Navigating the legal implications of NFT domain ownership

What are NFT domains?

NFT domains are blockchain-based NFTs powered by smart contracts that use utility-driven domain technology to replace complex blockchain addresses with human-readable names, resulting in a more human-friendly decentralized space.

But are you aware of its legal implications on ownership?

Let’s navigate!

NFT domains are new web extensions created for the emerging blockchain-based decentralized technology employed in Web3, the next generation of Web 2.0.

It comprises dynamic web extensions towards its founding and leading technologies, such as dot-web3, dot-metaverse, dot-vr, and dot-btc, exhibiting and connecting each growing technology inside the decentralized ecosystem.

Quik.com NFT domains are connected to the blockchain via smart contracts. Their underlying NFT technology, enabled by smart contracts, makes each name unique and prevents replication.

Every transaction and minting of the Quik.com NFT domain is publicly listed on a blockchain and viewable to anyone, creating a transparent ecosystem.

Since it is built on a blockchain, if it is hijacked, vanished, or decrypted, the entire list of NFT domains associated with the blockchain and other associated technologies would vanish.

But don’t worry, you’re not the only one drowning, so it’s all right (kidding).

This is not an easy task, and it is even impossible for the government to execute (hush). As a result, the entire decentralized space, which is the cornerstone of Quik.com NFT domains, is the most secure technology.

Moving back to the subject of the hour: Domain!

Traditionally…

Domains are controlled by the domain registrar, who submits and registers domains for users. It decides if this individual will now handle the reservation of this domain name along with an IP address for the domain name.

When you register these domains, you proceed to checkout, and it displays a picture in which customers believe they are purchasing the domain name but are renting it.

Imagine purchasing a home only to discover that it is controlled and owned by the contractor; you just rented it, and the maintenance price was the subscription fee.

This is somewhat what has transpired here over the years. Because you just rented the domain name from these service providers that obtained complete possession of the domain, you were being framed for having control of the domain.

Moreover, the rent is also determined by the length of time you are willing to pay for the domain, which means that those who want to keep a domain name forever must also pay the renewal fees.

Suppose you wish to host a website and pay the rent, agree to our regulations, follow our instructions, and even follow these extraordinary terms. In that case, you are not getting ownership, infringement of rights, or even content or data control.

Furthermore, these domain registrars have the authority and capability to monitor websites and retain any content deemed unsuitable or restricted without even concerning your permission.

Isn’t it frustrating? This is the primary reason for the need for Quik.com NFT domains and why many users shifted dramatically and immediately from a traditional administrational strategy to a more digital, decentralized approach, Quik.com NFT domains.

Now that we’ve covered the basics let’s move on to the main topic of the hour and figure out exactly what “ownership” we obtain with Quik.com NFT domains.

Legal implications of NFT domains

The NFT domain of Quik.com can be owned by either an external address retrieved via a private key or an internal address retrieved via a smart contract. This means a multi-signature wallet manages NFT domain administration and can be distributed among administrators.

Quik.com NFT domains are based on QNS, or the Quik Name Service, a dedicated API on the Ethereum and BNB chains that manage the minting and integrations of NFT domains. It performs a similar function as DNS. However, QNS has an architectural distinction that dramatically modifies the concept.

Quik.com NFT domains are owned forever, and once minted and transmitted to the user’s wallet, they cannot be reversed or retrieved. It is also not subject to renewal and cannot be retrieved by Quik.com.

Every Quik.com NFT domain is issued as an ERC-721, ERC-1155, and BEP-721, BEP-1155 token, allowing developers to incorporate and enhance the technology’s utility and domain owners’ utility to control their domain ownership from any compatible wallet, exchange, or marketplace.

Say “NO” to false ownership and “OWN” your game.

NFT domains are one-time purchases with no renewal fees or subscription model. Moreover, you get a 5-10% royalty on every subsequent name sale and total ownership, control, and management rights.

Since they are stored and linked to crypto wallets, another safety mechanism, they can be bought, sold, swapped, and transferred like cryptocurrencies without extensive documentation.

NFT domains are not stored on a server and are not compelled by the implications of ICANN. The Internet Corporation for Assigned Names and Numbers (ICANN) is the governing organization in charge of domain ownership on traditional domains.

NFT domains are not subject to ICANN since they are built on blockchain technology, a block-to-peer network. The entire concept of blockchain, cryptocurrency, and decentralized technology is a realm that does not authorize centralized control.

NFT domains are held in a public blockchain registry, creating a transparent environment that anybody can verify to see who owns the domain. Blockchain technology can alter how we interact with the Internet.

This showcases the Quik.cdomain’somain’s security. Since the holder gains ownership and permission rights to change the domain name, the possibility of servers being hacked and domain names being stolen is reduced.

Since NFT domains return the power “to the “PEOPLE” who own and govern the domain, huge organizations and controlling entities cannot influence how we post, host, and ghost. This allows people to promote themselves in whatever way they see fit.

As the popularity of cryptocurrencies, NFTs, and blockchain technology rises steadily and effectively, mainstream acceptance is unlikely to happen overnight because we are in a technologically advanced period, not the 1990s.

Realize the chasm that it took nearly two decades for us to achieve such a feat following the dot-com boom. Despite this, NFT domains correlate with modern free speech trends, which may one day result in the existing domain market being replaced completely due to its autonomous legal implications on ownership.

However, only time will tell how much NFT domains will improve, as the notion is still evolving and hasn’t landed on a universal definition. So, given that you know how it breakthroughs traditional areas on all levels, why wait to regret it?

Mint now and unlock your identity with NFT Domain!