ENS domain names have hit the industry hard. These domains contribute to 99% of all of OpenSea’s domain name sales. The recently concluded Merge of ENS is going to give the blockchain company another push by reducing the energy consumption substantially.
It seems another company is trying to redo the phenomenon. Space Id is an upcoming domain name company that seems to uphold the enthusiastic decentralized domain names market. However, instead of ETH, the novice company has adapted BNB. BNB is the ticker used for another cryptocurrency named Binance.
Binance is currently valued much less than Bitcoin or Ethereum. During its launch Binance was in the Ethereum blockchain. However in 2019, the company shifted to its own Binance blockchain. The cryptocurrency has been supporting a number of upcoming companies to boost its growth and development. In this endeavor, Space Id has also been provided with its second round of funding.
The funding is meant to support Space Id’s plans to develop the .bnb domain space as well as building a universal naming service network. With the progress of ENS, there is a sense in the industry to implement it for other blockchain domain names as well.
Space Id however has a bigger challenge as compared to ENS. The ENS domain system had the indulgence of Ethereum itself while Space Id doesn’t have that much of an executive control over the functioning of the BNB ecosystem. Another hurdle in Space Id’s task would be to make way through the overcrowded marketspace of NFTs and domain names.