Over the past 24 hours , $1.3 million worth of .ens domain sales have been recorded . Domain name sales on the Ethereum network on OpenSea are up nearly 2,300% as users rush to acquire the much-desired and rare 3- and 4-digit domains.
Ethereum Name Service (ENS) is a domain name provider for the Ethereum blockchain. ENS is controlled by the DAO (or decentralized autonomous organization that uses governance tokens to make collective decisions). It is closely associated with the Ethereum Foundation and has been in existence since 2017. Each such domain ends with “.eth” and is sold as a regular NFT.
There has been a lot of community discussion this week about the potential value of three- and four-digit ENS domain names, also calling them the future of decentralized websites and a one-stop login for all of Web3. Today, ENS names are most commonly used as a simple, readable alternative to the traditional Ethereum wallet address.
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Currently, a number of celebrities and public figures use their ENS domains as usernames on Twitter. For example, Jimmy Fallon (fallon.eth), Paris Hilton (parishilton.eth), Coinbase CEO Brian Armstrong (barmstrong.eth), and Ethereum founder Vitalik Buterin (vitalik.eth).
“These are assets with a fixed supply. And you can do different things with them!” Vitalik Buterin said two years ago.
Since the minimum number of digits for an ENS name is three, it’s no surprise that three and four-digit domain names have seen such an explosion in recent times. The head of the ENS community, alisha.eth, noted that 446 Ethereum (about $1.3 million) were traded on OpenSea on Tuesday.
“As an observer, I feel like I didn’t have time to blink and already missed it,” she recently tweeted.
According to some reports, ENS domains were sold for $700,000 between April 14 and April 21. And from April 22 to April 27 – for 3 million dollars. Over the past week, the number of domain name registrations in ENS has increased by 119% . And the total number of active names in the .eth zone increased by 7%. Today, crypto enthusiasts are attracted to buying ENS domains with numbers like 123.eth. Many 3 digit ENS domains sell for over 6 ETH each. This amounts to about $17,000. These, for example, include: 792.eth, 645.eth and 981.eth.
Some enthusiasts buy domains for the amount indicated in the domain value itself . For example, 887.eth is trading for 8.87 ETH, which is almost $26,000. 555.eth was sold yesterday for 55.5 ETH, which is $160,000.
Some may wonder why people acquire such domains, which are more likely to evoke thoughts of an Orwellian dystopian world . And NFT enthusiasts gave the answer.
“If your punk profile picture is number 4000, then you need 4000.eth,” explained tommygun.eth on Twitter, referring to how cryptopunks are numbered as part of the 10,000 token collection. He also shared with the community on Twitter that he already owns several three-digit domains.
Anyone can register their own unique .ens domain by clicking on the link.
