The Web3 Domain Alliance, a member-led alliance to provide a standardized framework for Web3 naming services, announced 51 new members, including Blockchain.com, Rarible, Wyre, Bitdegree, WazirX, and Klever. According to the company, these companies will help promote the development of the Web3 naming industry and the operation of the Web3 domain name registry. The Alliance is a member-led coalition working to improve the technical and public policy environment for users of Web3 naming services. With the addition of new members, the alliance said it will focus on topics such as consumer protection, preventing naming conflicts, fair and open use of industry intellectual property, and interoperability of blockchain naming systems. The alliance's shared goal is to champion industry standards for the Web3 domain, thereby fostering innovation and creating a secure environment.
In response to growing interest in the Web3 domain name industry (reportedly, more than 3.4 million domain names will be created in 2022), the Web3 Domain Name Alliance was formed in November to set standards for the blockchain naming industry. The group plans to hold discussions with the Internet Corporation for Assigned Names and Numbers (ICANN) to increase their understanding and acceptance of Web3 top-level domains (W3TLDs).
Sandy Carter, Senior Vice President and Head of Channels at Unstoppable Domains, said: "As a founding member of the Web3 Domain Alliance, we are honored to work with our newest members to unlock the potential of the Web3 domain space.
"Together we will build a Web3 domain space where new ideas and innovations can flourish and more people can have their own digital identities," she added. In November, Cointelegraph reported that Unstoppable Domains had launched the Web3 Alliance, which aims to create self-regulatory councils. Initial participants in the alliance include Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and Klaytn Name Service.
In 2022, Unstoppable Domains raised $65 million in Series A funding, boosting its valuation to $1 billion following the boom in non-fungible tokens and the popularity of digital identity profiles.
