The Web3 Domain Alliance, a member-led coalition that aims to provide a standardized framework for Web3 naming services, announced 51 new members, including Blockchain.com, Rare, Wyre, Bitdegree, WazirX and Klever. These firms will help support the development of the Web3 naming industry and the operation of Web3 domain registries, according to the company.
We are pleased to announce that 52 new members are joining the Web3 Domain Alliance including @blockchain, @rare, @sendwyre, @bitdegree_org, @WazirXIndiaand @klever_ioalong with dozens of other naming systems, projects and companies! #W3DA
Why this is great news [1/4] pic.twitter.com/rzSlYKYpEh
— unstoppable.nft (@unstoppableweb) February 22, 2023
The Alliance is a member-led coalition focused on improving the technology and public policy environment for users of Web3 naming services. With the addition of new members, the Alliance said it will focus on consumer protection, avoiding naming collisions, fair and open use of intellectual property in industry, and interoperability of blockchain naming systems, among other things. The common goal of the alliance is to promote standards in the Web3 domain industry, thereby promoting innovation and creating a secure environment.
In response to the growing interest in the Web3 domain industry, as evidenced by the announced creation of over 3.4 million domains in 2022, the Web3 Domain Alliance was established in November 2022 to set standards for the blockchain naming sector. The group plans to engage in discussions with the Internet Corporation for Assigned Names and Numbers (ICANN) to improve its knowledge and recognition of Web3 top-level domains (W3TLDs).
Sandy Carter, SVP and Channel Chief of Unstoppable Domains said, “As a founding member of the Web3 Domain Alliance, we are honored to work with our new fellow members to unlock the potential of the Web3 domain space.” “Together, we’re Building a Web3 domain space where new ideas can flourish and innovation and where more people can own their digital identity,” she added.
Related: 1 Inch Wallet Users Get Domain Names With Unstoppable Domains Partnership
In November 2022, Cointelegraph announced that Unstoppable Domains started the Web3 Alliance, which sought to create self-regulating boards. Initial alliance participants included Bonfida, Tezos Domains, Polkadot Name System, Hedera, Syscoin, and Klaytn Name Service.
In 2022, Unstoppable Domains raised $65 million in a Series A funding round, bringing its valuation to $1 billion following the boom in NFTs and the popularity of digital identity profiles.