In a single buy, Jehan Chu, co-founder of Hong Kong-based crypto funding agency Kenetic Capital, has purchased the power to situation a seemingly l
In a single buy, Jehan Chu, co-founder of Hong Kong-based crypto funding agency Kenetic Capital, has purchased the power to situation a seemingly limitless variety of “NFT” subdomains on the Handshake blockchain.
In accordance with Kenetic, Chu bought the .NFT area extension for 84,000 USD, or roughly 680,000 Handshake (HNS) tokens on the time, brokered by the Namebase market. The crypto investor reportedly owns greater than 1,300 Handshake domains. He mentioned he purchased the extension whereas observing a rising curiosity in non-fungible tokens, or NFTs, throughout the crypto ecosystem.
“I consider NFT’s are the true lacking hyperlink between on-line and offline objects, and can remodel not solely artwork, but in addition enterprise, finance, society and tradition,” mentioned Chu. “An uncensorable NFT area on Handshake is a useful asset and platform for the way forward for artwork and mental property.”
Ryan Ramirez, the proprietor of the .NFT area extension previous to its sale to Chu, informed Cointelegraph he initially bought it for 4,096 HNS, or roughly $486 at time of publication. In accordance with Ramirez, the acquisition will enable the Kenetic co-founder to “situation limitless sublevel domains” utilizing the .NFT extension on the Handshake blockchain.
Chu added:
“The probabilities of the NFT area are infinite, from decentralized nft galleries to creating branded NFT subdomains like artwork.nft and crypto.nft accessible for hire or sale.”
Handshake’s providing is not the one instance of decentralized area extensions within the blockchain house. In 2019, Tim Draper-backed Unstoppable Domains started permitting customers to register .crypto domains on the Ethereum blockchain. The Handshake protocol affords an identical service, creating a substitute for conventional .com, .org, and .web extensions in letting customers personal domains by a decentralized system.
Chu, who’s concerned within the crypto house because the co-founder of the Bitcoin Affiliation of Hong Kong, has beforehand made bullish predictions for Bitcoin (BTC). In Might 2019, he believed that the value of the crypto asset would attain $30,000 by the tip of that yr pushed by corporations like Fb, JPMorgan, Rakuten and Constancy adopting crypto.
His reasoning turned out to be sound, however untimely. Institutional curiosity in Bitcoin doubtless fueled the value of the coin passing $30,000 by the tip of 2020 and on to a brand new all-time excessive of greater than $42,000 this yr.