ApeCoin Community Greenlights ".APE" Domain Registration with ICANN, Aims at Major Revenue Growth
Summary:
ApeCoin community members have approved a proposal to register ".APE" as a new TLD with ICANN, in collaboration with Web3 domain specialist D3. The ApeCoin DAO believes that the forthcoming .APE domains could generate millions in yearly revenue. Under the deal, income produced by the APE name tokens and .APE TLDs will be evenly split between ApeCoin DAO and D3. The total costs for the project are estimated to be three million ApeCoin (APE).
The collective members of ApeCoin have given their approval to a proposal outlining the registration of ".APE" as a fresh top-level domain (TLD) with the globally recognized domain names and IP addresses authority, ICANN (Internet Corporation for Assigned Names and Numbers). The blueprint, conceived in concurrence with ICANN's strategic objective of incorporating novel generic top-level domains (gTLDs) by the second quarter of 2026, advanced by the ApeCoin decentralized autonomous organization (DAO), proposes a partnership with D3, a specialist in Web3 domains, to produce the .APE TLD as a tangible asset. A majority (91.68%) of the ApeCoin members endorsed the plan, with a minority (8.32%) rejecting it. D3 is set to take charge of preparing and submitting the application process, which is anticipated to take around a year. Additionally, D3 has plans to provide APE-associated name tokens as an immediate identifier for Web3 users.
The ApeCoin DAO, after voting to initiate .APE domains, believes these domains, once operational, could produce millions in annual revenue. As part of this arrangement, any revenue generated by the APE name tokens and the .APE TLDs will be divided evenly between ApeCoin DAO and D3.
It's important to note that the proposal pointed out that a TLD can't be owned. Instead, ICANN contracts the rights to operate and monetize each TLD on an exclusive basis, with automatic renewals every decade.
Three million ApeCoin (APE) are to be allocated as the total costs for the initiative, as evidenced above. D3 will handle all associated costs for technical and operational maintenance of the .APE namespace, as well as marketing the initiative to a wider audience, in collaboration with contributions from ApeCoin DAO.
In previous news, February 2024 saw a partnership agreement between GoDaddy and Ethereum Name Service to link Web3-managed .eth domains with DNS top-level domains free of charge. This partnership between GoDaddy and Ethereum Name Service addressed the issue of prohibitive gas fees deterring users from transferring domain names over to ENS. According to Paul Nicks, GoDaddy's domain president, this development represents a merging of domain names and blockchain technologies beneficial to both Web2 and Web3 ecosystems.
Back in July 2023, Unstoppable Domains, a competitor of GoDaddy within the realm of Web3, facilitated user purchase of .eth names via new payment options, thus simplifying the ENS domain management process.
Published At
4/4/2024 12:55:31 PM
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