3DNS is bringing web domains onchain. They are launching a closed beta for their domain registrar in September and a public launch tentatively 1-2 weeks later. 3DNS raised $1M of funding from Intercap Registry to help with development of the platform.
3DNS provides onchain and ICANN domain registrar
3DNS will allow users to either register a new domain or import an existing web domain (.com, .xyz, .finance, .network, etc.) from their existing domain provider. Once their domain is brought into 3DNS’s offchain ICANN registrar, the user will receive an NFT from the onchain registrar, which becomes the default ownership/management record for the domain. The offchain registrar can only be updated via an update to the onchain registrar and the onchain registrar can only be updated by the wallet possessing the specific domain NFT.
Two key reasons why this software is essential are: domain security and liquidity.
3DNS helps prevent domains hacks
Centralized DNS is very fragile; Curve, Balancer, and Etherdelta got hacked via DNS exploits. Since you do not custody your domains on GoDaddy or Namecheap, their customer service can be manipulated to redirect your website. In crypto, even a few hour DNS attack can immutably steal $500K+ from users. The only way to solve this is to custody your domains. Not your keys, not your tokens/domains.
3DNS builds better domain markets
Additionally, centralized registrars make it very difficult to build liquid domain marketplaces. Users cannot submit bids on most domains and instead need to hire brokers or private investigators. Secondary fees range from 10-25%. Price and bid history is obfuscated making comparison pricing difficult. Domain collateralized lending is limited due to escrow/regulatory issues.
3DNS enables instant liquidity, easy price discovery, and defi composability for domains. While web domains are already a massive market with over $2B in primary annual sales and $2B in secondary, 3DNS believes these numbers are a fraction of the market’s potential. For comparison, OpenSea has done over $2.2B in 2023. All 3DNS domains will be able to be listed on marketplaces like OpenSea, offering domainers access to a new tech-savvy, wealthy audience within the crypto market.
The biggest advantage of 3DNS is lower fees: the only fee 3DNS charges is $36/domain/year; users pay the registration fee on top of this; NFT marketplaces charge 0-2.5% secondary fees and no listing, reserve, marketing fees. Top domainers will save millions with this improved fee structure.
3DNS is working with the best
As 3DNS has a robust product roadmap to build out public, permissionless markets around web domains. You can see a list of live and upcoming features at 3DNS.box/app/upcoming.
3DNS is excited to partner with Intercap as both an investor and development partner for the .box TLD launch. Intercap has been in the domain industry for 20+ years and is launching .box; the first ICANN-approved TLD to be fully onchain. All .box domains will be registered via 3DNS and live onchain. The launch date for .box is currently slated for November 2023.
3DNS is additionally excited to partner with ENS and Optimism for their launch. They are welcoming Nick Johnson, founder of ENS, as an advisor and enabling ENS integrations. ENS community members receive priority access for the 3DNS beta. Additionally, as 3DNS launches it will exclusively be deployed on Optimism.