5 Reasons to Transfer a Domain
Transferring a domain is a prevalent practice that can happen for several reasons. These are very different motives, from gifting a domain to reselling it and making a profit.
Migrating or transferring a regular domain can take up to a month, but NFT domains can be transferred to another investor in seconds. This guide will go through the reasons to transfer an NFT domain, what transferring does to it, what domain migration entails, and much more.
What Does Transferring a Domain Do?
For standard centralized systems, transferring a domain is the process of changing the registrar. The database, domain information, and website remain the same. This process is quite complicated, and business owners often need to request help from the registrar to avoid making any mistakes.
On the other hand, when it comes to NFT domains, the only element that changes during a transfer is the owner and the smart contract. This is only one of the many reasons why NFT domains are more convenient than regular ones.
Are NFT Domains Safe?
This is the million-dollar question. NFT domains have been on the market for a while but have been booming only recently, given the fact that NFT domains are hosted on the blockchain on Ethereum and are, therefore, very safe.
Apart from that, since they’re hosted on the blockchain and not centralized, they will not be censored as opposed to regular domains.
Are Blockchain Domains a Good Investment?
If you already have a website or are thinking about purchasing a domain, then NFT domains are the best investment. They’re safe, you have complete control over it, you’re the only owner, and you have no renewal fees, unlike standard domains.
Apart from that, blockchain domains sell out fast, and you should make sure to buy yours before someone else does – once it’s gone, it won’t be back on the market unless the owner resells it.
5 Reasons to Transfer a Blockchain Domain
As highlighted previously, there are several reasons for which you’ll want to transfer a domain – from the most basic to the more complicated motives. Let’s dive into the most common ones.
Transferring it as a Gift to Other Investors or Friends
NFT domains are the future of the internet, but not everyone is aware of their potential. In fact, while millions of blockchain domains were sold on the market, they’re only a very small fraction of the internet as we know it today.
But Web3 is here and will be staying, and the technology behind it will only improve with years passing by. Transferring a domain as a gift to friends, family, or other investors will be very useful to them in the future.
As a reminder, transferring an NFT domain only takes a few seconds!
Everyone can change his mind, and NFT domains aren’t an exception. If you bought a domain and didn’t make any use of it, then chances are, you will want to resell it. Once you purchase a domain, it’s yours for good, and you can do what you want with it, including reselling it.
The major NFT and blockchain domain reselling platforms are Cloudname, OpenSea, Rarible, and Binance. But if you’re not really into these secondary markets, you can organize a private sale. We will talk more about this in the following paragraphs.
Selling Privately to Investors
We just discussed the second-hand online markets reselling NFTs, domains, and more. But, if they aren’t really offering what you need, then organizing a private sale is definitely an option.
If you happen to have bought a popular domain and someone wants to buy it from you, then you’re free to do so.
NFT domains are hosted on the blockchain and owned through smart contracts, which allows the owner to resell them without an intermediary party. Also, since they’re connected to a crypto wallet, you’ll be able to receive crypto in seconds and immediately transfer the NFT domain to their wallet.
Transferring Your Domain for Business Reasons
Business is another reason why users may want to transfer their domain. For instance, if the business domain were registered by one employee under their private account or email, that company would request the transfer back to their department.
Or, if you happen to have bought one domain and a corporation wants to buy it from you, then this is considered a business reason, and they could be paying you significant sums of money for that NFT domain.
While privacy is mainly an issue for regular domains, it may be a problem for blockchain domains. However, as mentioned previously, NFT domains are very safe, and we highly recommend investing in one today.
Back to privacy concerns for a moment. Some information may always leak on the internet, and Web3 isn’t exempt from these privacy issues. In case the domain’s owner doesn’t want to reveal his identity or personal information, but sadly that domain is leaked for one reason or another, then that domain could be transferred.
At Cloudname, we are equipped with a world-class security system to protect all domains and information leaks. That being said, once the domain is sold, we have no control over it anymore, and the owner will be fully responsible.