Zurich, Switzerland, March 02, 2023 (GLOBE NEWSWIRE) — Freename is proud to announce a strategic partnership with Young Platform, leading European Exchange.
Freename is an innovative platform that allows users to purchase, manage, and use Web3 top-level and second-level domains in a cost-effective manner. To clarify the difference between top-level and second-level domains, let’s take the example of Freename: the “.io” is the top-level domain (TLD) while “freename” is the second-level domain (SLD). Whenever a new user purchases a domain on a given Top Level Domain, the TLD owner gets a percentage of the value of that domain, effectively becoming a Registrar himself.
Technically speaking, Freename’s Web3 domains are NFTs, non-fungible tokens that comply with the ERC-721 standard and are therefore compatible with the entire landscape of existing crypto services and applications. Currently, Freename supports Polygon, Binance, Aurora and Cronos blockchains.
The integration, born from this partnership, will allow our users to search for a Freename domain directly on Young Platform Web, evaluate its price, and decide whether to purchase it. Using a search bar, the user will be able to view a list of results based on the keyword entered, i.e., all domains available for purchase. Clicking on the “Buy” button the user will land on Freename website where he can create an account to complete the purchase. Freename domains can be used to send your tokens to a crypto wallet: the domain contains the information needed to tell the blockchain which wallet to send the tokens to. Therefore, thanks to the integration, it will be possible to send and receive your cryptocurrencies from Young Platform wallets via domains instead of wallet addresses.
Web3 Domains Utilities
NFT domains are essential for exploring the potential of Web3. They have numerous functions, such as serving as a readable and easily shared wallet address, resolving traditional websites, creating and displaying a decentralized website, and sending blockchain-based emails and messages. With these and other features, NFT domains are used to manage one’s identity on the Web3 and bring together all one’s online profiles with a simple and straightforward tool.
Freename fits into this context and aims to simplify users’ entry into the new decentralized phase of the Internet. A mission in line with that of Young Platform, which aims to popularize these issues to bring more awareness.
We are witnessing a real paradigm shift in which all the benefits of blockchain will be applied to the Internet in all its aspects, from information sharing, to payments, to virtual socialization opportunities.
Davide Vicini said, “We are delighted to partner with Young Platform, the leading cryptocurrency exchange in Europe and at the forefront of the Web3 world. The integration of Web3 domains will enable Young’s customers to use their domain as a payment address, send and receive Web3 e-mails, and surf the Internet with Freename domains.”
Andrea Ferrero, CEO of Young Platform, concluded, “We are happy to welcome Freename to our platform, offering our customers the opportunity to purchase and exchange Web3 domains. This partnership is a step forward for us in making the use of cryptocurrencies and Web3 domains more accessible and easier for our users.”