Web3 domain names become a new favorite, with ENS sign up surpassing 2.6 million. The prospects for identification verification and full-chain applications are broad.

2025-07-04 22:35:17

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The Boom of Web3 Domain Names: New Opportunities in Identification Verification and Full-Chain Applications

Web3 domains are becoming a standout sector in the NFT market. The Ethereum Name Service (ENS) has seen a 22.48% month-over-month increase in trading volume over the past three months, with the total number of domain registrations surpassing 2.6 million. SPACE ID has also performed remarkably on the BNB Chain, ranking first in trading volume on-chain over the past 30 days.

Compared to traditional domain names, Web3 domain names have essential differences in terms of mapping objects, carriers, resolution methods, and ecosystems.

The mapping object is the wallet address rather than the server.
The carrier is NFT rather than a record by an authority.
Adopting decentralized resolution
Fully open ecosystem

The main functions of Web3 domains include:

Collect user addresses, account information, etc.
Aggregate user data
Access the dApp supported by the domain name
As a social account nickname

The current mainstream Web3 domain projects include Unstoppable Domains, ENS, Handshake, .bit, and SPACE ID. These projects are continuously innovating in areas such as multi-chain deployment, multi-category domains, and collaboration with social graphs and reputation platforms.

From the development trend, Web3 domains are moving in the following directions:

Increased multi-chain deployment and multi-category suffixes
Deep cooperation with DID applications such as social graphs and reputation platforms
Practicality over speculation
The competitive landscape and the convergence of public chain competition.

In the long term, Web3 domain names are expected to become a unified identification credential and account for users in the Web3 world, providing users with a seamless experience across chains and applications. As the ecosystem continues to improve, there is still significant room for growth in the areas of identification verification and full-chain applications for Web3 domain names.

ENS3.98%

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