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Blockchain domain provider Unstoppable Domains becomes a unicorn

Blockchain domain provider Unstoppable Domains becomes a unicorn

True to its name, the NFT Unstoppable domain platform achieved a $1 billion valuation in its fourth year of operation

By Shashank Bhardwaj

Image: Shutterstock

Unstoppable Domains, an NFT domain platform, announced on Wednesday that it had achieved unicorn status after reaching a $1 billion valuation following a $65 million Series A funding round. The company is a Web3 service that strives to simplify crypto payments by providing NFT-based domain names for crypto wallets. NFT domains allow users to trade cryptos and interact with decentralized applications (DApps) instead of their digital wallet addresses.

The list of investors included names such as Pantera Capital, Mayfield, Gaingels, Alchemy Ventures, Redbeard Ventures, Spartan Group, OKG Investments, Polygon, CoinDCX, CoinGecko, We3 syndicate, Rainfall Capital, Broadhaven, EI Ventures, Hardyaka, Sound Media Ventures , Boost VC and Draper Associates.

The company has come a long way since its inception in 2018, registering 2.5 million domains integrated with more than 150 Web3 applications and around 80 wallets and exchanges. It has also generated $80 million in sales through its services, with registrations starting at $5 per domain and a range reaching into the hundreds of dollars.

This month, Unstoppable Domains also announced its partnership with MoonPay to integrate NFT domains into transactions within the platform, further expanding its reach.
The newly created unicorn’s founder and CEO, Matthew Gould, now considers the $6.9 million raised earlier in venture capital funding as his seed funding. This includes billing under Series A in 2019, which he says was mislabeled as it was a small company then with no public relations team at the time.
Gould explains that while the company is thrilled to achieve this impressive goal, it also takes on many responsibilities after securing this funding as it is expected to deliver higher results. He added: “You have one day to celebrate and take the victory lap and have a glass of champagne and then the next day you get back to work.”
The writer is the founder of yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash