What’s Up With The Sandbox’s ENS?
A Twitter user who goes by the name 065. eth (@address_eth) and sells ENS (Ethereum Name Service) domains on OpenSea, revealed that someone purchased sand.eth for 4.9 ETH seven months ago. It expired, and now someone else has registered it for a 6.4 ETH premium.
The Web3 community later got to know that someone who bought the ENS was The Sandbox for around $21,000 at that time of the transaction.
What Do You Need ENS?
Crypto addresses have often led to confusion and even loss of funds since they are long strings of numbers and letters designed to be read by computers.
Based on the Ethereum blockchain, ENS or Ethereum Name Service is a distributed technology that addresses this problem. It offers one URL, almost similar to a website name or email, that would represent a crypto address.
ENS takes a complex public address that crypto users are familiar with and replaces it with something that can be easily read and remembered. For instance, a crypto wallet that looks like
“0xDC25EF3F5B8A186998338A2ADA83795FBA2D695E” is turned into something like “Alice.eth.”
Then, users can use it for conducting and managing all their tokens and NFTs.
There are two Ethereum smart contracts: the ENS registry and the Resolver. The ENS registry records domain names while the Resolver translates domain names to machine-readable addresses and vice-versa. Users are rushing to register their ENS domains before someone else takes them, and it becomes unavailable, just like in the early days of DNS names. It becomes so much easier to manage your blockchain transactions.
ENS domains are limited, as most are already taken, and the available and good ones are highly-priced. For instance, RTFKT purchased the domain for dotswoosh. eth for 19.72 ETH or around $35,000.
The statistics reveal that people have spent 2492 ETH ($7.3M) registering ENS domains in April this year and approximately 169 ETH ($510k) on their renewal, pointing towards their rising demand in the NFT and crypto space.
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