Dive headfirst into the cutting-edge world of domain tokenization as we unravel the mysteries and potential of transforming traditional web domains into tradeable NFTs on the Ethereum blockchain. Joined by the effervescent Sunny from NameFi, we discuss the intriguing strategy of overcoming high transaction costs and the ambitious vision for a multi-chain future. Get ready to expand your understanding of digital identities as we also touch upon the groundbreaking alliance between GoDaddy and ENS — a tantalizing hint of what's to come in the realm of online presence.
The narrative takes a captivating turn with the tale of Victor, NameFi's founder, whose odyssey from Google to the blockchain revolution embodies the spirit of innovation that drives our era. His story is a testament to the power of mentorship, as seen through the impactful guidance of Orange DAO, and a clear illustration of how new founders are boldly navigating the entrepreneurial landscape. Victor's expertise in smart contracts and his fervent belief in the monumental role of identity in Web3 form the backbone of NameFi's pioneering mission. It's a discussion that's as enlightening as it is inspiring, with profound implications for the future of decentralized finance.
Our journey through the domain tokenization landscape culminates with actionable insights on the NameFi platform, where we explore how to breathe new life into web domains by turning them into on-chain assets ripe for trading. But the conversation doesn't stop at mere tradeability; we peer into the horizon to envision the multifaceted roles that domains could play in our financial and social identities. The episode closes with heartfelt thanks to the community and a treasure trove of knowledge to replay and reflect upon, assuring that the spark of today's discussions will light the way to next week's explorations in this digital frontier.
Dive headfirst into the cutting-edge world of domain tokenization as we unravel the mysteries and potential of transforming traditional web domains into tradeable NFTs on the Ethereum blockchain. Joined by the effervescent Sunny from NameFi, we discuss the intriguing strategy of overcoming high transaction costs and the ambitious vision for a multi-chain future. Get ready to expand your understanding of digital identities as we also touch upon the groundbreaking alliance between GoDaddy and ENS — a tantalizing hint of what's to come in the realm of online presence.
The narrative takes a captivating turn with the tale of Victor, NameFi's founder, whose odyssey from Google to the blockchain revolution embodies the spirit of innovation that drives our era. His story is a testament to the power of mentorship, as seen through the impactful guidance of Orange DAO, and a clear illustration of how new founders are boldly navigating the entrepreneurial landscape. Victor's expertise in smart contracts and his fervent belief in the monumental role of identity in Web3 form the backbone of NameFi's pioneering mission. It's a discussion that's as enlightening as it is inspiring, with profound implications for the future of decentralized finance.
Our journey through the domain tokenization landscape culminates with actionable insights on the NameFi platform, where we explore how to breathe new life into web domains by turning them into on-chain assets ripe for trading. But the conversation doesn't stop at mere tradeability; we peer into the horizon to envision the multifaceted roles that domains could play in our financial and social identities. The episode closes with heartfelt thanks to the community and a treasure trove of knowledge to replay and reflect upon, assuring that the spark of today's discussions will light the way to next week's explorations in this digital frontier.
Imagine having two of them out之後. One would be seven, the other seven or eight, and then it'd be two for three.
Speaker 2:Hello, hello. We will get started in just a moment. As you guys are beginning to come into the space, please do me a favor Like and retweet. Let's share this out. Get as many people in here as possible. This is going to be a great AMA. Yeah, and who do we have behind the name file profiles? Sunny?
Speaker 3:Hey everyone, nice to meet you guys today. I am the product operator and in five, so today I'm so honored to be here joining Marcus for week one Marcus, weekly AMA, and today's theme is to tokenize your web, two domain and Marcus. Thank you for inviting and I'm ready for all of your questions.
Speaker 2:Absolutely looking forward to it. We're competing with a quite popular space at the same time. I think E&S is doing there East Denver recap is kind of kind of deja vu, like the party at East Denver, how they had their party kind of right next to you guys. But yeah, very much looking forward to this, definitely been wanting to dive into the platform, been one of the first people to use the platform, so you know good to get some information out there for those who aren't already familiar. It's your chance to get familiar. So yeah, as I said, we'll get started in just a moment as you guys are coming in. Once again, please like or retweet the space. If you have any questions, you can always feel free to come up and ask or you can post them in the comments as well. Also, sunny, if you have anything that you want to pin up at the top of the space, feel free and do so.
Speaker 3:Okay, thank you, marcus, I'll keep that in mind.
