New unicorn offers users control of their data, takes IDs out of wallets.
... [+]A virtual land rush for NFT internet domains, which use public blockchains that give users complete ownership of their data, helped one of the few companies that set up such sites claim a $1 billion valuation today.
Unstoppable Domains raised $65 million in a series A equity funding round, achieving so-called unicorn status. The financing was led by Pantera Capital with participants including Alchemy Ventures, OKG Investments and PolygonCoinbase Ventures and Protocol Labs, which were initial investors in 2020, did not join in the new round.
NFT domains, unlike the traditional kind, live on public blockchains and give users complete ownership over their data. The domains, with endings like .nft, .wallet and .crypto, can replace lengthy wallet addresses. While traditional domains require yearly subscriptions, Unstoppable charges a one-time fee that can be as low as $5.Forbes CryptoAsset & Blockchain Advisor
Beyond giving users ownership and control over their digital identities, NFT domains separate them from wallet addresses. In current transactions for cryptocurrency or nonfungible tokens , wallet addresses serve as users’ identifiers, combining personal and financial information. That increases vulnerability to scams.
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