GM DOers!
brand.eth is the new brand dot com
Are you wondering how quickly web2 brands are hopping onto the web3 bandwagon?
One way to gauge this is by looking at the adoption of web3 domains through services like Unstoppable Domains and Ethereum Name Service (ENS).
More and more companies recognize the importance of web3 domains in their transition to decentralized technology, and we're witnessing a surge in registrations by well-known brands.
And it’s not just hype that’s driving these companies to dip their toes in web3 (although there’s a good amount of it still) - they’re starting to realize the new ways they can interact and build closer relationships with their customers, in ways that weren’t possible with web2 tools.
In this article, we'll explore the growth of web3 domain adoption, discuss how fashion icons and other industries are embracing the metaverse, and analyze the continuing rise in domain purchases and public reactions to web2 brands entering the web3 space.
Strap in! 💺
👉 Lens Protocol: The Future of Social Media
Decentralized social media finally allows creators to own their content, data and followers. And that's why we choose to build part of our media platform on Lens Protocol.
Not only do we possess more ownership over our digital assets, we also find more engaged and valuable community members who are ready to build alongside us.
When your data and content are transferred back into the hands of the creator, building on Lens becomes a no-brainer!
The Growth of Web3 Domain Adoption and Its Applications
(Do you or your brand own a web3 domain? Reply to this email with Yes or No 😉)
📈 The rise in web3 domain adoption highlights the growing interest of web2 brands in utilizing the unique features of web3 technology.
Web3 domains serve as the human-readable form of a wallet address, such as beer.eth purchased by the beer company Budweiser.
Just like in web2, a domain name lets you attach a personality and a brand name to an otherwise soulless web identifier, allowing you to create a website under the same name and build out the virtual side of your business around it.
🌐 However, a web3 domain means a lot more than just an identifier to put in front of a website. It also serves as your brand’s web3 identity across all of the web3 ecosystem. It’s also a:
- wallet (send and receive payments)
- website (yourbrand.eth)
- login (one profile across all social media and apps)
- digital content/asset creation powerhouse (mint and distribute NFTs that represent art, music, events tickets, subscriptions etc.)
Web3 domains offer brands new ways to engage customers and create unique experiences that blur the lines between the digital and the physical.
They unlock opportunities like creating NFT collections, offering physical redeemables, granting access to exclusive events IRL and the metaverse, token-gating content, and lots more.
In essence, they allow companies to maintain a greater level of control over their brand identity and reputation online.
But in a deeper sense, both brands and individuals are recognizing the significance of securing their web3 domains, which symbolize their entry into the next evolution of the internet.
This trend mirrors the growth of web2 domain adoption in the early 2000s, which skyrocketed from a few million to hundreds of millions by the 2020s:
The trend certainly is there, but web3 domains are still in their infancy, with the two largest domain registries, Unstoppable Domains and Ethereum Name Service (ENS) together hosting “just” 6 million domains.
💡 By embracing web3 domains, web2 brands can enhance customer engagement, create novel marketing campaigns, and unlock new revenue streams, all under a single name.
Maximize your web3 investments by understanding the current business cycle with our two-part PRO Report series.
Part 2, released last week, explores the macro landscape since COVID-19, addressing sticky inflation, recession, and the banking crisis.