Speaker 2:Yes, man, and yeah, without further ado, we'll go ahead and get started. As I said again, if anybody wants to come up and speak, please request speaker roll. We're going to go ahead and get through this, Alrighty. Well, welcome to iHeart Domains and our Tech Talk AMA, where we highlight the deep dive with builders, entrepreneurs, visionaries and protocols in the Web 3, digital identity, blockchain tech and the main name space. For those who are unable to attend or want to listen back later, our Tech Talks are recorded so you can listen back to our entire content archive, not only here on Twitter, but back on our website at iHeartDomainscom, where we have an embedded media player as well, as we recap these in blog form so we make it easy to digest for everybody. And also you can listen back to any of these episodes on every major podcast player, including Apple and Spotify, and it's easy to get to that at TechTalk Post.
Speaker 2:I encourage everyone who is listening or who needs more information to join this community directly. As always, do your research, so do your own research. D-y-o-r. Our AMAs are not financial advice. Once again, when a circle background, as you guys can see in the title, our Tech Talk AMA today is with NAME-FI, which is tokenizing your Web 2 domains. We have a special guest with us, Sunny. If you could do me a favor and reintroduce yourself before we kind of get back into it, so everybody can be familiar.
Speaker 3:Thank you, marcus, for inviting NAME-FI to the space. So, hey everyone, my name is Sunny. I am the product operator at NAME-FI, so what I do at NAME-FI is to operate daily social media, conduct business developments and also facilitate user growth on our platform. So yeah, this is basically it and NAME-FI. If you are not sure, name-fi is the first and largest domain tokenization platform on Ethereum which tokenize DNS names into NFTs, which allows trading on Ethereum, and we are planning to go multi-chain because, as you can see, the ETH price right now is skyrocketed and we are trying best as possible to create the best user experience for our customers, so we are trying to go multi-chain very soon.
Speaker 2:That will definitely be nice because right now, I think a lot of people are afraid to even touch Ethereum. It costs almost as much to buy a pair of Jordans as it does to do a transaction on OpenSea right now. But, yeah, definitely looking forward to getting into it and learning more about the platform. Thank you for introducing yourself and, yeah, turning your Web2 domain into a Web3 NFT has been the buzz for right around the past two months, with the massive news from GoDaddy kind of leading the pack with its ENS and the DNS SAC arrangement that they have being able to turn essentially your Web2 domain into an ENS address to 3DNSLaunchinbox. Unless you've been under Web3Rock, you've also seen NFTs that look just like regular Web2 domain names, seeing a coupleio'sxyz in there. Well, if you look closely at the NFT, the platform that got them on the blockchain stands clear, and that would be NAMFY.
Speaker 2:So I first had the pleasure of meeting Victor, who was the founder of NAMFY, in Las Vegas during the Expo and actually got a chance to spend an evening with him, and that led to me being one of the first people introduced to the platform. I also had the pleasure of meeting Sunny as well, both via Zoom after meeting Victor, and also in person as well at Eve Denver, where we were able to coordinate this AMA. So, yeah, it is definitely now my pleasure to introduce you guys to NAMFY and, yeah, let's go ahead and get started. So I know you touched a little bit, or you introduced a little bit, about the platform with NAMFY. We're going to deep dive, but before we do give us a three-minute elevator pitch once more for NAMFY and your mission in the space, All right.
Speaker 3:Thank you, marcus. I think you did a lot of research on NAMFY and also the DNS NAMFY space. Thank you so much and three minutes very stressful, but just to give it one more time. So NAMFY is the first and largest domain tokenization platform on Ethereum, with the aim of tokenize 100 billion worth of Web2 domains and real-world assets on-chain for trading and decentralized finance. So what we do is basically we add a smart contract layer on top of DNS names. So what does that mean is that people can now enable more functions, such as decentralized finance, collateralize your assets for borrowing and lending on DeFi, and more transparent ownership tracking and also more efficient trading. So that's basically our aim to tokenize 100 billion worth of Web2 domains. Just like any other tokenization platformers that's around there, we want to use smart contract to improve the efficiency and transparency and also functionality of DNS names.
Speaker 2:Yeah, that is a pretty solid endeavor. Definitely wish you success in that, considering that I'm an investor in both the space in general and definitely want to see success in tokenizing my domains and see what it looks like on that side. So yeah, we'll let the deep dive begin. So question number one is yeah, how did a name five begin? And feel free to go slow with it. One of the things I think that I'm curious about, and maybe some others are I see orange Dow kind of proudly displayed in your profile. So curious as the how you guys began and what their role was in the inception. If you know the answer, so for this answer.
