Whether you love them or hate them, the fact that the NFT industry has been successful is impossible to deny. From the billions that have been spent this year alone in minting fees to the collections that rake in millions for a single asset, a lot of money is being spent in the industry.
Perhaps another sign of just how valuable the NFT industry is, an NFT-related domain name recently broke sales records. The domain, NFTs.com, was recently sold for a whopping $15 million, giving it the record of the second-highest domain name sale in history.
This record-breaking deal was facilitated by Domainer and GoDaddy, with Escrow.com providing escrow services for the unidentified buyer. This purchase was not only the second-highest domain name sale in history but was over 7 times more expensive than the previous most expensive blockchain-related domain name sale. That sale was for ETH.com in 2017, which was sold for $2 million.
“The recent acquisition of NFTS.com is one of the largest web3-related transactions we’ve seen on the platform,” says Jackson Elsegood, General Manager at Escrow.com
Now that the unnamed owner has taken possession of the domain, there are whispers around the industry about what they will do with it. With such an easily recognizable name, the sky is the limit.
“Although no formal plans have been publicly announced regarding a project at NFTs.com, Domainer can report that the buyer has associations with other web3 projects, such as DigitalArtists.com, which offers a curated web3 service to artists,” a press release from Escrow.com said.
It is also a very timely sale given that NFTs are some of the hottest digital assets on the market these days and have gained global recognition. As such, getting eyes on a domain called NFTS.com will not be hard. This is the equivalent of a pizza chain owning the domain name to Pizza.com in that the free marketing from that alone is priceless (or worth $15 million, in this case).
Naturally, it shows that despite all the words of naysayers, the blockchain and NFT space is very valuable and there is a demand for them within the wider market. It also inspires optimism for bigger and better things to come, especially in terms of what will be done with the domain name moving forward.
Whenever an industry sees the sort of success that NFTs has in the last few years, this is usually followed by a lot of aggressive investments in them. We’ve seen this with the sheer number of companies that have launched NFT projects in the last few months alone and how much money different collections bring in.
When it comes to mega purchases like these, there is always the debate about if they are ‘worth it’. But given how big the NFT space is now and how beneficial having such an instantly-recognizable domain name can be, the answer is likely yes.