Domain Name Minting
Yes, NFTs Are Kind of Confusing
There are even Gas Fees to pay, and if you’re not sure what that means, here, let me explain:
What are Gas Fees?
Gas Fees!!! – I know, you’re wondering what has this got to do with NFTs Artwork?
As you know, blockchain technology is at the core of the whole activity of managing NFTs and Crypto-currency related medium.
With that said, Gas Fees is the term used to describe the the cost of conducting a transaction.
Yes, in short, Gas is a unit of measure related to the amount of computational power needed to perform a transaction on the blockchain.
Are you keeping up?
Because now you need to know about miners and mining ( i know sound nuts – right!). Anyway, read on to get that ‘overviewing’ picture in your mind of how the whole NFT, crypto-currency and blockchain concepts come together. So…
What is the blockchain?
Now, before you ask ( that’s of course if you are paying attention), mining involves the peer-to-peer connectivity of individual computers from around the globe, essentially forming a decentralised database we call the Blockchain.
Now, as there is no central authority, the miners (or individual computers) update and maintain the blockchain ledger.
Using a proof-of-work consensus algorithm the blockchain ledger can be challenged, checked and validated through solving complex computational puzzles.
And this is where Gas Fees come into the equation. The miners are rewarded for their efforts.
Domain name on blockchain?
Okay, first off, let’s make the distinction between DNS and ENS.
If you are already familiar with conventional domain names, you should already be familiar with DNS (Domain Name Server).
Now, ENS stands for Ethereum Name Service.
My first question, though, when learning about domain minting was; Why would you mint a domain name?
– Use #blockchaindomain
Domains start at $5
- Unstoppable Domains are fully owned and controlled by the user with zero renewal fees ever
- NFT Domains can be used to replace long complicated wallet addresses to send and receive over 275+ different cryptocurrencies
- It is a single easy-to-remember username across web2 and web3 that allows for data portability
- Users can select from 10 domain endings including, .crypto, .x, .wallet, .nft, .dao, .888, and more!