Speaker 3:I'm sorry that Victor is not here, but I guess I could provide a comprehensive, comprehensive history of how an invite guest started and about its correlation or association with orange Dow, the kind of why come and later quote unquote in Web three. So how many five starters? So I'll just begin with my personal story with Victor, so that's providing more friendly and go to it and more natural in terms of introducing the story. So last year in April, as a full time journalist, I interviewed Victor. So Victor just quit his job from Google as a smart contract developer in Google smart contract department, which was later cut off by Google because of the compliance issues. So basically, with Victor's expertise in smart contract development and also software development, victor decided to do something about blockchain and he wanted to start a venture in Web three, because Web three is really the future of Internet, the Internet of value and and it's unstoppable this trend. So so Victor actually thought about what's the fundamental pieces of blockchain, so what the problem blockchain actually solve for for people. So blockchain, as we know from Bitcoin is, is a truly decentralized currency that's going to replace via based or country packed currencies such as US dollars and other dominant dollars, such as pound, euros and other dollars. So that's basically one of the thesis of decentralization People can. Blockchain can enable peer to peer transactions without banks, which really pros propose a barrier for a lot of people who are unbanked or people who are inaccessible to banking, and also increase the efficient efficiency of trading and decrease the fragility of the financial system.
Speaker 3:So the second thing of blockchain is that in 2017, ethereum Vitalik, founder of Ethereum Vitalik, and other co founders they introduced smart contract, which really allow people to program, program and software on top of blockchain. So, just for not technical people like me and like people here in the audience, you can think of blockchain as the back end of the future Internet, which is based on consensus mechanisms. So in Bitcoin, that that's proof of work. You can stay any amount of Bitcoin to be a validator and to validate the block of data that's being submitted on the blockchain. So for Ethereum, that's proof of stake, which transition from proof of work to proof of stake in 2022. So you have to stay at least 32 years in order for to be a validator, but you also can use little to stake as well. So so, that being said, with smart contract, you can actually create Internet based on blockchain, that that supports applications running on top of it. So what that that means is that the premise of, or the hypothesis or what what blockchain enables is this trustless peer to peer transaction network. So with that trustlessness, trustless network, you can do a lot of things on top of it.
Speaker 3:And the next sector he is expert in the smart contract space, so he knows what blockchain can unlock. And because Web3 is, it's a really like a very broad domain of things, because Internet it can spend in different industries supply chain, finance, gaming, identities and also such as things like agriculture and and and the future of governance and also how people interact with with each other or work with each other. So Victor actually choose the track of identity because when you send transactions to the other person, you left a identity on the blockchain. And also this transparency is really important and and he wants to he wants to explore this identity and explore how he could develop something on top of it, and obviously he did. He and our engineer, sammy, did several ventures based around identity. So basically, what they did first is they kind of created the Web3 version of link tree, which kind of kind of index of the different identities, like they kind of network all the identities together to kind of break the silos, silo effect of Web2. What does that mean is that in Web2 you have multiple identities across different platforms. So their first product is really to connect these identities together and create a card that could empower this efficiency of non-siloness, which you can really hand over to other person and other other person can see all your identities across platforms. And that's, I think, that application didn't really take off because, first, the market is very competitive and second, it's really hard to monetize or to make profits out of it, because you can really think of that link tree as a kind of public goods. It's nice to have it, but what people pay for use it not really. So to run startup you actually need to create some revenue to sustain it going.
Speaker 3:I think the second thing is and then they actually explored domains, because in Web2 domains is huge and a lot of, I think, successful Web2 founders. They actually traded domains in the Web1 era, like I'm not sure if you heard of this giant Chinese photography software called Meitu and the founder actually I think he earned his first bucket of gold selling domains in Web1 era and then he went off taking the venture in Web2. So what that means, that domains is a really huge space and it's really if you are really nerdy into Internet, you probably know the term domain name service which is really the pillar of the Internet. And I think grabbing the pillar in the Internet and really revolutionize it with blockchain technology cannot be wrong. So that's why Victor kind of choose this track to create a venture around it. So what he did next? Because Victor is an Ethereum improvement proposal editor and he is also author to many EIPs, so he knows that. What can he do with it? What can he use smart contracts for domain names.
