According to the business, consumers have already registered over 2.5 million nonfungible token domains on its platform.
Unstoppable Domains, a platform for nonfungible token (NFT) domains, reported closing a $65 million Series A investment round at a $1 billion valuation on Wednesday.
Pantera Capital, Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, Sound Media Ventures, Boost VC, and Draper Associates are notable investors in the transaction. According to Unstoppable, it would use the new funding to support product innovation and expand collaborations in the Web3 industry.
NFT domains, which are collections of smart contracts that are active on a public blockchain and give users control over their stored data, are available via Unstoppable Domains. Instead of using their wallet addresses, users can communicate with decentralized applications and send or receive cryptocurrency via NFT domains. It is a one-time, upfront price to unlock a domain for life; there are no ongoing renewal fees.
Unstoppable has registered 2.5 million domains since its launch in 2018, integrating with more than 150 Web3 applications and more than 80 wallets and exchanges. The business asserts to have established more than 300 alliances with well-known Web3 businesses like Polygon, Blockchain.com, and MoonPay. Over the last three years, the company’s sales have totaled around $80 million.
NFT domains were compared to the development of the digital economy by the founder and CEO of Unstoppable Domains Matthew Gould. “It’s time for people to own their identity on the internet as the digital economy becomes a larger part of our lives,” he stated, adding:
“We’re thrilled to partner with Pantera and other investors who share our vision of onboarding billions of people onto Web 3.0 through NFT domains that unlock user-owned, private, and portable identities.”