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 new blockchain-based decentralized technology used in Web3, the next generation of Web 2.0.

It consists of dynamic web extensions to the foundational and leading technologies, such as dot-web3, dot-metaverse, dot-vr, and dot-btc, which showcase and connect each growing technology in 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 visible to all, creating a transparent ecosystem.

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

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

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

Going back to the topic of the lesson: Domain!

Traditionally…

Domains are controlled by the domain registrar, which submits and registers domains for users. It determines whether this person will now handle the reservation of this domain name together with an IP address for the domain name.

When you register these domains, you proceed to checkout and it shows an image where customers think they are buying the domain name but are renting it.

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

This is some of what has happened here over the years. Because you just leased the domain name from these service providers who got full possession of the domain, you were considered to be in control of the domain.

Moreover, the rent is also determined by how long you are willing to pay for the domain, which means that those who want to keep a domain name forever will have to pay the renewal fees.

Suppose you want to host a website and pay the rent, accept our rules, follow our instructions and even follow these extraordinary terms. If so, you do not get ownership, infringement rights, or even content or data control.

Furthermore, these domain registrars have the authority and ability to monitor websites and retain any content deemed inappropriate or restricted without even asking your permission.

Isn’t that frustrating? This is the main reason for the need for Quik.com NFT domains and why many users shifted dramatically and immediately from a traditional management 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 class and find out exactly what “ownership” we get with Quik.com NFT domains.

Legal implications of NFT domains

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

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

Quik.com NFT domains are owned forever and once minted and transferred to the user’s wallet, they cannot be reversed or retrieved. It is also non-renewable and cannot be retrieved by Quik.com.

Each 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 utility of the technology and the utility of domain owners to control domain ownership from any compatible wallet , stock exchange or marketplace.

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

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

Since they are stored and linked to crypto wallets, another security mechanism, they can be bought, sold, exchanged and transferred as cryptocurrencies without extensive documentation.

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

NFT domains are not subject to ICANN since they are built on blockchain technology, a block-to-node network. The whole 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 anyone can verify to see who owns the domain. Blockchain technology could change how we interact with the Internet.

This shows the security of Quik.cdomain’somain. Since the holder is given 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 manage the domain, large organizations and controlling entities cannot influence how we post, host and joke. This allows people to market themselves however they see fit.

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

Realize the abyss that it took us almost two decades to achieve such a feat after the dot-com boom. Despite this, NFT domains correlate with modern free speech trends, which may one day lead to the complete replacement of the existing domain market due to its autonomous legal implications on ownership.

However, only time will tell how much NFT domains will improve, as the idea is still evolving and has not landed on a universal definition. So, given that you know how it breaks through traditional areas at all levels, why wait to regret it?

New now and unlock your identity with NFT Domain!