SPACE ID is a marketplace for name services that allows users to purchase domain names for Web3 from multiple blockchains. However, SPACE ID is not just a domain name marketplace platform – it also has its native token, ID. Let’s read the following article to find out the functions of the ID token, SPACE ID tokenomics, and it’s potential!
- 📟 SPACE ID is a marketplace that specializes in selling name services. It offers name services that allow you to purchase Web3 domain names from multiple blockchains in one place.
- 💰 ID is the native token in the SPACE ID ecosystem that has several functions, such as staking, payment, governance, and .
- 💰 ID token has a total supply of 2 billion ID tokens. Of this total, 286 million ID tokens, or about 14% of ID tokens, have circulated in the market. Data from Coinmarketcap, ID is ranked 197th with a market cap of nearly 130 million US dollars.
- 🌐 In the 2023 roadmap, SPACE ID will launch several exciting features, including SPACE ID Launchpad, Universal Domain, and SPACE ID DAO.
Overview of SPACE ID
SPACE ID is a decentralized universal naming service network that runs on the blockchain and is a Web3 domain and identity management platform. SPACE ID is like a marketplace that specializes in selling name services. It offers name services that allow you to purchase Web3 domain names from multiple blockchains in one place.
A Web3 domain name on SPACE ID is a tradable NFT. Therefore, SPACE ID is also a Web3 domain aggregator that compares domain names from various marketplaces such as Opensea, Element, and ENS Vision.
SPACE ID was founded in March 2022 by a team with experience in Web3 and is supported by Binance Labs. ID is the native token on the platform launched in March 2023 through an Initial Exchange Offering (IEO) on Binance.
Also, read What is Web 3.0?
SPACE ID (ID) Tokenomics
ID is the native token in the SPACE ID ecosystem and has several functions, including the following:
- Payments: All transactions within the SPACE ID ecosystem use the ID token. ID is also used for Web3 Name SDK integration.
- Governance: ID token holders can vote on important decisions related to the project in SPACE ID DAO, such as platform updates, new feature additions, and changes to the project’s governance structure.
- Staking: Users who stake ID tokens can receive discounts in trading fees on the NFT SPACE ID domain marketplace and discounts on Web3 domain registration on SPACE ID.
The ID token has a total supply of 2,000,000,000 ID tokens. Of the total tokens, the SPACE ID team has allocated 5% or 100,000,000 ID tokens for token launch on Binance Launchpad. The Binance Launchpad subscription preparation started on March 17, 2023, at 00:00 UTC, and the token distribution was done on March 22, 2023, at 10:00 (UTC).
In addition, the SPACE ID team also allocated its tokens to several parties, as you can see in the image below.
SPACE ID (ID) Token Airdrop
SPACE ID has distributed ID tokens in the season 1 airdrop. Furthermore, SPACE ID held an ID token airdrop called Voyage Season 2-Calling. In this session, users can collect points by inviting friends, opening mystery boxes, and getting points to claim. SPACE ID Voyage Season 2 started on March 19, 2023, and users can open mystery boxes on March 23, 2023. The SPACE ID team has not announced when the Voyage Season 2-Calling ends.
Season 2 is open to both new and existing users. New users participate by registering a .bnb or .arb domain after March 10 at 14:00 UTC on SPACE ID. Existing users qualify for the Retroactive Early Adopter Airdrop and own a .bnb or .arb domain before that date.
Once a user registers as a new user, they will receive a Voyage Box. Holders of blue chip NFTs (BAYC, Azuki, etc.) and ENS will automatically get a Voyage Legendary Box. The top 100 users with the highest point totals will receive an additional “boost” based on their rank to get more ID airdrops. ID token rewards will be distributed at the end of Season 2.
According to Crypto Bulls Club, there is a way to increase your chances of getting an ID token airdrop. The trick is to buy or bid on domains, then register them for sale.
ID Token as an Investment
At the beginning of its launch in March 2023, the ID token price immediately touched the price of 0,6 US dollars, but not long after, ID dropped to 0.3 US dollars. At the time of writing (April 8, 2023), the price of ID is at 0,45 US dollars with a trading volume of almost 50 million US dollars in 24 hours.
Out of a total supply of 2 billion ID tokens, there are already 286 million ID tokens, or about 14% of ID tokens, that have circulated in the market. ID is ranked 197th with a market cap of 129,382,801 US dollars, according to data from Coinmarketcap.
The SPACE ID team said in an interview with Binance that digital identity would be essential in the future of Web3. Several similar platforms, such as ENS, Bonfida, DID ID, TNS, and Unstoppable Domains, have played an important role in this space. However, SPACE ID provides more than just a name service; it is also a multi-chain identity in the metaverse.
