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Are Web3 Domains Valuable? Beginning from openSea delisting NFT

Are_Web3_Domains_Valuable_Beginning_from_openSea_delisting_NFT

Twitterscan recently went against the pressure to access its NFT registration and minting. Some people in the community didn’t like Twitterscan because it caused a wave of infringement when its suffix was the same as those sold by Unstoppable Domains, which was backed by Coinbase and started later than Twitterscan.

As the infringer, Unstoppable Domains used a centralised way to complain to OpenSea about the infringement, which led to OpenSea taking down Twitterscan Pass NFT. The creator of TwitterScan then said that TwitterScan registered the.nft.link domain on January 17, 2020, before Unstoppable Domains launched its product, and that the organisation that applied to ICANN for the.NFT international top-level domain from the beginning is fully committed to NFT domain name. A quick check shows that LooksRare and X2Y2 still have Twitterscan Pass NFT for sale.

Infringement, which includes both copying and being original. The interpretive definition of originality has two layers: first, the timing of the introduction, which is in order, and second, the fact that private goods can’t be touched without permission.

Web3 domains are not exactly the same as “.com,.cn,” and other common top-level domains. A web3 domain is really a hash interpreter that runs inside a blockchain browser. Any project owner or user can add the.XXX “suffix,” or domain extension, on their own. Like issuing Tokens, anyone can go fork the code and make their own ETH fork with the same name.

Acceptance comes from a group of people agreeing on something. In the case of the.eth resolving system, the Etherscan browser, the community, the Etherscan Foundation, etc. have all given the ENS interpreter a lot of credit, so it is unlikely that a fork .eth domain name would be successful at this point. In other hands, ENS has already taken over the minds of its users. When you hear .eth, you automatically think of ENS’s.eth. At this point, it wouldn’t make sense to launch another.eth domain name because users are already used to ENS.

.bnb is the same way. Before space id, there were domain names that ended in .bnb, but they were too simple for the BSC community and Binance to recognise. When space id came along, BSC officials and community users chose it. It became the correct, original .bnb. So, if originality is based on the order of launch, it doesn’t make much sense on a Web3 domain, where what matters more than the order of launch is how well something is accepted by the community.

Also, from the point of view of public and private goods in economics, similar ideas such as “nft” were made, and the term is more likely to be part of the public lexicon, which is made up of generic words that don’t belong to anyone directly, at least not in terms of attribution or copyright, and can be used by anyone. Everyone can use the public term, and it can be used as a domain name resolution system. As for getting credit, that’s not up to the creator or the project, but to the community, the browsers and dapps on the chain.

At the moment, there isn’t a strong consensus on .nft or any other suffix domains, with the exception of a few like .eth and .bnb that have grown to a certain scale. Users are likely to continue to think of the .nft suffix domain in different ways for some time. In the end, the orthodox will be whoever is accepted by the community.

But when it comes to fighting over the process, no one cares about the slogan of “decentralization” because it doesn’t affect their core interests. It’s also not something that a dispersed group of people can do on their own, so they need a more professional legal team. Most Crypto organizations are run by companies instead of community-run DAO, like OpenSea, Unstoppable Domains, and Twitterscan.

The domain name, as a crucial component of the DID, is also anticipated to play a role in bridging the on-chain and off-chain worlds in the future. As the most well-known Crypto product, NFT inevitably needs to carry out various marketing activities in the off-chain world. The RR/BAYC case from June showed the inconsistencies between centralization and decentralization, in contrast to Twitterscan and Unstoppable, which haven’t yet resulted in any significant financial issues.

Yuga Labs wouldn’t have needed to worry about any of the several BAYC knockoffs endangering the reputation of the original as one of them. Many NFTs would like to have more copycats since, as they have more, the marketing and reach of the real product will increase. The genuine product’s position will be further bolstered when investors profit from the fake plates and reinvest their money in it.However, Ryder Ripps, a well-known Internet troll and concept artist, started the RR/BAYC thunder, which ended up being too loud. It once made OpenSea’s single-day trading volume list, with the floor price exceeding 1E.Even the most powerful executives weren’t having fun because of an influencer in charge, a frantic community, FOMO, and a terrible market climate. In order to stop Ryder Ripps from using their trademark to sell and promote “fine replicas,” Yuga Labs filed a trademark infringement lawsuit against them. They claimed that Ryder Ripps had forgotten who they were as a company and had been using it since they first started. Consequently, the two began a dramatised trademark dispute including NFT at the centralized court.

Why did Yuga sue when there were so many copycats and second creations that weren’t licenced? Because Yuga felt the pressure and knew BAYC’s sales profits were at risk. When neither side’s interests are at stake, they accept copycats and encourage second creations under the banner of decentralization. However, if their core interests are threatened, they will use the laws of centralisation to defend themselves.

Back to the nft domain, Unstoppable Domains, which was the first big company to sell .nft domains, hasn’t done a good job of marketing them because there isn’t a strong market consensus for this domain expansion. On the other hand, Twitterscan, which joined the market later, has put a lot of effort into marketing. When there is no market consensus, you can get an idea of how important marketing is. When Unstoppable thought that its interests were in danger, it used the power of centralization to stop it.

Whether it’s Unstoppable or Twitterscan, domain names such as NFT, defi, and dao, which are big ideas that haven’t reached a consensus yet, are likely to keep changing, and more domain name service providers are likely to compete for them in the future.

About Humano

He is a freelance writer based in Turkey. He loves NFTs, football, film and technology.

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