In a single buy, Jehan Chu, co-founder of Hong Kong-based crypto funding agency Kenetic Capital, has purchased the flexibility to problem a seemingly limitless variety of “NFT” subdomains on the Handshake blockchain.

In accordance with Kenetic, Chu bought the .NFT area extension for $84,000, or roughly 680,000 Handshake (HNS) tokens on the time, brokered by way of the Namebase market. The crypto investor reportedly owns greater than 1,300 Handshake domains. He mentioned he purchased the extension whereas observing a rising curiosity in nonfungible tokens, or NFTs, throughout the crypto ecosystem.

“I imagine NFTs are the true lacking hyperlink between on-line and offline objects, and can rework not solely artwork, but additionally enterprise, finance, society and tradition,” mentioned Chu. “An uncensorable NFT area on Handshake is a useful asset and platform for the way forward for artwork and mental property.”

Ryan Ramirez, the proprietor of the .NFT area extension previous to its sale to Chu, instructed Cointelegraph he initially bought it for 4,096 HNS, or roughly $486 at time of publication. In accordance with Ramirez, the acquisition will enable the Kenetic co-founder to “problem limitless sublevel domains” utilizing the .NFT extension on the Handshake blockchain. 

Chu added:

“The chances of the NFT area are infinite, from decentralized nft galleries to creating branded NFT subdomains like artwork.nft and crypto.nft obtainable for hire or sale.”

Handshake’s providing is not the one instance of decentralized area extensions within the blockchain area. In 2019, Tim Draper-backed Unstoppable Domains started permitting customers to register .crypto domains on the Ethereum blockchain. The Handshake protocol gives an analogous service, creating a substitute for conventional .com, .org and .web extensions in letting customers personal domains by way of a decentralized system.

Chu, who’s concerned within the crypto area because the co-founder of the Bitcoin Affiliation of Hong Kong, has beforehand made bullish predictions for Bitcoin (BTC). In Might 2019, he believed that the value of the crypto asset would attain $30,000 by the tip of that yr, pushed by companies like Fb, JPMorgan Chase, Rakuten and Constancy adopting crypto.

His reasoning turned out to be sound, however untimely. Institutional curiosity in Bitcoin seemingly fueled the value of the coin passing $30,000 by the tip of 2020 on to a brand new all-time excessive of greater than $42,000 this yr.