These Web3 identities, like GCD.ETH, are gaining momentum. We’ve seen a drastic increase in the number of identifiers such as this being acquired and at times used.
These names, commonly called blockchain domains or domain NFTs, aren’t used in the traditional website resolution manner. Web3 identities, such as .ETH, are being used as a way to simplify the naming of blockchain wallets. Rather than a long character string, some users are now simplifying that by pairing their wallet with their .ETH, or .CRYPTO wallet name. Additionally, we are seeing an increasing use as a moniker on social media platforms like Twitter.
As with all new and emerging spaces, there are risks. We don’t quite know the longevity of these names or the potential for name collisions when the next round of ICANN approved TLDs are launched.
And as with the launch of any namespace, there is the potential for brand abuse to occur. We believe that it is prudent for all brand owners to understand the risks and benefits associated with this space and at times, to take action.
GoDaddy does not endorse unregulated name spaces, but because these new technologies do not currently offer reliable or robust dispute mechanisms, we believe defensive registrations are the best brand protection strategy.
GCD is offering a suite of educational, strategic, and tactical services to help our clients better understand and secure the appropriate identifiers to appropriately protect and promote their brands. If you would like to learn more about these Web3 identities or need assistance in procuring ones such as .ETH or .CRYPTO, we are here to assist.
