The sale of the NFTs.com domain name made headlines as one of the largest publicly reported domain name sales of all time, with the buyer and seller remaining unidentified. Reports indicate, however, that the buyer has an impressive portfolio of top-tier blockchain and big tech-oriented domain names.
NFT itself stands for a non-fungible token, a digitally unique identifier that is registered on a blockchain, used to authenticate and verify ownership, and cannot be replicated, exchanged, or divided.
A company can be defined and identified in various ways, such as using a unique or suggestive name like “Google” or “Puma”, or a descriptive name that directly communicates what the company does, like “Bakery” or “Plumbing Services”. Descriptive names are straightforward and functional, providing clear information to customers without requiring them to interpret the name’s meaning.
Descriptive domain names like NFTs.com provide an easy way to understand what or how something works.
Mystification is simple; clarity is the hardest thing of all.
Julian Barnes, Flaubert’s Parrot
By using common or industry-standard language, customers are presented with a clear categorization of the offering, lessening the cognitive burden. The Familiarity Principle demonstrates how humans are biased toward things that are familiar to them. If a name/product is similar to something they have encountered before, they are more likely to prefer it to something that is completely new.
The findings of the Association for Consumer Research’s Inference from Brand Names study further bolster this point, revealing that:
Brands with descriptive names were consistently rated as higher quality, more effective, more positive and more likely to purchase than brands with non-descriptive names.
Descriptive names are also the most accommodating and comprehensible for an international audience and are the best option when attempting to enter the global market.
The NFT market has seen rapid growth across different industries such as gaming, sports, and art. Reports from Cointelegraph suggest that the NFT market could potentially be worth $231 billion by 2030. To learn more about this trend and its impact on various sectors, read our articles below:
- What Big Brands Leverage NFTS
- Best NFT Projects in August 2021 and Their Domain Names
- NFT game developers August 2021 and their domain names
- Top NFT selling artists of 2021 and their domain names
- Top 10 NFT Marketplaces to Watch in 2021 and Their Domains
Premium domain names are an important investment for any brand. If you’re ready to take the plunge and secure a premium domain name for your business, don’t hesitate to reach out to us for assistance. We’re here to help you choose the perfect domain name and get it set up for your brand.
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