-day trading volume indicator. To date, more than 2.2 million ENS domain names have been registered.
NFT historian LeonidasNFT just made the public aware of another domain name provider, Linagee Name Registrar, which was active in 2015 to considerable Twitter hoopla. Users can mint domain names for about $0.70 as NFTs and package them for $3–$4 to list on OpenSea. Over 400,000 transactions have been processed through the LNR smart contract thus far.
News Summary:
- NFT Domains Facilitate Crypto Transactions
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