In support on RADICAL NFT Project that Team Harmony is considering, this document goes deep into how blockchain (aka digital assets) are connective to the primitive of the first well know and understood form of digital assets —> domain names.

Expected Outcomes

In this document, we try to answer the following:

1. What are Domains?
2. How are they different from what will Web3 Domains be?
3. How is the domain industry structured?
4. Who are the leading players in Web3 Domain services —> ENS, Unstoppable and expected new services from Binance & Telegram etc.
5. What is the market size, revenue model, scale etc.
6. What should Harmony’s position be?
7. How do we leverage “.country” TLD and go to market?
8. What needs to be true for us to win?

In addition to this, we’ll include links to background reading materials. The outcome of this document is to ensure the reader understands the market and can participate in discourse in a more deterministic outcome → how does Domains + NFT Strategy comes together.

FAIR: "3-Body Problem" of Price & Rent on Nonfungible

The Business of Domain Name

Domain names are the founding blocks of the Internet. They were meant to solve the exact same problem as we’re trying to as an industry for blockchain — how can I easily identify a user, a business or an entity without typing in a string of numbers aka IP address. “Ex: 162.168.23.2” = amazon.com made life easier and with advent of browsers ushered in Web 1.0. Web3 & Blockchain natives have coached ourselves to understand and get used to the notion of Wallet Addresses → but for the next ten million users (not billions) they need to

Traditional aka Web 1.0/ Web 2.0 Domains