Speaker 3:So just imagine domains in Web2 is just a piece of digital asset that you can trade on platformers like GoDaddy, namecheap and NameSilo or Unimit. But it's really siloed across spaces and it really made it very difficult for people to trade and to really track the owner and get the profits instantly. So what blockchain enables is first, you can trace the owners. Second, once it's an FTE, you can trade it on decentralized marketplaces which bypass the broker process and also bypass the platforms that really control or takes a significant amount of transaction fees out of a transaction. So that's basically two major problems tokenizing a domain can solve.
Speaker 3:And the third thing, which is I think it's the most interesting thing, is it's really the smart contract layer on top of domain name service, or just name it Web2 domains. Because applying a smart contract layer on top of names, imagine you have this self executable modulars of domains. Because I think domainers if you guys trade or you guys really manage your domains you probably know that domain is a piece of digital asset. However, within domain you have multiple subsets of digital assets, such as SEOs and content and also the commerce that's associated with it. So in Web2 it's very difficult to link them all together and to really converge these assets all together for trading. So people have to assess from different points of view in order to determine the value of it. But with smart contract, what you can do is that you can basically write these all together and determine the value of it and also. So that's first the value component.
Speaker 3:The second thing is that you can actually write self executable software that enables you collectorize domains with decentralized finance platforms such as borrowing and lending, to really leverage or unleash the potential, the liquidity potential, from your domains. For example, in the case of borrowing, you can collect, collateralize your domains like premium domains or valuable domains for borrowing borrowing money on the blockchain and we actually already partnered with Taylor, one of the largest NFT lending and borrowing platform, for ERC 20 tokens, so we already partnered with that. The second example case is lending. So if you have a really premium domain, such as Googlecom, you can actually fractionalize it and lend it to other people, which is not really available in the Web2 era. So just imagine all these use cases and also how blockchain and smart contract can unlock domain potentials and unlock how users can play around with their digital assets really mind-blowing.
Speaker 3:Not to mention, if you use smart contract to link the subsets of single domain to intellectual properties, you can actually do more things with it. So it's really this programmable modularity and composability that allows tons of combinations of different possibilities that you can do with your domains, and I think this applies to every other real-world assets out there, such as stocks, real estate, physical items such as vintage clothing. That really applies to all of them. But domains is really a very hot thing to get hold of because of its huge market cap and it's just the excitement that's really out there for people to explore, and that's why Victor chose to develop smart contracts and named by on top of domains and I think I did a long long story for that.
Speaker 3:And the second question from you is actually OrangeDAL. It's an association from OrangeDAL. So OrangeDAL, as I mentioned, is kind of the quote-unquote Y Combinator of Web3. So Victor applied for OrangeDAL last year end of last year and he got a grant for OrangeDAL successfully in January. So OrangeDAL is this kind of incubator program out there in Web3. It's basically like AllianceDAL and they allocate your mentors and also there are a bunch of founders in space you can mingle with and they teach you how to pitch, how to find product market fit, how to basically really find the focus of your product and how to deal with your customers, how to really show love to your customers and how to scale. This is basically what incubator do.
Speaker 3:So I think in January there was a week that Victor really attended this in-person kind of intensive training with mentors and I think that's really useful in terms of educating first-time founder, because Victor is a first-time founder. He was a software engineer at Google, so he was really a first-time founder and, from my observation as his colleague, I think OrangeDAL really gives him an edge in terms of shopping his mind, in terms of what he really wants to do. So I think that's really useful. So if you are a founder in the audience, I would definitely recommend you apply for OrangeDAL. They have really high-quality mentors who are serial entrepreneurs and they know how to deal with the stuff and they know how to help you get funding, the tricks and how to deal with bear market bull market. So I would definitely recommend OrangeDAL to you guys if you want to start a startup or you have an idea that you want to bring it to market. And that's basically my answer to your question, marcus.
Speaker 2:Thank you very much and I do want to thank you for a very comprehensive answer.
Speaker 2:Also certainly appreciate you answering from the angle that you came in, because that does put a personal touch and helps understand the vision, and I don't know if Victor could have said it better.
Speaker 2:You know kind of the vision for how you guys chose to get into the space and also you know great recommendation for Orange Down.
