It has been reported that Chu purchased the .NFT domain extension for $84,000, or around 680,000 Handshake (HNS) tokens at the time, brokered through the Namebase marketplace.
However, the crypto investor owns more than 1,300 Handshake domains. He said he bought the extension while observing a rising interest in nonfungible tokens (NFTs) across the crypto ecosystem.
“I believe NFTs are the true missing link between online and offline objects, and will transform not only art, but also business, finance, society and culture. An uncensorable NFT domain on Handshake is an invaluable asset and platform for the future of art and intellectual property.”
The report said that Ryan Ramirez, the owner of the .NFT domain extension prior to its sale to Chu, said that he originally purchased it for 4,096 HNS, or around $486.
How much would you pay for the ability to issue all subdomain names for an extension like .crypto, .wallet, or .nft? https://t.co/9S59fcxa9A — Cointelegraph (@Cointelegraph) February 2, 2021
According to Ramirez, the purchase will allow Chu to “issue unlimited sublevel domains” using the .NFT extension on the Handshake blockchain.
“The possibilities of the NFT domain are endless, from decentralized nft galleries to making branded NFT subdomains like art.nft and crypto.nft available for rent or sale.”
Likewise, Handshake’s offering is not the only example of decentralized domain extensions in the blockchain space. In 2019, Tim Draper-backed Unstoppable Domains began allowing users to register .crypto domains on the Ethereum blockchain.
The Handshake protocol offers a similar service, creating an alternative to traditional .com, .org, and .net extensions in letting users own domain names through a decentralized system.
Thus, Chu, who is involved in the crypto space as the co-founder of the Bitcoin Association of Hong Kong, has previously made bullish predictions for Bitcoin (BTC).