The Initial DEX offering (IDO) of Cloudname for its token CNAME came to a successful ending on February 22nd. About one percent of the CNAME’s total supply, which is 3.8 million $CNAME tokens, were raised through the IDO at a total valuation of around $22.8 million. The CNAME IDO occurred on three different platforms: PancakeSwap, Polkabridge, Dodo and Synapse Network.
Cloudname is a platform to register, trade, rent, and tokenize both traditional and blockchain domain names.
There are at least 400 million domains registered worldwide, and the market capitalization of .com alone is $249 billion, which Cloudname aims to capture.
Before even the IDO of the project concluded, Cloudname acquired a listing for its CNAME token on centralized crypto exchange (CEX) Gate.io, which is among the top 10 exchanges with a 24-hour volume of $1.2 billion. CNAME will be listed on Gate.io on February 26th.
The token is also listed on one of the most popular decentralized crypto exchanges (DEX) PancakeSwap. In the past 24 hours, the DEX recorded half a billion dollars in trading volume, according to the data from CoinGecko.
Based on daily trading volume, PancakeSwap sits at 2nd spot, one rank below Uniswap. But when it comes to the number of times users visited these DEX websites, PancakeSwap has captured the top spot with nearly 20.8 million visits compared to Uniswap’s 6.69 million visits. Additionally, PancakeSwap boasts more than 4,000 coins and 5,450 trading pairs available for users to trade.
With its IDO launch and subsequent exchange listings, Cloudname is now much closer to leveraging the untapped domain trading market
Cloudname is a platform that allows domain traders to tokenize their domains using non-fungible technology. Thanks to the tokenization feature, it is also possible to create multiple non-fungible tokens for a domain making way for fractional ownership of high-value domains.
Business owners will also benefit from Cloudname’s services through its renting feature, as anyone who cannot afford to buy a domain for thousands of dollars can instead rent it on Cloudname. Moreover, Cloudname integrates 20 different APIs with third-party providers to discover and display the pricing factor of domains and provides analytics and prediction tools so that users can spot market trends before they are saturated.
CNAME is the governance token of the Cloudname, which also gives its holders several benefits in the form of free registration, free sale promotion, fee discount, participation in lotteries, access to the use of predictive algorithms, and much more.
Additionally, holding CNAME tokens gives you an increased user-level platform, meaning the more tokens you have, the more new account levels you unlock that will grant you more benefits. There are four levels viz. NOOB for non-CNAME holders, ROOKIE for up to 300 CNAME tokens, AVENGER for up to 1,500 CNAME tokens, and 3,000 CNAME tokens gets you the NINJA status.
NFTs have taken the world by storm after they exploded into popularity in 2021. After all, its sales last year reached $25 billion, up from less than $100 million in 2020, according to data from Dapp Radar.
This astronomical rise over the past year was carried over this year as well, with the popular NFT marketplace OpenSea recording nearly $5 billion in volume. Investment bank Jefferies forecast the NFT market cap to surpass $35 billion in 2022 and over $80 billion in 2025.
With the NFT market growing and its use case expanding beyond just artwork to now cover gaming and finance, Cloundname is adding another field of use: domains.
When it comes to the most expensive domain ever sold in the world, CarInsurance.com ranks first as it fetched a whopping $49.7 million. So, imagine what wonders will Cloudname achieve in the coming days! Overall, Cloudname will make domain trading more open and accessible for the masses. Thus, domain trading won’t be a market only accessible to the bigwigs, as Cloudname is leveling the playing field.
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