DomRaider (DRT) Review
The digital world is constantly expanding and evolving at an exponential rate, and we are reaching the point of a massive digital revolution. Tristan Colombet, the founder of DomRaider, understands the need for growth and development in this new world, which led him to restructure his company and host the first ICO (Initial Coin Offering) in France back in 2017.
Initially, DomRaider was a company that specialized predominantly in reselling expired domain names at online auctions. However, with the rise of blockchain technology and the inevitable advancement into Web 3.0, Tristan decided to move his company into the lucrative and exciting world of crypto assets.
The Auctionity saleroom can be used both for buying and selling NFTs and other digital assets based on the ERC-721 token and has already been used to trade such assets as CryptoKitties, Axie Infinity, and Ethermon.
YouDot’s algorithms find domain names that are about to be dropped and snag them up for resale. Every domain has been qualified and analyzed for value, and YouDot even offers administration options, redirections, and entry management systems.
Who Is The Team Behind The Project?
DomRaider is made possible by a team of over 40 experts from around the globe, with years of experience in technology, blockchain, business, or marketing. There are offices based in Paris, Montreal, and London, giving them a powerful international presence.
Over the years, DomRaider has worked with many high-end customers, including Warner Music Group, AXA, the French National Olympic and Sports Committee, and Météo France, the national meteorological organization.
Using domain names from many international registries, DomRaider can offer names with dozens of different suffixes, such as.io and.tv, to improve SEO (search engine optimization). Their NFT auction house is also one of the busiest, featuring thousands of digital assets from many famous brands.
How Do Domain Names On The Blockchain Work?
Creating and trading decentralized domain names is still not something that has fully taken off. Due to ICANN’s centralized control of all DNS roots, it has not been easy to move over to a decentralized system.
However, blockchains are themselves technically decentralized domains, and so hosting sites on these chains remove the current hierarchical system of the internet. With the technology becoming more accessible, more creators are flocking to the decentralized web.
Browsing the decentralized internet still feels the same, but there is less control from a centralized entity.
Because the centralized internet has been filling up for 30 years, it will take a long time to move everything over to a decentralized, blockchain-based model, but it doesn’t look like we are far away from the idea becoming mainstream.
What is Ethereum Name Service (ENS)?
ENS is a new initiative for buying and selling domain names over the blockchain. Instead of sending ETH to public keys that are long and difficult to remember, ENS sends your money to a .eth type address, making the process much more straightforward.
In time, we may see ENS hold the same features as domain names and have direct use through the Mist browser and Metamask Chrome plug-in. The developers are currently working on adding maintenance costs for each name to help with the traditional problems of the life cycle, grade period, and drop catching.
DomRaider is a Blockchain Auction Platform.
Auctionity is the new blockchain auction platform powered by DomRaider that deals exclusively with NFTs, crypto-collectibles, and other ERC-721 tokens.
Used by collectors from around the world, users can list, sell, and buy their favorite NFTs and host their own live auctions running on smart contracts. There is a chat system so users can talk to each other about the assets up for auction and discuss their favorite collectibles.
Auctionity comes with a native token known as DRT that is used for all transactions. This creates an economy that can be accessed easily by anyone from around the globe without spending tons of money on transfers between different currencies and makes auctions much simpler.
DomRaider Network’s Key Features
Due to DomRaider’s expansion in recent years, the network now covers two distinct brands that deal separately with domain name drop catching and NFT auctioning.
YouDot is the largest drop catcher on the internet and can provide domains with a huge list of suffixes to suit every web designer’s needs. Taking advantage of previously used domain names is great for SEO by making the most of backlinks, and YouDot can also help with organic ranking. Domain names are cheap and come with many benefits.
Auctionity is the place to go for NFT and crypto-collectible auctions. Trading in all ERC-721 tokens—the standard for NFTs—allows Auctionity to capture a huge global audience and feature some of the most lucrative and famous NFTs.
With an interoperable platform, clients can participate in many different auctions at once from all over the world easily through just one interface.
As all transactions take place on the blockchain, each cost can be easily verified, each NFT can be certified as authentic, and your asset will be instantly stored in your wallet. Using this technology also keeps transaction fees low and ensures each higher bid can be validated in less than a second.
Using the native DRT coin, users can also stake in the ecosystem to provide liquidity and earn rewards.
The DomRaider ecosystem is backed by the DRT coin, an ERC-20 token used exclusively for Auctionity. Auctioning in multiple currencies is difficult and requires a lot of thinking to work out how much you are betting, so creating a universal, dedicated coin for everyone makes the process much easier.
To allow the platform to grow and develop, users can invest in-or stake-their DRT. To incentivize users to stake, DomRaider will distribute 3 million DRT to liquidity providers.
There will be a small commission attached to all money traded in auctions at Auctionity, bringing more money into the pot for redistribution amongst stakeholders. The amount of commission is set by the auctioneer but must remain within reasonable parameters.
As we are currently in a blockchain boom, many new companies and technologies are experiencing real issues getting off the ground. As DomRaider has been active since 2013 and has offices in many major cities, they already have a well-established company with brand awareness.
Now that the company has split itself into two brands—YouDot and Auctionity—the name DomRaider is being used as the parent company to encourage more widespread adoption of both platforms.
DomRaider now has a bigger team than ever and has many expert employees dedicated to maintaining each platform.
For DomRaider to become one of the most widely used NFT auction houses on the net wasn’t easy, and there are still challenges in store as they strive to remain the powerhouse they are.
It is of the utmost importance to provide a platform that can work smoothly at the great speeds involved in auctions. This involves creating a network that can respond to bids in a fraction of a second from thousands of users at once.
Scalability was one of the biggest issues, but the team at Auctionity states that their network performance will not be affected, no matter how many users are accessing it.
Gas fees are always an issue when operating on the Ethereum blockchain, but DomRaider strictly regulates their DRT token to ensure extremely low transaction fees.
The most constant and pressing challenge is staying up to date in a constantly changing digital world. With many companies fighting it out to be the number one NFT auction house in the future, DomRaider needs to remain ahead of the curve by bringing innovations to the platform in the coming years.
DomRaider’s token management system allows professional users to manage both hot and cold wallets while using Auctionity.
Hot wallets store funds online, and these are the funds that can be used for bidding at auctions. Conversely, cold wallets store your DRT offline, keeping them more secure but making them unable to be used in auctions.
Different Types of Auctions
Auctionity supports two distinctly different auction styles: private and public.
Public auctions are open to anyone in the DomRaider community, and everyone can preview and bid on your assets. These auctions can be manic, like an open auction in the real world.
A private auction can be created in which the auctioneer selects specific users from the community and invites them to a personal auction. These are much smaller, but often feature the rarest, most desirable NFTs.
Auction organizers can also choose to require a security deposit. This is similar to pre-authorization for bank cards and is used as proof that you have enough money in your wallet to pay for your bids.
What Are DRT Crypto Tokens?
To create an on-site economy and an easier auction space, DomRaider created the DRT token. This token is used for all transactions on Auctionity and potentially for YouDot in the future.
DRT is an ERC-20 coin with real-world value; when you exchange an NFT for DRT, you can immediately exchange it back to your home currency.
The tokens can be used to stake in DomRaider’s economy and provide liquidity, or money for them to invest in more domain names. To encourage constant investment, DomRaider rewards those who lock in DRT with real cash made from their profits.
For every transaction at Auctionity, DomRaider will take a percentage of DRT as tax to fill the liquidity pool and provide profit for the stakers. Before the auction, organizers may choose to set the level of commission themselves.
DomRaider has progressed rapidly over the last few years, from a simple domain name auction site to a conglomerate hosting two very different brands.
Still keeping to their roots, YouDot is still a site dealing exclusively with reselling domain names to improve SEO, but now DomRaider has taken their auction site to the next level, and now hosts one of the largest NFT auction houses on the internet.
The network is powerful enough to approve all bids in less than a second, even when handling thousands of users at once, and the site gets rid of currency issues with its on-site economy revolving around the DRT token.
Both YouDot and Auctionity are solid platforms, and whether you’re looking for a new domain name or simply to invest in some popular NFTs, DomRaider’s catalog will have you covered.
- Initially, DomRaider was a company that specialized predominantly in reselling expired domain names at online auctions.
- Now, the company operates under two distinct brands: Auctionity, for auctions of crypto assets and NFTs; and YouDot, for redistribution of expired domain names.
- ENS is a new initiative for buying and selling domain names over the blockchain.
- To create an on-site economy and an easier auction space, DomRaider created the DRT token.
- DomRaider’s token management system allows professional users to manage both hot and cold wallets while using Auctionity.