The Alliance said its focus would include consumer protection, preventing naming collisions, fair and open use of intellectual property in the industry, and interoperability of blockchain naming systems.
The Web3 Domain Alliance, a member-led coalition that aims to provide a standardized framework for Web3 naming services, has announced 51 new members, including Blockchain.com, Rarible, Wyre, Bitdegree, WazirX and Klever. These firms will help promote the development of the Web3 naming industry and the functioning of Web3 domain registries, according to the company
The Alliance is a member-led coalition focused on improving the technological and public policy environments for users of Web3 naming services. With the addition of new members, the Alliance said that it will focus on consumer protection, preventing naming collisions, fair and open use of intellectual property in the industry, and interoperability of blockchain naming systems, among other topics. The collective goal of the alliance is to champion standards in the Web3 domain industry, thereby, promoting innovation and creating a secure environment.
In response to the growing interest in the Web3 domain industry, evidenced by the reported creation of more than 3.4 million domains in 2022, the Web3 Domain Alliance was established in November to set standards for the blockchain naming sector. The group plans to engage in discussions with the Internet Corporation for Assigned Names and Numbers (ICANN) to enhance their knowledge and recognition of Web3 Top Level Domains (W3TLDs).
Sandy Carter, the senior vice president and channel chief of Unstoppable Domains, said: “As a founding member of the Web3 Domain Alliance, we’re honored to work alongside our new co-members to unlock potential in the Web3 domain space.
“Together, we’ll build a Web3 domain space where new ideas and innovation can flourish and where more people can own their digital identity,” she added.
In November, Cointelegraph reported that Unstoppable Domains launched the Web3 alliance, which sought to create self-regulating boards. Initial participants of the alliance included Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and Klaytn Name Service.
In 2022, Unstoppable Domains raised $65 million in a Series A funding round, boosting its valuation to $1 billion, following the nonfungible token boom and the popularity of digital identity profiles.