Unstoppable Domains Abandons ICANN Plans for Web3 Extensions
Unstoppable Domains has abandoned its plans to seek ICANN recognition for nine of its Web3 domain extensions, including .crypto and .wallet. The decision was made after the company found that the costs associated with compliance, application fees, and potential auctions would exceed the revenue it expected from sales.
The affected customers will receive refunds, as announced by founder Matthew Gould. However, the amount covered by each refund is not publicly disclosed, and Unstoppable Domains has not released a complete list of eligible extensions.
Gould assured that the domains will continue to operate as on-chain assets, allowing owners to use supported names as readable aliases for cryptocurrency addresses and other functions within compatible wallets and decentralized applications.