FIO Protocol, the leading decentralized solution for global blockchain usability, has announced the launch of FIO Domain wrapping on the Polygon blockchain.
It has been reported that Wrapping is the process of taking a token from one blockchain and making it available for use on another. This launch moves FIO Protocol into the $31.4 billion nonfungible token (NFT) market by enabling users to buy, sell, and trade their FIO Domains as ERC-721 NFTs on all Polygon-enabled marketplaces.
However, FIO Protocol offers NFT domain names that grant users full custody of their decentralized digital identity. FIO Domains are used to customize FIO’s flagship product, FIO Crypto Handles, allowing users to personalize their decentralized digital identity front to back without requiring the use of a standardized top-level domain (e.g. username@customdomain).
The report said that as of February 2, FIO Protocol has registered nearly 1 million FIO Crypto Handles, which can be mapped to any kind of cryptocurrency wallet and used as a single, user-friendly identifier in place of lengthy crypto wallet addresses.
Eric Butz, the Vice President of Engineering at FIO Protocol, said:
“NFTs have enormous potential to disrupt how creative industries operate and people control their Web3 identities. FIO Domain NFTs allow users to fully customize their Web3 identity by creating a personalized FIO Crypto Handle to replace complex wallet addresses with a human-readable name. FIO Crypto Handles can be used to send, receive, request, and even securely sign any type of crypto transaction as a way to simplify the cryptocurrency experience in support of mass adoption. Launching a wrapping solution on Polygon expands access to our FIO Domains and moves FIO Protocol directly into the rapidly growing decentralized identity market.”
Likewise, all FIO Domains are non-fungible tokens, which means they are secured by private keys on the FIO blockchain and can be freely transferred between accounts, users, and wallets by the private key holder.
Thus, the launch of FIO Domain wrapping scales the purchase, sale, and trade of FIO Domains to the widely adopted Polygon blockchain, an Ethereum layer two scaling solution with more than 135 million unique wallet addresses and 1.8 billion transactions as of January 2023.