Web3 Domains 101: Why You Need One and How to Get Started
Apr 11, 2023
Web3 domain adoption is on the rise and it's having an impact on businesses. Web3 domains are becoming increasingly popular as more and more businesses realize the benefits of using them. They are much more than just an identifier to put in front of a website. It also serves as your brand's web3 identity across the entire web3 ecosystem. You can also use them as:
Wallet name (send and receive payments)
Website domain (yourbrand.eth)
Login (one profile across all social media and apps)
Digital content/asset creation powerhouse (mint and distribute NFTs representing art, music, event tickets, subscriptions, etc.)
This gives brands new ways to engage with customers and create unique experiences. By adopting web3 domains, web2 brands can improve customer engagement, create novel marketing campaigns and develop new revenue streams, all under a single name.
The trend towards web3 domain adoption is reminiscent of the early 2000s, when web2 domain adoption skyrocketed from a few million to hundreds of millions by the 2020s. Despite this growth, web3 domains are still in their infancy, with the two largest registries, Unstoppable Domains and Ethereum Name Service (ENS), together hosting 'only' 6 million domains.
It's not just the hype that's driving these companies into the Web3 space. They're starting to realise the new ways they can interact and build closer relationships with their customers.
Fashion icons such as Gucci, Prada, Ralph Lauren, Puma and Nike have already begun experimenting with web3 and many have acquired their own web3 domains.
Other industries are also recognizing the potential of web3 and the metaverse, with the automotive, sports, technology, hospitality and retail sectors all jumping on board.
Celebrities such as Anthony Hopkins, Jimmy Fallon, Jay-Z, Shaquille O'Neal and many more are also extending their personal branding into the world of web3.
Web3 domains offer companies a greater level of control over their brand identity and reputation online.
Web3 domains are a no-brainer for personal or corporate brands.
They signal your web3 knowledge and enable easier brand consistency across the web3 space. All activity is visible on the chain, reinforcing the legitimacy and authenticity of your brand.
So, as more and more companies begin to adopt web3 domains, we can expect to see a continued increase in domain purchases and public reaction to web2 brands entering the web3 space.
How to get a web3 domain with ENS
If you want to buy an Ethereum Name Service domain, which would be yourname.eth, you will need a web3 wallet like MetaMask with some ETH in it. The price of the domain depends on its length, registration period and gas fee. The cheapest ENS domain and registration for one year would be about 0.011 ETH.
To buy an ENS domain, follow these steps:
Step 1: Open the ENS App by visiting app.ens.domains/. This is where you can buy .ETH domains.
Step 2: Connect your wallet by clicking on the "Connect" button in the top-left corner of the ENS App. You can choose among many leading web3 wallets.
Step 3: Use the search box to find the name you would like to use for your domain (e.g., brandexample.eth).
Step 4: If the name is available, click on the name to select it. If not, repeat the search using the search box at the top of the page.
Step 5: Once you select the available name, consider your plan for this domain before hitting the "Request to Register" button. You can choose your registration period and increase it if you want to commit to the name for a longer period.
Step 6: Wait for one minute, which is the waiting period to ensure no one else is trying to buy the same domain name.
Step 7: Click on the "Register" button and confirm the second transaction in your wallet to complete the ENS domain registration. You can now view your domain under the NFT section of your wallet.
Step 8: If you want to assign your new ENS domain to your wallet you can do it immediately after finishing the seventh step. You will come across the option to "Set As Primary ENS Name". Or you can always access this option by visiting the “My Account” page of the ENS app.
Note: As with regular domains, you will need to renew your registration from time to time. You can enable the ENS notification feature which will notify you by email when your domain is about to expire.
ENS is specific to the Ethereum blockchain, but if you explore, you will also find name services for other blockchains. For example, Bonfida provides a name service for the Solana blockchain.
Take it a step further
The primary use of .eth domains is to associate a readable name with a crypto wallet address, making it easier for people to send and receive digital assets securely. But there are more capabilities of ENS domains, which become fully functional when paired with web3 wallets and decentralized storage services like IPFS. These domains can be utilized for various purposes such as banking, billing, hosting, and authentication.
That's it. You are now equipped with all you need to know about web3 domains. You don't have a web3 domain yet? What are you waiting for? Go and get one!