Space ID Update: Continuously Expanding Business Operations

Space ID is a platform for issuing, buying, selling and managing domain names on many different Blockchains such as Arbitrum, BNB Chain, Ethereum, Sei Network,… So in recent times Space ID has achieved achievements such as Let’s find out together in the updated article Space ID: Continuously expanding business activities.

To understand more about this article, people can refer to some of the documents below:

• What is Space ID? Space ID Cryptocurrency Overview
• Space ID V3 Review: Does New Innovation Make a Difference?
• Why Is It Affirmed That SocialFi Will Follow GameFi’s Steps?
• What is SocialFi? TOP 5 Most Outstanding SocialFi Projects Currently

Space ID & Things to Focus on

Space ID is one of the projects that plays an important role in infrastructure and identification in the future, but that is the story of the future and Space ID still has a lot of work to do to perfect the model. mine. At the present time, simply put, Space ID is a platform for issuing, trading and managing domain names.

For Space ID to be successful, in my opinion, it is necessary to answer the following two questions:

• How to sell as many domain names as possible?
• How to expand the ecosystem to increase use cases for your domain name?

The two factors also have direct impacts on ID because Space ID now uses part of its revenue to buy back IDs on the market and gradually burn them, thereby creating scarcity for IDs. This is one of the long-term growth drivers for Space ID.

So in the past time, what has Space ID done to expand its business model? Please continue to follow.

Space ID Update: Continuously Expanding Business Operations

Space ID with Space Program Season

Space Program Season is a program for Space ID to provide grants to projects, teams, communities, products,… that meet a number of conditions including:

• Built or supported by BNB Chain, Arbitrum One/Nova network.
• Integrate .bnb and .arb domains or build on the Space ID ecosystem.
• The project has a product and is publicly available for everyone to use.

Some projects belong to priority areas such as Wallet, DApp, Gaming, Tooling and CEX.

It can be seen that there have been many projects with a variety of other fields that have received funding from Space ID. The number of projects participating in Season 2 is much larger than that of Season 1, which has proven the appeal and success of Space Program Season. Currently, Season 3 is underway and many projects are expected to participate.

With projects participating in Space Program Season, it means that the Use Case of domain names released by Space ID will begin to expand, thereby creating motivation to buy and hold your favorite domain names. prefer. In fact, domain names are a necessary and extremely important solution to replace hard-to-remember wallet addresses, thereby greatly improving user experience and thereby leading to Mass Adoption.

If not far away, this is one of the tasks that helps Space ID’s business model become sustainable, strong and oriented towards long-term development.

However, there are still certain weaknesses that Space ID has not achieved, such as:

• Although the number of projects is large, the quality of the projects is at a low level. Why not concentrate small sponsorships into one large sponsorship to attract industry-leading projects, thereby creating a domino trend. Because when large projects tend to integrate Space ID, smaller projects will do the same.
• The practical applications from Space ID’s domain name integration projects are not too many, most are still in the integration process. This leads to not much effectiveness.

Business expansion strategies

Multichain development orientation

Multichain will still be a suitable strategy for Space ID in the short to medium term in finding more potential customers and increasing protocol revenue. Recently, Space ID officially launched the .sei domain name on the Sei Network platform. However, there were unexpected incidents that occurred: Sei Network suffered a huge wave of criticism from the community for trying to end the problem with Airdrop and this invisibly made Space ID’s product unsuccessful. work as expected.

Besides, I also see some disadvantages in Space ID’s business as follows. First, after Arbitrum and .arb were successful, Space ID did not continue to deploy further with a series of Layer 2 platforms that have a large number of users such as Linea, Base, zkSync, Starknet, Scroll, Taiko,… Maybe the problem comes from not clearly determining whether these Layer 2 platforms use tokens or not and what the project’s token code is? But clearly, users and cash flow are at Layer 2, not at new Layer 1s like Sei Network.

Next, Space ID’s multichain implementation is still relatively slow.

Finally, as I said Space ID aims to develop multichain, I think it is only suitable for the short and medium term because there will be many Layer 1s, Layer 2s will no longer exist in the future, that’s why I believe that Space ID, choose the chains that are most likely to succeed in the future, then build a use case for your domain name, thereby eliminating potential future competitors. Supporting too many Blockchains also makes the ecosystem more cumbersome and does not have time to build use cases for your domain name.

Why not continue Space ID Voyage Season

The Space ID development team was extremely smart to take advantage of the Airdrop wave to continue deploying Space ID Voyage Season 2. In fact, Space ID Voyage Season 2 was successful beyond expectations. However, I still wonder why they did not continue to deploy Space ID Voyage Season 3 but just stopped at the 2nd season and kept the referral.

The reason for this problem may come from the SPACE ID Cosmic Council program. It can be said that this is a program that searches for individuals and organizations that can participate in developing Space ID with many different participation criteria. Space ID announced 3 guilds including Cosmic Astras, Space Novas & Auroras. Each guild will have a different leader and be judged based on achievements brought to the protocol.

Protocol upgrade with Space ID V3

Space ID is an upgrade that brings a host of new features on the platform, specifically helping the community launch their own domain name services and improve the domain registration experience. Everyone can read details about Space ID V3 in the article Space ID V3 Review: Does New Innovation Make a Difference?

Personal Comments About Space ID

From an investor’s perspective, we can see that Space ID’s flyweel has direct impacts on ID supply as follows:

• Increase use cases, expand the ecosystem and expand the market.
• Many people know about Space ID.
• Many people buy, hold and even invest in Space ID domain names because it has real values ​​based on use cases and markets.
• The protocol’s revenue increased.
• Space ID deducts a portion of the revenue and buys back the ID then burns the ID.
• The decrease in ID supply stimulates an increase in ID prices.

And I see that Space ID is making great efforts in step 1 with Space Program Season, multichain development orientation, SPACE ID Cosmic Council and Space ID V3 upgrade. For me, Space ID is going quite in the right direction with its model.

It’s just that Space ID should improve the efficiency of the steps it is implementing.

Summary

Space ID is an extremely notable domain name and infrastructure project for SocialFi in the near future. Hopefully through this article, everyone can understand more about Space ID updates: Continuously expanding business activities.