Unstoppable Domains Will Cut Fees Thanks To Polygon: Report

Unstoppable domains will cut down fees for mining NFT domain names thanks to its transitioning from Ethereum to Polygon so let’s read more in our latest cryptocurrency news today.

Ethereum’s popularity came with a high transaction cost but Polygon which is built atop Ethereum aims to increase transaction speeds and lowering costs. Unstoppable Domains will move its domain names to Polygon because of that. Blockchain domain names company Unstoppable Domains will not charge customers gas fees to mint NFT domain names as of today according to the announcement and it even completed the first phase of the move to Polygon which is a layer-2 scaling solution that will speed up transactions and cut down on fees.

The company made use of the Zilliqa blockcahin initially before moving to Ethereum and now Polygon which is an eco-friendly blockchain that can scale Ethereum. The gas on Ethereum refers to a variable cost of making a sort of transaction on the network and can even become really expensive. Gas fees to mint a single domain via ETH were as high as $100 and while ETH is now in the process of upgrading the network to reduce these fees, it is unclear when the upgrade will be complete and this can also explain why the platform is moving to Polygon now.

Unlike other NFTs that are associated with visual arts like gifs, images, or short videos, NFT domain names are web domains that exist on the blockchain and these tokens can be used to represent ownership over other types of digital items as well. The domains serve a dual purpose of providing a short wallet address similar to what Ethereum name services do with the .eth domains. Unstoppable Domains claims that more than 1.5 million domain names have been set up since 2018 and now the company allows users to purchase domain names that end in .crypto, .nft, .dao, and more. Now that Unstoppable Domains moves to Polygon, the company will offer support for the domain management as well as transfer solutions from the older domains on Ethereum and Zilliqa.

All users by the end of the month will be able to set up the domains on Polygon with their crypto addresses and other features like NFT galleries and social media links so if users want to move their domains to Ethereum, they can do so in early 2022 but the higher gas fees will apply.

Source: https://www.dcforecasts.com/altcoin-news/unstoppable-domains-will-cut-fees-thanks-to-polygon-report/