The advent of Web3 domains has sparked a new wave of innovation in the digital landscape. These unique domain names built on blockchain technology offer unparalleled opportunities for users to claim ownership, retain control, and monetize their digital assets while promoting privacy, security, and freedom of speech on the decentralized web. In this blog, we will explore various monetization strategies and use cases to maximize the value of Web3 domains including 5ire domains.

What is 5ire?

5ire is a fifth-generation blockchain ecosystem that aims to empower and incentivize self-governing decentralized organizations towards sustainable development, specifically aligned with the United Nations 2030 Agenda for Sustainable Development.

The proprietary blockchain of 5ire, 5ireChain is designed with a proof-of-benefit model. It prioritizes sustainable practices beneficial to the environment. The goal of 5ire is to revolutionize access to capital through finance platforms that address environmental challenges. The ecosystem aims to shift the paradigm from a for-profit economy to a for-benefit economy by embedding sustainability and social impact in its runtime logic.

5ire values community, accountability, innovation, transparency, and a shared sense of purpose, and believes that blockchain technology can provide verifiable and transparent records to empower broader communities and improve environmental governance. 5ire is one of India’s fastest-growing unicorns, enabled by a global community.

5ireChain provides a range of use cases across various sectors:

E-Government:

5ireChain aims to facilitate interoperability between off-chain digital legacy systems and governmental infrastructures powered by blockchain technology. This integration can bring the security and transparency advantages of a decentralized system to legacy systems, allowing for more secure and credible processing of citizens’ and users’ data. Examples of use cases in the public sector include agribusiness insurance coverage, self-sovereign digital identity aggregation and identity management, land registry and land title transfers, intellectual property protection and digital rights management, and voting.

Healthcare:

5ireChain can be used in the healthcare sector to improve data security, scalability, and elasticity challenges in digital identity management. By enabling self-sovereign identities and on-chain credential verification, 5ireChain can give individuals and healthcare organizations more control over their data while still ensuring privacy and security.

Society 5.0 and Smart Cities:

5ireChai supports urbanization in a sustainable for-benefit operating model, instead of a profit-driven paradigm. With the rise of urbanization, smart cities, and Society 5.0 initiatives, 5ireChain can be used to develop blockchain-based solutions. These solutions promote sustainability, efficiency, and inclusivity in urban environments.

DeFi 5.0 User-Centric Decentralized Finance:

5ireChain enables the development of decentralized financial applications and services in a sustainable and user-centric manner. By eliminating the need for middlemen and promoting permissionless, censorship-resistant, and trustless financial transactions, 5ireChain aims to make sustainable DeFi accessible to the unbanked and support financial services on a for-benefit basis.

United Nations Sustainable Development Goals (SDGs) as Indexes:

5ireChain plans to tokenize the 17 SDGs and bring them on-chain. It leverages the transparency and accountability features of the blockchain to support the for-benefit paradigm. This can enable the tracking and verification of progress toward the SDGs, and promote sustainable practices in various sectors.

Future of Naming Services:

5ireChain offers an innovative solution to building secure naming systems using blockchain technology. By creating decentralized, immutable, and easy-to-access naming services, 5ireChain can enable secure and transparent naming systems for various use cases. This will bring decentralized governance to the DNS hierarchy.

Metaverse:

5ireChain values the role of virtual reality (VR) and augmented reality (AR) in enhancing business cooperation and engagement in the future. By supporting decentralized autonomous organizations (DAOs) and interoperability among different IoT and VR solution providers, 5ireChain can promote a more inclusive and collaborative metaverse ecosystem.

Overall, 5ire aims to facilitate the shift from a profit-driven to a for-benefit paradigm in various sectors. These include e-government, healthcare, smart cities, decentralized finance, sustainable development goals, naming services, and the metaverse. Moreover, 5ireChain incorporates sustainability and social impact into its runtime logic and consensus mechanism. The Chain strives to promote responsible and sustainable technological development for the benefit of humanity.

Monetization Strategies for Web3 Domains

Domain Flipping:

Just like traditional domain names, Web3 domains can be bought and sold on the secondary market. This creates opportunities for domain flipping. Users can purchase Web3 domains at a lower price and then sell them at a higher price, capitalizing on the increasing demand for unique and memorable domain names in the digital space.

