Unstoppable Domain, a Web3 domain name provider, has reached a $1 billion valuation following a $65 million series A funding round led by Pantera Capital.
Panthera Capital Partner Paul Veradittakit commented on the investment: “This web3 domain is quickly defining a new category of decentralized identity that will fundamentally alter the internet as we know it. We are honored to support Matt and the rest of the team in making this vision a reality."
Draper Associates, Boost VC, Mayfield, Gaingeles, Alchemy Ventures, Redbeard Ventures, and Spartan Group are among the other investors in the Series A round.
Unstoppable Domains founder Matthew Gould stated that for a long time, large corporations controlled people's digital identities, but as the digital economy becomes more integrated into everyday life, it is now imperative for people to own their identity on the internet, which is why they are building Unstoppable Domains.
“The $1 billion valuation emphasizes the significance of infrastructure in supporting decentralized, digital identities, separating "the identity component from the finance component." This intends to use the new funding to expand its team, expand new partnerships, and enable more businesses and individuals to build their Web3 identity on the platform."
Unstoppable Domains still expanding
The domain naming platform was founded in 2018 to give users complete control and ownership of their digital identities by allowing them to create NFT domains.
The platform's domain names replace long crypto wallet addresses and log into supported Web3 applications. Users can sign up for top-level domains (TLDs) such as.crypto,.coin,.bitcoin,.x,.888,.nft, and .dao.
They have registered over 1.4 million domains to date, including 300,000 NFT domains and 32 wallets with the Wallet Alliance.
To meet the demands of its 240,000 customers, Unstoppable Domains has formed strategic alliances with Web3 companies such as Polygon, Blockchain.com, and MoonPay. According to Fortune, it has generated more than $80 million in sales since launching its naming service in September of 2019.
In an interview with Fortune, Gould expressed his optimism for the company's future: "in five years, one billion people will own at least one NFT domain, with the majority owning five."
Web3 domain names are here to stay
108,000 ENS domains were registered in the first week of July, representing a 216 percent increase over the previous month and generating $684,000 in sales. The spike could be attributed to the purchase of the ENS address 000 eth for a record-breaking 300 ETH. As web3 domain adoption grows, domain flipping could become a major trend.
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