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nft domains - nft marketplace

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selvador cerinza
nft domains - nft marketplace

Blockchain domains are the latest addition to the hugely popular NFT sphere. These fascinating assets, which are partly URLs and partly collectibles, are about to become the hottest in the crypto world.


What are Non-Fungible Tokens? (NFTs)?


Before we go into the small details of the NFTs, you need to understand the blockchain. Since Satoshi Nakamoto introduced Bitcoin in 2008, the blockchain has puzzled the world. This decentralized ledger uses cryptography to permanently merge blocks of data.


The blockchain is the technology that drives Bitcoin, Ethereum and all other cryptocurrencies in the world. This decentralized public ledger is used to solve a theoretical riddle for digital currencies.


Cryptocurrencies are what are called fungible tokens. As with two separate dollar bills, there is no difference between one Bitcoin and another. They are completely identical in every way. However, cryptocurrencies are not the only thing that blockchains can do.


Non-fungible tokens are the opposite, so it is a unique token and is very well suited for verifying ownership of something. It has become very popular to buy digital art such as NFTs, in the future it could go so far that ownership of properties, loans or other contracts is in the blockchain.


How do NFT domains work?


A blockchain domain system enables domain owners to control their domains using private keys. Unlike traditional domain names, there is no regulatory organization that monitors these domains. Simplified, this means that you do not rent NFT domains, but they are acquired and after you own the domain, you will never have to pay a renewal fee. It is also not possible to shut down the domain ever, as it lives in the blockchain. In the past, you needed special software to access domains that are registered as NFT, but it is getting easier and today most large browsers support these types of domains. There are many uses for NFT domains, it is quite possible to use the domain in the traditional way,


What do you use NFT domains for?


They can replace the long addresses used to send and receive crypto


This means that instead of a long cumbersome address, you can have a shorter variant that is easy to remember. This reduces the risk of being sent to the wrong address. 


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