Blockchain Domains Free Gas Fees from Unstoppable Domains
Unstoppable Domains, a blockchain domain name company, has announced that it would no longer charge customers for gas when minting an NFT domain name. Unstoppable has finished the first phase of its transfer to Polygon, an Ethereum layer-2 scaling solution that can speed up transactions and lower fees.
Unstoppable Domains began with the Zilliqa blockchain, then moved on to Ethereum, and finally to Polygon, which describes itself as “the ecologically friendly blockchain scaling Ethereum.”
The variable cost of making any type of transaction on the Ethereum network is referred to as “gas,” and it can quickly build up. For example, gas prices for minting a single domain name using Ethereum on Unstoppable Domains might be as high as $100. While Ethereum is actively improving its network to reduce such fees, the timing of the transition is unknown, which may explain why Unstoppable Domains chose Polygon now.
NFT domain names are just web domain names that live on a blockchain, unlike many other NFTs, which are commonly associated with visual art like as photos, gifs, or short movies. NFTs are digital tokens that can represent ownership of a variety of digital assets, including “uncensorable” web domains. These domains, like the Ethereum Name Service’s “.eth” names, serve the dual aim of providing crypto wallet addresses that are short and easy to remember.
Since 2018, Unstoppable Domains claims to have registered over 1.5 million NFT domain names through their service. Users can acquire domain names with extensions such as.crypto, .nft, .bitcoin, .dao, and .blockchain, .x, .wallet, to mention a few.
Now that the company has moved to Polygon, Unstoppable Names promises to offer domain administration and transfer options for people holding earlier Zilliqa and Ethereum-minted domains. By the end of the month, users will be able to build domains on Polygon using their cryptocurrency addresses, as well as add other features such as NFT galleries and social media links. Users will be allowed to transfer their domains from Polygon to Ethereum in early 2022, but they will be charged Ethereum gas fees.
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