Web3 domains are an incredible force in crypto mass adoption – Unstoppable Domains COO

Crypto is back in a bull market, which means the value of every asset has increased, and developers are shipping new protocols every day to traders looking for the latest interaction.

While it took almost two years to get to this point, it seems overdue, and while the ethos of the “only up” eFophory market sounds good, the price spike is not indicative of mass adoption. Demand for goods and services is vital to the market and the longevity of assets, and the long-sought-after relationship between tangible goods and crypto intangibles is once again important to sustain the current bull market.

Web3 domains tick a few of those boxes, and depending on how you use them, can have very practical use cases for traditional businesses.

In Episode 27 of the Agenda Podcast, hosts Ray Salmond and Jonathan DeYoung talk with Sandy Carter, Chief Operating Officer of Unstoppable Domains, to explore how Web3 domain names can be an incredible catalyst for crypto sharing.

The man who said, “Not your keys, not your coins.”

Everyone has heard at least one story where they lost ownership of their name rights or lost ownership of some of their business's intellectual property rights, and what a horrible or horrible experience it was.

As simple as it sounds, Carter believes that Web3 domain names solve this problem, where the owner of the domain name is actually the name. “We talked to small businesses yesterday that said a website was going to run their entire business, and for some reason it was removed,” he told Salmond & DeYoung. “They never understood why, but it went away for a month and then came back. Or even people who create their own Facebook pages to sell or do e-commerce. Suddenly, their shop was closed for two months, and again, no knowledge, no awareness.”

“Why does that happen? Well, you don't own that data. You don't own the digital identity that's owned by the platform company. It's centralized. And the power of the Web3 digital identity or domain is that you own it now.”

Crypto products and solutions lack “utility”.

A common criticism leveled at crypto advocates is that blockchain solutions and products lack utility. These criticisms are especially frequent when discussing non-fungible tokens (NFTs) and anything related to Web3.

Carter points out that Web3 domains have a form of insta-utility depending on how the owner/creator chooses to use them. “As a creator, you can do a lot of great things,” she said. “We were working with a company that did an art exhibition. […] And what they did was collect an art as an NFT or as a digital. And if you have that, that means you get free entry to their Art Basel show in Miami, free entry to their New York show at NFT.NYC, and free access to the Outer Rim of Los Angeles.

They use that as a loyalty card if you will. That allowed people to get into other shows, which prompted more people to buy it because they wanted to see the shows in person.

Carter shared an example of a famous artist who threw out a token, and holders who held it as their digital identity received special benefits. “You had to listen to one of his broadcasts, but if you did, and you had that digital collection or token in your digital account, you were in early to take a selfie with him. And that was a big deal. ”

An additional way to use Web3 domains with others in a practical and common way is to use them as a basis for a loyalty program for fans and patrons.

“And we've had artists, you know, if you have three of my NFTs, you get a free t-shirt, or a VIP seat at something. There are all kinds of loyalty things you can do by using and using what people have with their digital identity. And I think that's part of the really big point. ”

When asked how building on static domains differed from her experience as a c-suite executive at Amazon Web Services, Carter said there wasn't a big difference because they both add to the startup culture. “[Amazon CEO] Andy Jacy says Amazon is the world's biggest startup because of the way he runs the company. You are single-threaded; You have been given a mission. You are truly empowered to do the mission. You're almost like a little CEO yourself.

However, Carter identified one distinct difference:

“If you think about salmon swimming upstream and Web3 swimming downstream, I think we're swimming upstream now because of all the Big Tech companies. I mean, if you really think about the disruption that could happen if we used Web3 more widely, where we each own our own data, how much that would change the game for basically every tech company out there.

To hear more of Carter's conversation with The Agenda, listen to the entire episode on Cointelegraph's Podcasts page, Apple Podcasts, or Spotify. And don't forget to check out Cointelegraph's full lineup of other shows!

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This article is not intended for general information purposes and should not be construed as legal or investment advice. The views, ideas and opinions expressed herein are solely those of the author and do not necessarily represent the views and opinions of Cointelegraph.