Renting or Leasing:

Web3 domains can be rented or leased to businesses or individuals who want to establish their online presence with a unique domain name. Users can set up lease agreements or smart contracts that define the terms, duration, and payment arrangements, allowing them to generate regular income from their Web3 domains.

Building and Selling Websites:

Web3 domains can be developed into websites or online platforms offering products, services, or content, then sold to interested buyers. Users can leverage the value of their Web3 domain by creating an attractive website or platform that caters to a specific niche or community and then selling it for a profit. You can create customized domain names with 5ire at DApps Soul for only 10 MATIC.

Advertising and Sponsorship:

Web3 domains with high traffic and engagement can be monetized through advertising and sponsorship opportunities. Users can display ads, sponsored content, or sponsored links on their website or platform, and earn revenue based on the number of impressions, clicks, or conversions.

Which Web3 Domains Generate the Highest Revenue?

Let’s begin by discussing the Web3 domains that have generated the most money. According to a survey conducted by domain investor Matt Garcia on November 22, 2021, as discussed in his YouTube video. The study analyzed sales data from August to November 2021 for domains ending in .eth and .crypto that were sold for over 1 ETH. The survey included a total of 388 sales, and the analysis focused on various criteria, including the number of characters, number of words, use of singular or plural forms, word types, and domain purchasing reasons.

The following trends were observed based on the survey findings:

1. Domain names with 3 to 8 characters accounted for 85.05% of the sales.
2. Single-word domain names accounted for 85.23% of the sales, while two-word domain names accounted for 11.74%, and three-word domain names accounted for 3.03%.
3. Domain names with singular forms accounted for 80.82% of the sales, while plural forms accounted for 19.18%.
4. Nouns were the most popular word type, accounting for 65.98% of the sales, followed by emojis at 14.18% and acronyms at 5.41%.
5. The most common purchase reasons were for “icons” at 40.46% of sales, followed by “brands” at 18.04%, “terms” at 13.4%, and “identity” at 19.59%.

In conclusion, the highest-selling Web3 domain names tend to have 3 to 8 characters, be single words in the singular form and include nouns or emojis. The most frequent purchase reasons are related to the “icons” category, indicating that the collectible aspect of domain names is of particular interest to buyers.

Tips for Making Money from Web3 Domains

Now, let’s delve into the tips for making money from Web3 domains. Some of these tips have already been mentioned throughout the article. But here’s a handy checklist to help you maximize your earnings:

Research and Learn:

It’s crucial to thoroughly understand the technology and do your own research before seeking domain name advice. The data provided in this article serves as a starting point for your research.

Be Patient:

Generating revenue from Web3 domains may take time, so patience is key. It’s important to set realistic expectations and be prepared for the long term.

Set Realistic Goals:

Understanding the Web3 domain market is essential for setting realistic goals. Don’t expect immediate returns or rely solely on tricks that worked in the Web2 domain market. Play smart and be prepared for long-term investments.

Start Slow:

Avoid impulsive buying and invest wisely in quality domains instead of purchasing numerous low-value ones. A single well-chosen domain can potentially generate more revenue than multiple low-quality domains.

Learn from Web2 Domains:

Consider researching the most expensive Web2 domains ever sold and explore their Web3 alternatives. This may seem obvious, but it could be an overlooked strategy with the potential for profit.

Pick a Good Domain Name:

Stay updated with trending domain names and be selective in choosing domains with potential demand. Trends change over time, so regularly fact-check and update your data to make informed decisions.

Choose the Right Blockchain:

The success of Web3 domains is closely tied to the success of the blockchain they are based on. Stay informed about different blockchains and their potential for future growth. For example, Web3 domains based on emerging blockchains like Solana may offer profitable opportunities.

Anticipate Future Success Projects:

A smart strategy for making money from web3 domains is to anticipate the success of a business. This could involve registering a domain in the name of an existing small business that is thriving online, or predicting the potential success of a business in the future. For example, you could register a domain in the name of a popular bakery business and sell it to them when they need it in the future. Alternatively, you can come up with catchy domain names for web3 business ideas and mint them before anyone else.

Numbers Matter:

Numerology holds a certain mystery, and learning about it can be beneficial when it comes to investing in web3 domains. Numbered domain names can be a lucrative investment, as evidenced by the sale of “000.eth” for 300 ETH (worth $321k at the time).