Why are domain registration services like Space ID gaining popularity?
Why is Space ID gaining so much popularity? What are the benefits of domain registration services? Learn everything you need to know in this article!
Successful launch for Space ID
Space ID, a universal name service that provides unique, human-readable domain names for use on multi-chain addresses, managed to register 55,000 unique users with 200,000 .bnb domain registrations within 24 hours following its launch.
With the penetration of Web3 services and blockchain technology, users have been burdened with multiple addresses and usernames on different networks. It becomes difficult for users to keep track of unique addresses and names.
Space ID solves this problem by providing a unique and easily human-readable name service. People want to identify themselves with names that can be easily recognized and not just a random string of usernames. Imagine trying to remember usernames on different channels such as Twitter, email, BNB ChannelSolana, Avalanche, etc.
Space ID helps by creating unique, unique and easy-to-remember names that can also be used to trade cryptocurrencies and Non-fungible tokens (NFT) and will be interoperable on different networks.
Some of the main benefits of a universal domain include the ability to easily establish a personal brand identity. Imagine you are looking for a unique name but find that it is already registered by another brand. Space ID solves this problem by ensuring a unique identity across networks. It will also allow the connection of identities of social media channels such as Twitter, GitHub and email addresses. The protocol’s software development kit (SDK) is easy to use and can be integrated in 30 minutes.
According reports, Space ID conducted a premium auction for 10 .bnb domains and successfully raised $670,000 in bids. A record 110 BNB was offered for the 000.bnb domain. The platform has received funding from Binance Labsthe venture arm of the world’s largest cryptocurrency exchange.
Space ID has also established partnerships with many flagship projects such as Project Galaxy, DODO, STEPN, Trust Wallet, Chainlink, Ankr, CyberConnect, Mathwallet, SecondLive, Apeswap, NodeReal, Beefy, Galler, Project Twelve (P12) and Rareboard.
According to a Press release from Binance Labs, responsible for the growth of Space ID Solo said, “If having a recognizable identity isn’t really a need humans want, then everyone’s Twitter handle might as well be 40 meaningless characters, like a crypto wallet address. Yet we all choose to get a username that resonates with us. Why would it be different with your web3 identity? »
Although there are many Blockchain Naming Services (BNS) available today such as Unstoppable DomainsEthereum Name Service (ENS), Peer Name, Diode, Stacks, Emercoin and RIF, very few services are working towards single name and single service solutions.
Space ID could enjoy a first mover advantage and provide strong competition to other similar service providers such as Near Protocol and .Art platforms. Near offers a market for registering unique, human-readable names, but Space ID’s auction-based approach could help premium brands register domain names that are considered prime assets.