You can read more about the features and advantages of SPACE ID in this article.
SPACE ID Partnerships
SPACE ID has integrated three domains on the Ethereum (.eth), BNB Chain (.bnb), and Arbitrum (.arb) networks. Arbitrum is a new Ethereum network L2 blockchain that has gained much attention in the crypto world. Arbitrum has a Total Value Locked (TVL) of over 1 billion US dollars and 184 protocols on Arbitrum, including GMX, Aave, Uniswap, and others. With many users from the three networks, SPACE ID benefits users and developers in terms of flexibility and expansion of the range of applications that can be accessed and developed.
In addition, SPACE ID has established several essential partnerships to integrate its system with users on Web3. Some are with Project Galaxy, DODO, STEPN, Trust Wallet, Chainlink, Ankr, CyberConnect, Mathwallet, SecondLive, Apeswap, NodeReal, Beefy, Galler, Project Twelve (P12), Rareboard, and several parties in the BNB Chain ecosystem.
Also, read What is Arbitrum?
SPACE ID (ID) Roadmap
In 2022, SPACE ID made several developments, such as system integration with several dApps and wallets on BNB Chain, expanded partnerships, and launched Gift Cards. In addition, SPACE ID also aggregated name services on several blockchains that allow developers to integrate user identities in one SDK.
SPACE ID’s roadmap for 2023:
- Multi-chain Top-Level-Domain Infrastructure: SPACE ID plans to create a new infrastructure to support Top-Level-Domain with multi-chains. It will allow users to register and use domain names easily across multiple blockchains.
- SPACE ID Domain Names Referral Program: SPACE ID will introduce a referral program that will encourage existing users to invite friends and family to join, thus driving user growth and engagement.
- NFT-Gated Merch Store Domain: SPACE ID will offer an exclusive personalized merch store for domain holders. It features NFT merchandise that is only available to SPACE ID users.
- SID Launchpad for Custom TLD Domain Names: SPACE ID will launch a SID Launchpad platform. This platform allows the community to build and launch customized Top-Level-Domains in one place.
- SPACE ID Universal Domain: SPACE ID will release a universal identity called colon domain (“:”). This feature will simplify the management of multiple identities and addresses across different blockchains.
- SPACE ID DAO Launch: SPACE ID will launch a DAO (Decentralized Autonomous Organization), allowing users to participate in the project’s governance. Users can also vote on important decisions related to the development of the SPACE ID ecosystem.
Space ID has positioned itself as a one-stop solution for universal naming services. Although this project is still relatively new, users’ enthusiasm is quite high, as seen from the number of registrants at the launch of the .bnb domain on SPACE ID in September 2022. There were approximately 370,000 registrants and 175,000 unique domain holders within six months.
In addition, a team experienced in the Web3 world and supported by Binance Labs allows SPACE ID to build a strong foundation for all integration and development across the ecosystem.
SPACE ID also has a clear roadmap, one of which is the launch of universal domains in Q3 2023. If all the planning goes according to the timeline, SPACE ID will be one of the exciting projects. However, to invest in crypto ID assets, you must always consider the benefits and risks of these assets. Always do DYOR before buying the crypto asset of your choice.
How to Buy ID Token on Pintu?
You can start investing in ID by buying it in the Pintu app. Here’s how to buy crypto on the Pintu application:
- Create a Pintu account and follow the process of verifying your identity to start trading.
- On the homepage, click the deposit button and top up the Pintu balance using your preferred payment method.
- Go to the market page and look for ID.
- Click buy and fill in the amount you want.
- Now you have ID as an asset!
In addition, the Pintu application is compatible with various popular digital wallets such as Metamask to facilitate your transactions. Go and download the Pintu cryptocurrency app on Play Store and App Store! Pintu is regulated and supervised by Bappebti and Kominfo.
You can also learn more crypto through the various Pintu Academy articles which are updated every week! All Pintu Academy articles are for educational purposes, not financial advice.
- Binance Team, SPACE ID (ID): A Web3 Identity Protocol with Multi-chain Name Service, Binance Research, accessed 8 April 2023.
- SPACE ID Team, Introducing SPACE ID Token (ID), Landing on Binance Launchpad, Medium, accessed 8 April 2023.
- SPACE ID Team, SPACE ID Early Adopter Airdrop & Voyage Season 2, Medium, accessed 8 April 2023.
- Saanvi, Space.ID ($ID) Airdrop (Season 2) Ultimate Guide: Step by Step, Crypto Bulls Club, accessed 8 April 2023.
- SPACE ID Team, SPACE ID Token (ID), SPACE ID, accessed 8 April 2023.