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Unstoppable Domain, a distributor of Web3 domain names, has been valued at $1 billion after closing a $65 million series A investment round headed by Pantera Capital.
Paul Veradittakit, a Panthera Capital partner, commented on the investment. Unstoppable Domains is rapidly establishing a new type of decentralized identity that will fundamentally alter the Internet. We are pleased to support Matt and the rest of the team in bringing this idea to life."
Draper Associates, Boost VC, Mayfield, Gaingeles, Alchemy Ventures, Redbeard Ventures, and Sparta Group are Series A investors.
Matthew Gould, the founder of Unstoppable Domains, observed that for a long time, people’s digital identities had been controlled by large businesses. However, as the digital economy gets integrated into daily life, it is now essential for individuals to own their identity on the Internet.
Goud continued by saying: The estimate of $1 billion emphasizes the significance of the infrastructure supporting decentralized digital identities by separating “the identity component from the money component.”
With the most recent financing, Unstoppable Domains intends to expand its workforce, develop new partnerships, and let more organizations and people create Web3 identities on its platform.
The domain naming platform was established in 2018 to enable users to create NFT domains while maintaining complete control and ownership of their digital identities.
Domain names supplied by the platform are substituted for long crypto wallet addresses when logging into Web3 apps that are supported. Users are able to register top-level domains (TLD) such as.crypto,.coin,.bitcoin,.x,.888,.nft, and.dao.
Over 1.4 million names have been registered to date, including 300,000 NFT domains and 32 wallets with the .Wallet Alliance.
Unstoppable Domains has acquired strategic collaborations with Web3 firms, including Polygon, Blockchain.com, and MoonPay, to address the needs of its 240,000 consumers. Since starting its name service in September 2019, Fortune reports that the company has made more than $80 million in revenues.
In an interview with Fortune, Gould stated his optimism over the firm’s future.
In five years, one billion individuals will own at least one NFT domain, with the majority owning about five.
During the first week of July, 108,000 ENS domains were registered, representing a 216 percent increase from the previous month. This resulted in sales of $684,000. The increase might be attributed to the purchase of the ENS address 000.eth for a record-breaking 300 ETH. As web3 domain popularity rises, domain flipping might become a big trend.
Unstoppable Domains (UD) has recently threatened to sue its rival Gateway.io for operating a .wallet Domain in the rival Handshake system. Unstoppable Domains asserts its trademark rights for the .wallet top-level domain.