Unstoppable Domains decided not to pursue applications for its web3 top-level domains in ICANN’s 2026 expansion round and is now issuing refunds to customers who had purchased names under them, according to founder Matthew Gould. The company had previously promised holders that domains like .crypto and .wallet would eventually resolve in standard browsers, similar to .com.
This recent decision marks the end of the company’s plans, as just six months ago, Unstoppable had announced its intention to apply for extensions such as .ZIL, .Crypto, .Wallet, .NFT, .Bitcoin, and .DAO in the upcoming gTLD round. However, Gould explained that the costs associated with taking web3 domains through ICANN, including compliance, application, and bidding, outweighed the projected sales revenue, leading to the choice to refund customers instead.
The application window for ICANN opened on April 30 and closed on Aug. 12, with over 1,600 primary applications received. Evaluation fees were due by Aug. 19, and ICANN is expected to announce the date of Reveal Day in mid-September, followed by the publication of applications within nine weeks of the window closing.
Gould confirmed the refund decision to customers via email and emphasized that the web3 domains will continue to function as on-chain assets for crypto transactions. Despite not moving forward with the ICANN applications, Unstoppable Domains remains active in the ICANN business as a service provider, working with partners such as Telegram on their .gram TLD string.
Implications for Holders
Buyers of Unstoppable Domains are expressing disappointment and concern over the refund process, with some feeling that the company’s decision contradicts previous assurances about transitioning to ICANN. Holders are requesting refunds for domains purchased as far back as 2021, citing the expectation that Unstoppable would proceed with ICANN applications.
While Unstoppable continues to support existing web3 domains, some customers are questioning the validity of the refunds and expressing frustration over the lack of transparency regarding the affected extensions and refund terms. Despite this setback, Unstoppable remains committed to its core business of DNS names and supporting web3 companies in their ICANN applications.
Industry Trends and Future Outlook
Gould’s rationale for not pursuing ICANN applications stems from his belief in the limited market size and niche nature of the web3 industry. He points to public data from Ethereum Name Service, which shows modest revenue figures despite the hype surrounding crypto and NFTs in 2021. Unstoppable’s decision reflects a strategic shift towards focusing on core services and partnerships within the evolving web3 landscape.
As the web3 domain market continues to evolve, Unstoppable’s pivot away from ICANN applications underscores the challenges and uncertainties facing companies in the blockchain and crypto space. The dynamics between Unstoppable Domains and other industry players like Ethereum Name Service highlight the competitive landscape and strategic decisions shaping the future of decentralized naming protocols.
