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[HOST] Welcome to X1 Report, your trusted source for blockchain news. Today, we're diving into

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the launch of X1 Identity, a new name service from X1 Labs.

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[ANALYST] X1 Identity allows users to register .x1 names for their wallets, with Jason, the founder

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of XDEX at X1 Labs, announcing it in the X1 World Telegram group on October 19.

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[HOST] The cost of a name depends on its length. Single letters cost 100 XNT, while five-letter

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names are priced at just 1 XNT.

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[ANALYST] Once registered, the name is minted as a Metaplex NFT, and you can choose from a default

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X1-themed card or upload your own artwork, which cannot be changed after registration.

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[HOST] On launch day, the X1 Names marketplace opened with 508 names listed, including some with

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custom art. The floor price was 25 XNT, with some asking prices reaching 100,000 XNT.

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[ANALYST] Subdomains are also available, allowing name owners to create one-level deep subdomains

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like pay.alice.x1, each of which is an independent NFT that can be sold separately.

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[HOST] X1 Identity integrates with X1 Labs' other apps, including Warp Bridge, Identity,

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Delegation, Vesting, and Validators. The new X1 Wallet will support sending to names.

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[ANALYST] It's important to note that X1 Identity is separate from the existing X1NS name service,

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which has sold .x1, .xnt, and .xen names for months.

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[HOST] While X1NS uses 80, 60, 40, 12, and 4 XNT for one to five or more characters, X1 Identity

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is cheaper for longer names and more expensive for single letters.

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[ANALYST] To register a name, simply visit id.x1.xyz, type the desired name, and follow the prompts.

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Short names are going quickly, so act fast if you want one.

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[HOST] That's all for today's report. Stay tuned for more updates from the blockchain world.