Freename TLD Web3 Solution vs Handshake TLD Protocol
As we approach the end of 2022, I have this feeling I’ll be making a TON of videos about the bursting of the seams of new web3 naming systems. Word on Twitter is many more are coming.
At SkyInclude, we are trying our best to keep you informed of all of them - and TRY to stay unbiased (while still a SuperFan of Handshake).
Today, we have with us Freename.io, a new naming system that seems to be based out of Switzerland.
We first learned about this from the HNS Twitter community, with outbursts and outrage that their HNS TLD was now being sold to the first buyer on the website Freename.io
One of the louder people is the .token HNS director
And also the .universe HNS TLD owner, even bought .universe on Freename (to protect his name).
But he is reminding us - domain names are not the same as text strings as NFTs
How Does Freename Work
Let us go through the process.
It is all done on their website at https://freename.io
Signup with Email
Prices in USD?
Is Minting the same as Buying?
Can I Transfer Domains?
Which Chains are Supported?
Are there Renewal Fees?
No! Once you’ve bought a Freename Domain or TLD it’s yours forever, no renewal fees ever!
Mike’s response - how does the system sustain itself. Similar to royalties on NFT, or renewal fees on domains - how does the ecosystem support itself?
Earn 50% of the SLD sales
Optional - File a Trademark with their service (In Switzerland)
Why trademark your TLDs?
Registering a trademark on your Freename Web3 TLD will allow you to juridically protect your web3 TLD as well your logo worldwide.
From the moment you deposit a trademark request, your web3 TLD will be protected worldwide for 6 months awaiting for the Swiss Federal Institute of Intellectual Property (IGE.ch) to confirm and register the availability of your TLD.
Once the IGE accepts and ultimately registered your trademark, you will be free to choose in which countries to protect your Web3 TLD.
You can apply for a trademark by contacting the Freename trademark department which will assist you promptly.
You will be required to submit a KYC, the list of TLDs you want to trademark and service payment proof.
Usually it takes as fast as 1 week to have your trademark submitted to the Swiss Federal Institute of Intellectual Property review and protected worldwide for 6 months. In Switzerland trademark service starts at $1,500 per single trademark.
Issues - No Github of Source Code (only the resolver)
Can Cancel Your Account For Any Reason (and lose future royalties)
Reading their terms on https://freename.io/terms-and-conditions/ if they want too, for any reason, they can delete your account.
Now you may say “but I minted my TLD on the blockchain”. But to get the 50% payout on the domain sales, you’d need to access your account here. So what happens then - who owns those future royalties?
Input from the Handshake HNS Chat forum
My reply to that:
Yes, but the terms and conditions state they can delete your account for any reason they want at any time. What would happen to your 50% royalties then?
Question: Isn’t Freename Similar to Namebase?
Seeing in discussions some saying centralized hostage of names in Freename is similar to Namebase/Namecheap.
There are similarities for sure - BUT - Namebase is not the only option on the Handshake protocol. The flexibility, and options, are what make it different.
Partnerships with Cloudname (same company?)
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Feedback from the Community
More good insights on twitter after posting the video:
So Freename may be under big pressure from it’s investors already. We are in a bear market, so it isn’t easy.
Prices increasing? No notice? No transparency? How is the web3 ethos?
Maybe pressure from VC investors to do so?
Richard Patey Discusses His Freename Experience
In his October 2022 ALTS by Flippa newsletter, Richard discusses his experience reaching out to Freename about .lazy and the process
So Freename wants $5,000 USD - to go where? To their private company? To be used for what purpose?
So many questions!