NEAR Protocol, a Web3 platform that uses Chain Abstraction technology, has recently launched another project. According to the platform, it is introducing “ *NEAR Name Tokens ” which offer a more robust solution for digital identities along with providing several other possibilities via digital identities.
NEAR Protocol’s Unique ‘*NEAR Name Tokens’ Aim to Bridge the Gap Between the DNS and Web3 World
The company informed the community about this advancement on its official X account. In addition to this, it published a blog post for a comprehensive overview of this initiative. It noted that the latest project comes after a recent partnership between D3 and NEAR Foundation.
The *NEAR Name Tokens function as a cross-platform, multichain digital identity to benefit Web3 users. As per the firm, it is working in collaboration with D3. Both entities are striving to bridge the gap between Web3 and the traditional internet infrastructure.
In this regard, the *NEAR Name Tokens play the role of a crucial move. They reportedly contribute significantly to establishing interoperable and future-proof digital identities. The respective identities will reportedly drive the chain abstraction’s implementation and the broader Web3 development. Even before this, NEAR is already providing a comprehensive solution for digital identity across the broader Web3 ecosystem.
Consumers Can Leverage the New Project for Multiple Purposes
The consumers will have the ability to use the name tokens for several purposes. One of them is the use of a simplified wallet address functioning across numerous blockchain networks. The consumers can also use them as infrastructure identifiers across many diverse blockchain networks.
Moreover, they can use them in the form of cross-platform usernames across several decentralized platforms. These entities deal with SportFi, SocialFi, GameFi, DeFi, and so on. The clients can also leverage them as verifiable credentials for services and platforms with which they interact. Apart from that, the customers can obtain access to exclusive rewards programs and benefits via the name tokens.
NEAR Name Tokens contain an asterisk () separating the extension and the name, like younear, instead of a period. A possible reason behind this change is that the accounts on NEAR already use the “.NEAR” extension. Hence, to avoid any confusion, the company is introducing the asterisk. The firm asserted that the integration of DNS with the Web3 sector will vitally contribute to enabling digital identities within the Web3 realm with interoperability.
