ENS Names: Brand Resiliency and Mitigating Platform Risk

Introduction

On May 17th, 2023, Montana Governor Greg Gianforte enacted measures to ban TikTok in order to protect personal and sensitive data from potential intelligence gathering by the Chinese Communist Party. Senate Bill 419 makes Montana the first state in America to implement such a ban. The legislation prohibits TikTok from operating in the state and prevents mobile application stores from offering the app. Violations of the ban will be enforced by the Montana Department of Justice.

Gianforte’s press secretary, Kaitlin Price, expressed concerns about TikTok as a potential cybersecurity risk to the United States stating:

“While the Chinese Communist Party may try to hide their nefarious spying and collection of individuals’ personal, private, sensitive information under the banner of our First Amendment, the governor has an obligation to protect Montanans and their individual privacy right, as guaranteed by the Montana Constitution, from the Chinese Communist Party’s serious, grave threats.”

The spokesperson highlighted that China could use the app to spread misinformation and collect data due to its large user base. The law is set to take effect in January 2024.

While it is uncertain whether other states will follow suit, the ban is becoming an increasing cause for concern for creators who depend on the platform for their livelihoods. Full-time creators attribute TikTok to providing up to 70 percent of their income, which comes from brand deals generated through the app. This ban could result in creators’ incomes being slashed by up to $40,000 (Source: New York Times). Although Instagram is an alternative, it lacks the same growth opportunities as TikTok while carrying similar platform risks. Despite potential legal challenges, creators are already exploring alternative platforms and re-evaluating their brand deal strategies in anticipation of the ban.

Ethereum Name Services (ENS) offers a decentralized alternative that holds immense potential for strengthening brand resiliency and mitigating platform risk. This article explores how ENS’ decentralized domain names can provide robust brand protection and enhance overall business resilience against private-interest parties.

The Onchain Alternative

“On-chain” or “onchain” (depending on your preferred term) alternatives already exist. For instance, Zora is a creator marketplace that enables purchases through non-fungible tokens (NFT). Since its launch in 2017, Zora has moved almost $40 million in USD equivalent value (Soruce: Dune Analytics). There are many opportunities for talented creators who have yet to jump into this nascent (onchain) space. With the added benefits of blockchain technology like censorship resistance and provenance, creators can be confident that centralized governments will not pose a risk to their livelihoods.

According to TechCrunch, Zora is a venture-backed start up that has received $60 million to date. However, the platform embeds the concept of “credible neutrality” into its approach, which means that its mechanism design is bi-partisan and impartial to private interests. By minting works onchain, creators can feel assured that their works won’t be censored, removed, or altered. This is because creating records (cryptomedia) on distributed ledgers is immutable and unalterable after the fact. Wait, buy why?

Blockchain technology is censorship-resistant because it does not rely on a central authority to control data. Instead, power is distributed across many participants who maintain and update the blockchain, making it difficult for any single entity (such as the government) to manipulate or censor transactions. The consensus mechanisms used in blockchain prevent a single authority from dictating the rules. Additionally, the immutability of the data ensures that once a transaction is recorded, it becomes permanent and cannot be changed. The decentralized and tamper-proof nature of blockchains makes them resistant to censorship and manipulation.

This means that creators who choose to mint their works onchain through decentralized apps like Zora Protocol are given complete agency and authority over the works they produce. Additionally, onchain works offer provenance, which helps to establish authorship and flips the distribution model upside down. Now that we’ve got that out of the way, let’s talk about how creators can manage their identity onchain and how dApps like the Ethereum Name Service (ENS) make it a cinch.

The Importance of Brand Resiliency

Brand resilience is a term used to describe how brands can withstand external pressures through difficult times. If properly cultivated, brand resilience ensures your brand is lindy. In today’s often fierce and cut-throat competitive landscape, building brand resilience has become more important than ever before. Unwitting creators could face the same fate as the Montanan’s who, arguably naively, entrusted their entire business to a single platform. Customers are the life-blood of a business, but if there is no longer a way to reach or connect with them, then your brand can be sure as dead.

What is platform risk?

