To use the application, users must register .lz domain. A domain registration is an ERC721 NFT with some special properties:
- Domain registrations always have expiry dates. To keep a domain, users must make sure to renew the domain before it expires.
- Expired domains are sold at auction. Expired names that are not sold at auction can be registered by others.
- The system allows for suspension & revocation of domains. Be sure to read about & understand these features.
The Domain Name Lifecycle covers all the stages a name will normally pass through. Of course, ERC721 NFTs can be transferred & traded on NFT exchanges.