The developers behind the popular memecoin Shiba Inu have decided to bring a new offering to its investor community. The Shiba Inu team has applied to acquire the ‘.shib’ domain, which if approved, would let members of its community create email addresses with the ‘.shib’ suffix. This top-level domain (TLD) will work natively with Web3 elements like crypto wallets and be compatible with traditional email applications.
Presently, the Web3 domains that are in circulation like .crypto and .eth do not work natively with critical internet tools like web browsers and email. This is because they do not operate on the traditional Web2 Domain Name System (DNS).
The Shib team has partnered with D3, which is an Internet domain firm, in order to provide these ‘.shib’ usernames to its community members. D3, founded in 2023, aims to create the next generation of domains that would be interoperable between Web2 and Web3.
The domain startup posted an official update about its partnership with Shib on its X handle.
As part of the process that entails Shib’s application for this new domain, D3 will first seek approval from the Internet Corporation for Assigned Names and Numbers (ICANN) — a US-based non-profit organisation that creates and enforces policy on the internet’s identifiers.
If things go well, Shib developers will offer ‘name tokens’ based on .shib that would eliminate the need for its community to create long, alphanumeric crypto wallet addresses to juggle assets among multiple blockchains.
As of now, the development has not ushered any significant change in its pricing. At the time of writing, the value of Shiba Inu stood at $0.000010 (roughly Rs. 0.000850).
In recent times, crypto-related domain names have come to garner major popularity around the world. Last year, authorities in the UAE announced that women entrepreneurs aiming to experiment in the Web3 arena could apply for a free domain name.
In June 2022, crypto exchange firm Blockchain.com decided to list 86 million ‘.blockchain’ domain names for up for grabs for free, supported by Unstoppable Domains.