Over the last few years, several projects have chosen the Binance Launchpad to bring their tokens to the market. Many of these coins have gone on to achieve a fair deal of success, including STEPN, Polygon, Axie Infinity, The Sandbox, etc. The latest project to join the ranks is Space ID, whose launchpad received more than $2.4 billion in BNB commitments. But what is Space ID and why is it attracting so much attention? Tag along to find out.

What is Space ID?

Space ID is a universal name service network. It allows users to convert their long, complex, alpha-numeric crypto addresses into human-readable domain names. For instance, an Ethereum-based wallet address such as ‘0x298952FB0C5052bb09808794150BE5FA5f57f946’ can be represented by a domain name as simple as sam.eth.

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Space ID plans to offer this service for multiple networks, including Ethereum, the BNB Chain and Arbitrum. Therefore, Space ID offers a similar service to Unstoppable Domains and ENS. However, unlike its counterparts, Space ID aims to be a "multi-chain name service." As such, it promises to be the "only service you need to integrate all web3 name services, including .eth, .bnb, and .arb," according to the project’s website.

These domain names are nothing but NFTs, which can also be bought, sold or traded on an NFT marketplace. And Space ID allows you to find, register, manage and trade domain names on the platform itself. However, in the case of ENS or Unstoppable Domains, users may have to use separate marketplaces to trade their web3 domain names.

Besides .eth, .arb, and .bnb domain names, Space ID also offers customisable domain names for communities. It also provides sub-domain management, which can be ideal for businesses with multiple services/products and a corresponding number of wallet addresses.

How does it work?

Simple, users can simply link their wallets to the platform and scroll through the available domain names. Users can also search for particular keywords they want their domain name to contain. The search result will show exact matches and related keywords too.

Once a user has found the right domain name, they need to request the number of years they wish to own the domain name. Based on the number of years selected, the platform will provide a price estimation. The minimum duration is one year. Once the user is satisfied, they can proceed to register the domain and pay the corresponding fees. In the future (when Space ID 2.0 is released), there would be an option to add multiple domain names to a cart and register them in one go.

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Space ID 2.0 will also allow users to trade domain names. The platform will aggregate NFT domain names from several leading marketplaces, including OpenSea, Element and ENSVision. Users can browse through the available options and place bids on the domain names they are interested in. Conversely, users can also list their domain names and specify a price they wish to sell it for.

The ID Token and its tokenomics

The ID token is the native governance token of SPACE ID and plays an important role in the decision-making process of the project, such as casting votes on Space ID DAO proposals. Users can stake ID tokens to receive discounts on the trading fees of Space ID domain NFT marketplace and can also enjoy discounts on web3 domain registration. Moreover, ID tokens can also be utilized to make payments within the Space ID ecosystem.

In all ID has a max supply of 2 billion. Out of this, 100 million was allocated for the launchpad token sale. Another 10 percent of the tokens will be airdropped, and the rest will be distributed amongst advisors, the core team and the Space ID foundations. Marketing and ecosystem development will also receive 13 percent and 10 percent of the token supply respectively.

Space ID’s Binance Launchpad

Space ID received over 8.4 million BNB commitments from 99,000 holders in just 48 hours in its token sale, which took place from March 17th to March 22nd, 2023. The token sale was carried out in Binance Launchpad subscription format. In this format, users commit some amount of BNB towards a token sale, and the new token is allocated based on the ratio of committed BNB to the total committed BNB by all participants.

In the latest token sale, Space ID raked in $2.4 billion in BNB commitments, according to current market prices. However, not the entire amount will be dedicated to ID tokens, as the project’s hard cap for funding is a rather meagre $2.5 million. The launch price of the ID token was set at 0.00007412 BNB, with 100 million ID on sale. At the time of writing, ID was trading at $0.4342, according to the data from CoinMarketCap. That translates to a massive return on investment.

Conclusion

Space ID has positioned itself as a one-stop solution for universal naming services. As it works towards solving the challenges faced by current domain services. In the upcoming months, Space ID plans to launch a merch store, offering exclusive custom merchandise to domain owners. Additionally, a separate launchpad will be available for custom TLD domain names, enabling communities to contribute to the ecosystem and launch their own domains. If achieved, these milestones will certainly elevate the project to the upper echelons, assuming everything goes as planned.

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