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Why Are Domain Registration Services Like Space ID Gaining Popularity?

Why is Space ID gaining so much popularity? What are the benefits of domain registration services? Learn everything you need to know within this article!

Successful Launch for Space ID

Space ID, a universal name service that provides unique and human-readable domain names to utilize on multi-chain addresses, has managed to register 55,000 unique users with 200,000 .bnb domain registration within 24 hours of its launch.

With the penetration of Web3 services and blockchain technology, users have been burdened with multiple addresses and usernames across different networks. It becomes difficult for users to keep track of unique addresses and names.

Space ID solves this issue by providing a unique and easily human-readable name service. People want to identify with names that can be easily recognized and not just a random string of usernames. Imagine trying to remember usernames across different channels such as Twitter, email, BNB Chain, Solana, Avalanche, etc.

Space ID helps by creating single, unique, and easy-to-remember names that can also be used to trade cryptocurrencies and Non-Fungible Tokens (NFTs) and will be interoperable across different networks.

Some of the major advantages of a Universal Domain include the ability to easily establish a personal brand identity. Imagine looking for a unique name but finding out that it’s already registered by a different brand. Space ID solves this issue by ensuring a single identity across networks. It will also allow the connection of identities from social media channels such as Twitter, GitHub and email addresses. The protocol’s Software Development Kit (SDK) is easy to use and can be integrated in 30 minutes.

As per reports, Space ID had conducted a premium auction for 10 .bnb domains and managed to raise $670,000 worth of bids. A record 110 BNB was offered for the 000.bnb domain. The platform has received funding from Binance Labs, the venture arm of the largest cryptocurrency exchange in the world.

Space ID has also established partnerships with many leading projects such as Project Galaxy, DODO, STEPN, Trust Wallet, Chainlink, Ankr, CyberConnect, Mathwallet, SecondLive, Apeswap, NodeReal, Beefy, Galler, Project Twelve (P12), and Rareboard.

According to a press release from Binance Labs, Space ID Head of Growth Solo said, “If having a recognizable identity is not really a need that humans want, then everyone’s Twitter handle could as well be composed of 40 meaningless characters, like a crypto wallet address. Yet, we all choose to get a username that resonates with us. Why would it be different with your web3 identity?”

While there are many Blockchain Naming Services (BNS) available today, such as Unstoppable Domains, Ethereum Name Service (ENS), Peer Name, Diode, Stacks, Emercoin, and RIF, very few services are working towards unique and single-name service solutions.

Space ID could benefit from an early mover advantage and provide strong competition to other similar service providers such as the Near Protocol and .Art platforms. Near offers a marketplace for registering unique and human-readable names, but Space ID’s auction-based approach could help premium brands in registering domain names that are considered prime assets.

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