Speaker 2:That was another thing I was curious about is you know what role they played and, yeah, good to know that you know that opportunity also exists for others who may have an idea that they want to bring the light in space and that they have a mentorship. I want to ask you a question, bringing it back to the technical side of it. So for those who are, you know, sitting at home, that have a couple went to domain sitting, you know, in their go daddy encounter and their pork bun or wherever it is that they have, and they're saying, okay, you know, I might want to try this out, let's see if I can get some of my names on the open seat, what is kind of in a, in a, in a simple, step by step way, the technical process, for them to do so with the name fi, kind of from the time that they're looking at the domain of their portfolio, so the time that they're looking at the NFT, you know, on open seat.
Speaker 3:Okay, yeah, I think If you're interested in using the five, just go to our Twitter and we have our website link out there. You can actually fill in your details and submit a kind of a way list to try our beta application, which is live on me, that so, which means every domain you register is real. You can trade it on open scene, magic eaten, with no problem. So how you can do it, I'll just give you an overview, but it's quite difficult to demonstrate without a kind of screen sharing, but it's actually really simple. So you, there are two, two major functions. So the first function is that you can tokenize new web to domains on the five by just typing in your imaginations in the browser or the search bar with the name fi platform and then to see if it's available or not. If it's not available, you can search other other names. If it's available, you can just tokenize it. And then and it's really quick, it's just one step you can tokenize it. It's really fast process. And if you want to, if you have existing web to domains that you want to import into, you want to deploy on on Ethereum, it's totally fine to just search, just use the same search bar and search your web to domain name, for example, marcus dot com, and then you would see the result on the display that that tells you that this domain is unavailable. Yes, of course it's available because it's owned by you and other registrar and in order to tokenize the internet tease you could, you have to you have to copy, copy and paste the off code from the registrar you registered your existing domain with and then, and basically with the off code, you can import your domains to, to, to nearby, and eventually it's, it's the only thing that you can trade and collateralize on defy and and all of the decentralized marketplaces. And that's basically the two very basic functions with with support. And just to make sure that you understand, there are other features which may not be necessary for you, but it's really cool. So the first feature that when you register domain or important domain on in five, the domain is automatically, basically it's automatically resolved to your own in the end of the handle. So which that means is that in the future, you could send crypto to your web, to domains, just like sending crypto to your, to your, in the end of the handle. So that's a feature. And second feature is that once you register domain on in file import domain, which you don't really want to deal with the DNS management. You don't want to deal with the hosting stuff, you just want to register it and that's it. You don't want to create a website website.
Speaker 3:We actually support this auto parking function that allows you to auto park your domain. So we host a server for you, so your domain will. If you type the domain you haven't really managed on browser and Google, whatever you can actually see your domain is being auto parked and on that page you will find the link to your domain open, see page and and also an AI description for why your domain is valuable. And this is basically the like, the nice feature, with support on top of the core functions, as I mentioned, tokenizing new what to do means and also importing your existing what to do means on onto onto Ethereum and in future will be multi chain, so don't worry about it. So if you still don't understand what I'm talking about, it's totally understandable, because I really don't really have a display to show intuitively how that's done. Just just register for the way list and we will drop your tokens for for that, for that function. Yeah.
Speaker 2:I think you're. I think you're the same as me that that it is definitely easier to have something visual in front of me to explain something. But being somebody who has gone through the process, though, I can attest to how easy it is. And there is one thing I want to go back to, because I didn't know that you could register brand new names with the import. It really is that simple.
Speaker 2:You search for the name your own name, even the one that you know is already taken you search for it in the search bar. Once you see that name, it'll give you instructions for how to start the import process, and then, if you've dealt with web to domain names before, you simply start the transfer process. You get the auth code, you put it into their system, while you got it in a T domain name. It sounds like it's harder than it is, but it really isn't that hard. But yeah, the feature I did not know, though, however, is that you can register brand new domains, so that that is that is something that is good to know. Offhand, do you know off which TLB's that are available for people who are looking for new domains that they want to just start off with?
Speaker 3:on name five, we definitely support dot com domainsxyz. Currently, we support over 327 domains and I think dot com it's probably the most most known domains out there for you to tokenize. And if, if you cannot find the top level domain that you want to tokenize, just shoot us an email or DM us on Twitter. If it's I can accredited registry, we will definitely help you out in terms of missing that. On on me. Five for you, but currently we support over 327 domains. Most of them are really niche, so you might get frustrated of not finding your favorite ones like the IO. We are striving for that and and and in fact, the reason why Victor is not here today is because he is attending the icon summit in South America to really work with more registries and registrar and to bring more domain top level domains to our customers, and we are we're really working hard on that.