Platform risk arises when businesses build their operations on top of existing platforms to leverage the platform’s services and user base. The most significant threat is the potential loss of access to audiences, preventing brands from reaching individuals who have already expressed interest in hearing from them. As a result, businesses that are de-platformed would need to re-build their audience from scratch; a daunting and demoralizing task. As a content creator, your media is your intellectual property and your brand is your identity. You need to play defense when platforms put them at risk. Setting up an Ethereum Name Service (ENS) and minting your content can make your brand more resilient.

Resilient Brands on ENS

Brands can enhance their digital presence, visibility, and control over their online identity by utilizing Ethereum Name Service (ENS) addresses. Unlike centralized platforms such as TikTok, ENS offers a decentralized identity service leveraging blockchain technology. Users can claim unique, self-sovereign domain names on the Ethereum blockchain, providing persistent identities.

By using ENS names, brands reduce reliance on any single platform and establish a resilient online presence. This diversification across platforms mitigates the risk of losing access to audiences or content due to platform-specific actions.

Registering an ENS name establishes an onchain presence, builds reputability, and increases visibility to emerging onchain markets. It also allows for scalability and expansion of a brand’s onchain presence, enabling the launch of new websites, subdomains, or international versions while maintaining brand coherence and resiliency.

Owning an ENS name empowers brands to establish ownership and control over their onchain identity, ensuring their presence remains intact and uncontested. As brands explore the potential of onchain markets, having an ENS name becomes crucial for reputability and visibility, positioning them for the future. A brand’s ENS name can also serve as an opportunity to showcase their personality, affiliations, and collections onchain as digital wallets evolve into social profiles.

Furthermore, ENS names open up possibilities for monetization and brand extension onchain. Brands can leverage their ENS name to launch unique digital assets, collaborations, or limited edition collections as NFTs gain prominence.

Managing your Brand’s assets using ENS V3

The ENS V3 Manager app is a powerful tool for businesses to manage their brand identity on the Ethereum Name Service (ENS). Here’s how the app can help:

1. Simplified Registration Process:
   The app offers a user-friendly registration process for acquiring ENS names. Businesses can easily secure their desired names, with clear explanations of gas prices and registration costs. Integration with services like MoonPay allows registration using credit or debit cards.

2. Enhanced Customizability:
   With the ENS V3 Manager app, businesses have more control over their onchain brand identity. They can set their primary name and fill out their onchain profiles, maximizing the potential usage of their brand names from the start.

3. Mobile-Friendly Experience:
   The app is designed for mobile optimization, allowing businesses to seamlessly manage their onchain brand identity from their smartphones. This accessibility enables active brand identity management anytime, anywhere.

4. Establish Your Brand:
   Businesses can establish a resilient onchain brand identity protected from impersonation and unauthorized use by using the ENS V3 Manager app’s features. This enhances brand trust, credibility, and protects the brand’s reputation in the blockchain ecosystem. The app simplifies the avatar selection process, eliminating the need for complex guides. Businesses can easily set and manage their brand avatars within the app, choosing between NFT avatars or image uploads.

5. Future-Proofing and Innovation:
   The ENS V3 Manager app provides a foundation for future innovation and expansion of onchain brand identity. Built on ENSjs v3, a new JavaScript library, the app supports advanced capabilities while maintaining performance. This allows businesses to stay up-to-date, explore new features, and adapt their brand identity to meet evolving market demands.

Conclusion

Brand resiliency is critical for creators and businesses to withstand external pressures and remain competitive in today’s cut-throat landscape. With a rise of platform risk due to potential bans or de-platforming, creators need to explore alternative options that provide robust brand protection. Ethereum Name Services (ENS) offers a decentralized solution that leverages blockchain technology to establish a resilient online presence. By registering an ENS name, brands reduce their reliance on any single platform and establish ownership and control over their on-chain identity. The ENS V3 Manager app makes it easy for businesses to manage their on-chain brand identity, providing enhanced customizability, a mobile-friendly experience, and future-proofing capabilities. By utilizing ENS names, brands can achieve brand resiliency and mitigate platform risk, positioning themselves for the future of on-chain markets.

Secure your onchain identity today, visit the ENS app and register now.