What are Web3 Domain Names | ENS vs unstoppable Domains? Which is the Best Registry?

Web3 domains have gained massive popularity in the last two years. Today most crypto enthusiasts are using different web3 domains. They are the blockchain-based DNS address that allows people to use their personalized domains. Right now, many registries are providing other web3 domain extensions like .eth, .nft, .bnb, .crypto, .btc, .sol, .tez and many more. 

In the race of web3 domains, ENS and Unstoppable Domains are leading the race. Both of these registries are well known among crypto degens. But many people new to crypto get confused about choosing their first web3 domain registry. This post may help them to select their first web3 domain registry. In this post, we will try to give detailed information about these top web3 domain registries. 

What are ENS?

ENS stands for Ethereum Name Service, the most popular web3 domain name service. It is the naming service based on the Ethereum blockchain. Currently, there are more than 2,500,000 ens names registered. ENS is different from most other web3 domain name providers. They have a renewal system based on several characters. Three-character ens names cost $640 a year, four-character ens names cost $160 a year, and five symbols and longer terms cost $5 a year. 

In 2022 ENS gained massive popularity. It has attracted many web2 domainers into web3. We can see many web2 domainers who used to trade .com and other similar extensions also started investing in ens names. On Opensea alone, it has a trading volume of more than 70k eth. We can also see the enormous number of ens trades in ens-based platforms like EnsVision and DomainPlug.

What are Unstoppable Domains?

Unstoppable Domain is the top web3 domain registry. It is currently providing nine web3 extensions like .wallet, .nft and .crypto. UD domains don’t have renewal charges, and they are one-time purchases.

ENS vs UD | Which One is Best?

ENS or UD this is the questions raised by most of the people new to web3 domains. Both of these web3 registrants have great features and many integrations. The choice can be different according to you. If you are willing to buy web3 name for just sending and receiving tokens, you may buy UD extensions, as they are one-time purchases. Similarly, if you purchase ENS, you’ll have to pay the renewal chargers, which can become more expensive.

But if you are trying to invest money in Web3 Domains, ENS seems better than UD. The difference is enormous if you look at their volumes on different NFT marketplaces. ENS has been dominating UD since the beginning.  Influenced by various clubs on ENS, some 999 clubs were formed on Unstoppable domains too. That has helped them to boost the number of sales. But ENS is way ahead ins secondary sales.

Can We Register Company Names as Web3 Domains?

You can register any name on ENS. There is no restriction. The price is average if the name you are searching for is available.  But in Unstoppable Domains, the most popular company names are protected, and some are available at a premium price.  You need to pay more for it than for common names.

Is Yearly Renewal Good or Bad?

Many people think it’s not good to charge yearly for web3 names. But if the company won’t charge yearly, they won’t have recurring income. At the same time, it might affect them in the long run similarly if someone registered names and lost their key phrases. The names can be registered again after they expire. But if they are written forever, they will be gone forever. 

Conclusions

ENS and Unstoppable Domain are leading web3 domain registries. ENS is providing just one extension. Meanwhile, you can get nine options on UD. Both of these registries have huge integrations, and many people use them. One significant difference between these two is a yearly renewal, and there is no annual renewal on UD; meanwhile, you need to pay yearly charges for ENS. If we look at the secondary sales volumes, ENS is way ahead then UD.

Similarly, more than 1,00,000 + people are using .eth names on Twitter. The choice is yours. If you want to buy web3 names for daily use, UD names can be good. But if you plan to invest in web3 domains, there is no competitor of ENS names.