Jehan Chu, who owns 1,300 Handshake domains, can issue an unlimited number of subdomains under the .NFT extension.
The previous owner bought an extension for less than $ 600
Amid the rally in major cryptocurrencies such as Bitcoin and Ethereum, non-replaceable tokens (NFT) have experienced an explosion in interest, reflected by Hashmasks‘recent funding campaign, die has raised 7,600 ETH in exchange for more than 15,300 digital collection cards.
Non-replaceable tokens, which are basically unique tokens designed to represent a single asset, both digital and physical, have become the gold standard for assigning blockchain ownership to digital art and other collectibles.
To leverage the growing interest in these tokens and the continued exploration of their capabilities in other areas such as finance and culture, Kenetic has appointed Founder and Managing Partner Jehan Chu spent a record $ 84,000, which equates to approximately 680,000 Handshake (HNS) tokens, to purchase the .NFT web domain extension.
The acquisition effectively empowers Chu, who has reportedly amassed more than 1,300 Handshake Domains, to use the Handshake blockchain to issue an unlimited number of subdomains under the .NFT extension. The booming market that these tokens have spawned underscores the potential that Chu envisions for the future of NFT.
According to Chu:
After training at Sotheby’s and an art collector for 15 years, I believe that NFTs are the real missing link between online and offline objects and will transform not only art, but also business, finance, society and culture.
In addition to his transactions in the domain arena, Chu has been an active participant and advocate of the space after collaborating in arranging the NFT sales of artworks by Robert Alice with Christie’s large auction house. In addition, in 2018 he orchestrated the first worldwide NFT conference entitled “Nifty”.
The transaction with Chu brokered by the domain registrar’s marketplace Nambase.io The first buyer was Ryan Ramirez, who initially offer 8,602 HNS for the extension. He won the extension’s auction and paid the next highest bid of 4,096 (about $ 592 at the time of publication).
Handshake, which serves as a decentralized domain registration protocol that uses a proof-of-work blockchain, makes top-tier domain names available forever instead of the annual rents common in today’s web environment. The service also allows users to own domain extensions, as is the case with the .NFT extension purchased by Chu.
Benefits include extra transparency when bidding on domains, a more comprehensive privacy orientation, better information security and censorship-resistant properties. The latest record price for a Handshake domain follows a string of other record sales in recent months after the .wallet extension, which sold for 350,000 HNS. Although Handshake handles the first auctions, Namebase.io is the only marketplace that currently allows trading in these domains.
“An uncensored NFT domain on Handshake is an invaluable resource and platform for the future of art and intellectual property,” Chu concludes. “The possibilities of the NFT domain are endless, from decentralized NFT galleries to making branded NFT subdomains such as art.nft and crypto.nft available for rental or sale.”
What do you think about purchasing the domain extension? Let us know what you think about this topic in the comments below.
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