🛠Namefi Community Weekly · 31 May 2024
Namespace, DNS, Namespace
In the past weeks, crypto folks were busily running around Berlin for the city’s blockchain week. The crypto community in Berlin is technie, OG, and doing pretty positive stuff (mostly). If you have ever heard of Gnosis (an Ethereum side chain) and how Safe (a pretty famous and well-known multisig wallet that secured over 100B u in their wallet), you probably can know a bit about the crypto builder culture here.
So how is this relevant to namespace or Namefi? Actually, there were quite many namespace builders running around the conference too. There are many different directions that will all converge to the future of Web3 namespace. For example, ENS subdomains (e.g. Nameverse, JustaName), Internet Identity by Internet Computer, and Handshake (to politically decentralize ICANN by a p2p root naming system) are all the players of Web3 namespace. Amongst the aforementioned Namespace players, Namefi also participates in dAppCon and SafeCon, with the vision that DNS names are also an important part of the global namespace. We had a chance to discuss with some of the conference hosts last week and got to know that a unifying identity is important especially in today’s Ethereum ecosystem where there will be ever growing number of Layer 2s.
Of course, the inherent value of internet domains is also indispensable. Imagine how much money Safe.global has to pay for securing a Safe.com domain… Apart from value, Web2 infrastructure is still the gateway for Web3 projects to get exposure to many more real users. Therefore, Namefi is here to build for you!
Community Proposals
Last week, in Namefi’s ‘namefi-nft-holder’ channel, @godomains suggests Namefi to submit a ticket for OpenSea to accept USDC as a payment for Namefi NFTs for (1) most domainers use OpenSea as the most trusted marketplace for domain trading and (2) USDC as a stable options for domain pricing. To this request, @zainanzhou replied publicly on Twitter to seek solutions and raise the issue. Now, here are two challenges about this proposal:
Security Risks with USDC: OpenSea doesn't accept USDC by default due to the risk of phishing. Users might mistakenly pre-approve USDC to malicious sites, leading to potential loss of funds. This hesitancy is shared by many sites, despite security efforts like Uniswap's Permit2.
Need for Industry Standards: Namefi prefers to remain neutral and follow industry standards rather than tailor specifically to OpenSea's SDK. Bespoke integrations are risky as OpenSea's relevance and standards might change. Promoting open standards would benefit the web3 community more, encouraging broader support across NFT marketplaces.
Namefi Partnership Announcement
Last week we officially announced our partnership with NFTfi, a leading peer-to-peer NFT lending protocol. This collaboration marks a significant milestone as Namefi becomes a whitelisted project on NFTfi, opening up new avenues for liquidity and lending in the DNS domain space. So what does this partnership mean for Namefi NFT holders:
Loan Opportunities: Borrowers can use their Namefi tokenized domain names as collateral to secure loans on the NFTfi platform.
Enhanced Security: All transactions, repayments, and potential defaults are managed through a secure escrow smart contract, ensuring safety for both parties.
No Auto-Liquidations: The loans provided under this partnership will have fixed terms, with no auto-liquidations, offering more stability and predictability for borrowers.
(PS: We are yet to see more onchain premium domains to increase the borrowing power!)
Bug Fixing Report
Namefi team has introduced a domain delay monitor system for interrogating the Namefi NFT minting progress in the hope of helping Namefi customers to speed up the minting progress.
Namefi Space Recap
A discussion featuring Victor Zhou from Namefi.io, Steven from NFTfi, and Seán Murray focused on leveraging NFTfi for Namefi NFT borrowing, with an emphasis on decentralized loans. If you missed this space, the space is summarized below:
Advantages of NFTfi's Lending Structure:
Fixed duration loans provide predictability for borrowers, minimizing sudden liquidation risks.
This structure is particularly beneficial for businesses using valuable domain names as collateral, ensuring stability in their loan agreements.
Value of Tokenized Domain Names:
Domain names, being long-standing digital assets, possess intrinsic value that can be leveraged in lending.
When wrapped in NFTs, domain names become not only ownable but also programmable assets, enabling seamless integration with DeFi infrastructure and expanding their utility.
Stephen from NFTfi:
Focus on B2B marketing, targeting platforms like Namefi for integrating assets with NFTfi's lending capabilities.
Victor from Namefi:
Addressing the needs of Web 2 domain owners by simplifying the loan process through tokenization.
Advocacy for Namefi’s user-friendly tokenization process, making it accessible for domain owners to leverage their assets for loans.
Highlighting collaborative efforts with NFTfi to provide liquidity and better market pricing through decentralized finance solutions.
Industry Implications and Future Prospects:
Market expansion opportunities through domain tokenization and lending, potentially catalyzing increased trading and registration activities for various top-level domains (TLDs).
Consideration of regulatory and technical challenges, such as maintaining continuous usage of domain assets when used as collateral, and the importance of industry-wide standards like "lean" on NFTs.
Stephen's Response on Domain Loans:
Initial focus on mid-tier domains for loans due to risk mitigation strategies, gradually transitioning to high-value assets with proven value and liquidity.
Evolutionary process mirroring the trajectory of crypto assets, starting with community loans and eventually attracting professional lenders.
Top 3 Editorial Pick of Namefi NFTs
0xstorage.com by 0x🪐🪐🪐.eth
Namefi AI Says
0xstorage.com is valuable because it combines "0x," a term often associated with hexadecimal values and coding, with "storage," suggesting a tech-oriented service, possibly related to data storage or blockchain technology. The ".com" TLD enhances its appeal by providing a universally recognized and trusted domain space, likely increasing its credibility and potential reach in the tech industry. This makes it highly relevant for businesses in IT, cloud services, or cryptocurrency storage solutions. (Powered by Namefi AI™️(beta), could be inaccurate, not financial/trade advice. DYOR.)
deepfakespot.com by GoDomains
Namefi AI Says
The domain "deepfakespot.com" holds significant value due to its direct relevance to the prevalent and concerning issue of deepfake technology. With growing awareness of the potential misuse of deepfakes in various domains such as media, politics, and cybersecurity, there is a heightened demand for tools and resources aimed at detecting or mitigating their effects. The concise and descriptive nature of the domain name makes it highly brandable, attracting users seeking solutions in this space. Furthermore, its keyword-rich composition enhances its potential for search engine optimization, contributing to its visibility and accessibility. Overall, "deepfakespot.com" stands as a valuable asset poised to address the pressing challenges posed by deepfake technology. (Powered by Namefi AI™️(beta), could be inaccurate, not financial/trade advice. DYOR.)
2523.link by rwa.dcl.eth
The domain "2523.link" carries value due to its concise and memorable nature, making it easily brandable and relevant for various purposes. The combination of numbers and the word "link" suggests a digital or online context, which can be appealing for businesses, organizations, or individuals seeking to establish a web presence. Additionally, the domain's brevity enhances its ease of use and potential for memorability, factors that are highly desirable in the digital landscape. Whether used for URL shortening, redirection, or as a platform for sharing resources, "2523.link" offers versatility and potential for creative applications, making it a valuable asset in the online domain market. (Powered by Namefi AI™️(beta), could be inaccurate, not financial/trade advice. DYOR.)
All @names refer to Twitter handles.
Thank you for reading! See your names on chain!