Funding Acquired: $25 Million by Web3 Domain Platform D3, Courtesy of Paradigm
In an exciting development for the digital world, D3's DomainFi service is set to revolutionize the domain market by tokenizing traditional domain names as Non-Fungible Tokens (NFTs) and enabling their decentralized ownership, trading, and programmable use across multiple blockchains, including Solana and Avalanche.
This innovative approach transforms domain names into transferable and tradable digital assets within the Web3 ecosystem, unlocking new functionalities such as fractional ownership, DeFi utilities, and smart contract integration.
At the heart of DomainFi's innovation is the tokenization of domains as NFTs. By becoming blockchain-based tokens that are compliant with DNS, ownership rights can be represented transparently and securely on-chain. This move paves the way for decentralized finance (DeFi) integration, enabling features like fractionalized domain ownership and revenue sharing among multiple stakeholders.
Cross-chain interoperability is another key aspect of DomainFi's innovation. Domain tokens can operate across multiple blockchains, such as Solana and Avalanche, enhancing liquidity and accessibility beyond any single blockchain ecosystem.
D3's blockchain platform aims to bridge traditional domain infrastructure with Web3, collaborating with major registrars like IONOS’ InternetX (which manages 22 million domains) to enable legacy domain portfolios to transition to a blockchain-native model. This transition taps into the investment and usage opportunities that Web3 offers.
Beyond typical web presence, tokenized domains can be leveraged as assets in trading markets, fractional investment vehicles, and programmable smart contract entities, creating a new financial 'domain economy'.
Fred Hsu, D3's co-founder and CEO, expressed his excitement about the upcoming launch of the new domain service. He believes that a decentralized domain service can help address challenges in the traditional domain market, such as escrow delays, inflexible and slow payment methods, and high broker fees.
D3's blockchain will allow domain holders to receive their website names instantly, without the usual 4-8 week wait associated with escrow in the traditional market. The platform also supports crypto payments, a feature currently lacking in the domain market.
Recently, D3 secured a $25 million funding from Crypto firm Paradigm. This funding follows a $5 million seed round announced in 2023 and will be used to accelerate the development of infrastructure for registering and trading website domains using blockchain technology.
The new service offering from D3 is named "DomainFi", and it is built on D3's blockchain platform, Doma, which is set to launch in the coming weeks. D3 has partnered with Solana and Avalanche to power new domains, and developers can already register websites ending with .AVAX using Avalanche's blockchain, with .SOL registrations expected to follow soon.
With DomainFi, D3 aims to turn existing domains into Web3 domains, merging domain ownership with NFT technology and decentralized blockchain infrastructure to foster innovation, liquidity, and new economic models in digital identity and domain utilization.
- The DomainFi service, a new offering from D3, aims to transform traditional domain names into Non-Fungible Tokens (NFTs) within the Web3 ecosystem, allowing for decentralized ownership, trading, and programmable use across multiple blockchains, such as Solana and Avalanche.
- This innovative approach to domain management unlocks new features, including fractional ownership, DeFi utilities, and smart contract integration, creating a new financial 'domain economy'.
- The funding secured by D3, totalling $25 million from Crypto firm Paradigm, will be used to accelerate the development of infrastructure for registering and trading website domains using blockchain technology.