Speaker 2:Yeah, victor puts in a lot of work, so he's out there. I think I mentioned that before in another space. Our friends at free name are also out there. I know Victor's out there in Puerto Rico At the icon event really pushing, you know, the projects for this is.
Speaker 2:This is a good thing because, collectively, you know they're all turning.
Speaker 2:You know these Dinosaurs quote, unquote heads to Web three and the utility that they can offer, not only, you know, to us coming into the space buying these assets for the first time, but even for them, with their assets, bridging them into Web three.
Speaker 2:And so, yeah, my next question actually is about your launch, and I don't know what stage you're currently in the launch, but I know that quite a few people have had the opportunity to already experiment with and tokenize domain names on the platform.
Speaker 2:You had mentioned earlier that a few things do come automatic with these names when they're bridged onto the blockchain through name five, and so quote unquote or, for example, with the, the, the main resolution, and then also with the fractalization. So, yeah, for those again who may be sitting on the back of web two domains who are thinking about importing them into web three, and most, I suspect, will do so for the economic opportunity that exists by accessing the liquidity that is on, that is in web three, that is in, you know, nft marketplaces. But aside from that, what utility is added to them or what additional utility is projected? You know, and now we're kind of talking about you know, some roadmap questions, so I guess you know attend to add in the future as additional utility to these domains, besides, like I said, simply just being tokenized and being able to be added to open C.
Speaker 3:Yeah, so yes, thank you, marcus, as I mentioned. So currently you can see, it's very simple we just tokenize the DNS names into NFT and you could trade on decentralized marketplaces and it's interoperable to NFT landing platforms. So, as I mentioned, because we're really at the expert of smart contract and you can, you can really see us as the sequel of USDC, so we're really behind domains and smart contracts is actually you can. It's just dependent on your imagination, like you can do a lot of things with it. So, in terms of roadmap, we are in talk with Story Protocol, so they are actually the pioneer of programmable intellectual properties. So what does that mean is that they are basically tokenizing intellectual properties, ip sound chain, and what that means with NINFI is that, as I said, as domains is a single piece of digital assets and within it's the potential of multiple digital assets and multiple intellectual properties, such as IP and the person who is hosting it SEOs and that if we link that with programmable IPs in the future, we can unlock really the liquidity potential out of your domain. So it's really making the finance parts of your domain flow and that's basically our midterm goal or long-term goal for helping our customers. But that's, as I said because the tokenization track, although it has been talked for many years, it's really early.
Speaker 3:A lot of projects such as tokenizing real estate, tokenizing IPs, tokenizing stocks. It's really early in the space, I think, the reason being the lack of talents in space and also regulations, and also because these real-world assets you actually have to deal with the real world, the compliance, the regulations. That's why it's creating such a hurdle here, but definitely, as we start it, it's going to accelerate. So, just for long-term vision, we are unlocking more financial possibilities out of your domains and that's our vision. I think there are a lot of people who are also creating ventures in the identity space. How domains can be linked to identities really to your financial identities on the blockchain and social identities on the blockchain. Since it's the smart contract that's built on top of it, you can't really do anything with it, with the finance, with identity, with socials, anything with it. It's just a matter of time on how other projects in the space are catching up so we can collaborate. For, just to speak in more concrete terms, for our short-term goal, we're rolling out our version two applications, which is going to be multi-chain, so our customers will enjoy better user interface and user experience in terms of the aesthetics of the website and also the speed of the website. So we're really pushing forward this multi-chain and version two applications.
Speaker 3:We've published our recent progress on our weekly newsletter. If you're interested, you can come to our Discord channel or check our Twitter. We publish weekly newsletters for our progress. That's really the concrete terms. We're building incrementally towards the vision I talk about. So if you really have an idea about how a smart contract could unlock domains to do more things, just DM us. We're here to listen and we're here to build the best product possible for you.
Speaker 2:Yeah, a lot of people, through your platform, are going to be exposed to a much bigger business than I think we realize. The meaning is especially those of us who have entered it primarily from the Web 3 space. Again, most of us and this is no knock to us, because I'm sure a lot of us have made plenty of money flipping the veins but that is the relationship most of us have with it and the value that we obsess with it. Partially that's because of their utility as well. But TwoSpace has a lot of needs and being able to solve those needs puts you in a very great position, as you've already imagined, which is why you're building your platform to serve a lot of that market. But, as you said, there is a need for liquidity. There is other things that can be tokenized. That's something I saw a lot during EVE, denver or WA that that's the acronym Real World Assets. There are a lot of things that would benefit from, are going to benefit from and will be tokenized. The technology is being developed by people such as yourself and others to bring assets such as these on chain IP, on chain real estate, all those things that you mentioned. And this is the true use case of the true benefit of the blockchain. So, yeah, thank you for adding that utility to the Web Two domains. I know a lot of us have been recently introduced so of course I'm speaking to the community that I belong to. We've since been introduced to the community that's been in the Web Two domain space forever, but the community that I belong to primarily has been introduced to the Web Two space with the Web Three space. So a lot of Web Three related domain names on Web Two and have made choices that some of the native Web Two dinosaurs may laugh at. But the blockchain gives relevance and a market to those names and the ability to tokenize it to your platform certainly may create that market for some of us. So definitely appreciate that.
Speaker 2:I kind of want to start wrapping up and very much thank you for your time. This is amazing. Your answers have actually been very deep, very easy to follow and very comprehensive. So for those of you who have been listening, this far wealth of information has been shared. Again, as Sonny mentioned, for those of you who need more information, they do have a Discord that you can reach out to or join to ask those questions. Also, they're very open, so you can reach out to them via Twitter.
Speaker 2:But, yeah, wanted to kind of transition to any news or any projects you have going on right now that you want to highlight. I know, as you mentioned, victor's out there in Puerto Rico at the ICANN meeting. I don't know if you've got something brewing that you want to announce or want to get everybody ready for, but let us know. Also, I know a question that a lot of people have asked as well, and I don't know if the opportunity is still open, but I know a few of your early adopters were able to test the platform up until now. You know were able to do so through credit, depending on their level of participation. I'm not sure what the exact criteria was, but I know a few people have. That opportunity is still open. So, yeah, let us know if there's anything big coming up and if those opportunities are still open.
Speaker 3:Yeah, thank you, Marcus, for highlighting, for helping us to kind of highlight what we want to do and what we are currently open. So what we want to do is that I guess is really the alpha of today is that we're pushing multi-chain. So it's going to be much cheaper to register domains if we open officially to our customers and you can choose to register on whichever chain you like. So that's really what we want to do and what we have been achieving for the past few weeks. So that's the thing. And the second thing is what we are currently open.
Speaker 3:We are still fairly open for early testers to join our platform and to test out our product, because the more users we have, the more we will know that what if our server gets congested or something? So the more mistakes we can make, the better improvement we can do. So we are still very open to our customers' airdrops, but not as many. At first, we drop like 100 service credits, which is equivalent to $100, to users who sign up early, but now we are dropping $50, $25 to $50 to our users. But if you are really liking our product and contribute and participate actively you know Discord, Twitter we are really generous of giving more service credits for you to register your favorite domains or import your favorite domains on chain.
Speaker 2:What is the current cost to the Sardine Reptile? But what is the current cost to import a domain? Just so people can keep that in reference.
Speaker 3:For importing a domain, like a single domain on NINFY and eventually on chain, is 13 service credits 13 NINFY service credits, so that's equivalent to $13. And for different, for other like if you want to register new domains I think forcom is like $13 as well. It actually costs more for, like, a certain domain, but I forgot the name. But some domains cost more than $13, like $17 and $21. But till now, because we are still in beta applications. Just sign up to our waitlist and it's still free to use.
Speaker 3:We are really open to people who are really passionate in the space, because we designed the product for you and we don't want you to miss it. I missed the early alpha. Just come to our website and sign up for it, and our customer service is always online because we are truly a global team. We're operating the US and Europe and Africa as well, so we're the time zones are there, so if you have any questions, just DM us. It's fine.
Speaker 3:Yeah, so if you register on the waitlist, it will be faster for us to drop you some service credits, but for now, we are very slow in terms of dropping because, as you know, the gas fee is for Ethereum, it's very high and we, because of our short of hand of engineering staff, we haven't really designed a smart dropping system. That's correlated with the gas price, so just bear with us and you will be dropped if you are eligible for the waitlist. Eligible means that you have some trading experience in domain names and you have some trading experience in ENS names and you have some experience in FT trading. So we are open to all the three categories.
Speaker 2:Yeah, once the gas goes down becomes a little more reasonable. It's a lot easier to digest transactions. But I'm glad you highlighted the price, because being able to tokenize an entire Web 2 domain and bring it on chains and end up to $13 bucks I mean, as you can see, especially with the credits, you can do quite a bit with them. So, yeah, that is quite a proposition for those of you who still haven't experienced the NAMFI platform and who do have experience, that they are looking for and qualify to get credits. Well, yeah, there's an opportunity to do so, and even if you don't have any experience.
Speaker 2:For those of you who want to try it out with one domain, there you go $13 if you're bridging your own domain name into the platform. Again, do your own research. It's not financial advice. I'm never going to suggest that you do so, but all the information is here at your fingertips. And, yeah, for those of you who may just now be joining the space as we're about to wrap up, we are wrapping up our AMA with NAMFI. They are a platform that allows you to tokenize your Web 2 domain name. So that is yourcoms, orxyzs info, is all those things that you register and go to Daddy Pork Fund, namesheap, etc. As you know, you're used to listing those things on places like GoDaddy and Afternick and Dan. They allow you, on their platform, to turn those into on-chain assets, which now opens them up to NFT markets such as OpenSea etc. So, yeah, they are a platform that allows you to tokenize the main names. We have gone over the technical process of how to do so, we have gone through the benefits of doing so and, yeah, now we are about to wrap up with an offer for you to engage with their platform and learn more, especially if you have an experience. They do have an airdrop and testing opportunity available for you.
Speaker 2:I definitely do want to thank you very much, sunny, for coming on to the space. I've been wanting to do this AMA for a while. It was a pleasure to meet you out in Edinburgh. It was a pleasure to see Victor again out there. Yeah, so again, not a financial device, but for me, meeting people in person, hearing about and seeing people's visions, watching them build those are the things that mean something to me. So you know, definitely looking forward to seeing the platform continue to grow, I'm going to import more names. I think I still got a little bit of credit left so I can get a few more on there. Of course, I got to wait for this atrocious gas as well to die down, but yeah, anything that would you like to leave us with before we go ahead and wrap up.
Speaker 3:Oh yeah, so on Friday we will be inviting we actually we are hosting a Twitter space, a very interesting one, with William Mandrick. So William is the lead author of ERC721. So what that means is that William is the creator of NFT. So, if you will like, william is really an interesting person. So, if you don't, you don't want to miss about the really nitty gritty of Web3 and blockchain and you are naturally curious about non-fungible tokens and how smart contracts can really unlock the future of Internet.
Speaker 3:Just join us on Friday. It's going to be a very interesting one and I think crypto reporter Alex will be hosting the session and I will be contributing questions as well. The director will be there as well, so it's going to be a very interesting session, I promise you. Just imagine listening to the creator of NFT and how he thinks domains are going to be very important for the future of Internet. I think it's going to be a very kind of reassurance of everyone in the domain space that you choose the right industry and it's valuable to be there and to stay there and just bring more values to the industry by yourself. So come to our space on Friday. It's going to be an interesting one and thank you so much, marcus, for inviting us and giving us the opportunity to share about NIMFI in your community.
Speaker 3:It's really, I really have to appreciate your offer for this and I hope you enjoyed East Denver and our session, our tackle session next to UNS events. I really hope you enjoyed and I really hope you enjoyed Denver and I'll see you next time.
Speaker 2:Yes, ma'am, I definitely did and I enjoyed this AMA. Again, everybody, please follow the NIMFI platform so you can stay tuned with their announcements and what they have going on, including their space coming up this Friday. Also, please send a shout out to Alex, aka Crypto Reporter. Had the opportunity to meet him as well. Congratulations to him for being on the NIMFI team again. Good people. So for me, you know, it's very easy to look to the platform as a place where I'm definitely going to be importing a few more of my domains. Yeah and again, thank you. Once again, thank you to everybody for attending.
Speaker 2:If you did miss some of this space, do not fret. This space is recorded so you can listen to it right back here on Twitter as well in a couple days on our website at iheartdomainscom, which is where our entire content archive lives, including a blog version or a blog recap of our space itself. You can either listen right there on the site, or you can read it right there, or you can listen to it on your favorite podcast player, including Apple and Spotify. So plenty of time to get plenty of ways to get this album to your system. Again, big thank you to you, thank you to Victor, thank you to everybody for attending. This is another iheart domains, ama, and we will see you next week. Everybody enjoy the rest of your week.
Speaker 3:Thank you, marcus, bye, bye everyone.
Speaker 2:Yes, ma'am.