In a near-record sale, the 000.eth Ethereum Name Service (ENS) domain was sold for 300 ETH ($320,000). According to the data from NFTGO, an analytics platform, the sale is the second-highest ETH-denominated ENS transaction price.
While the highest is sale of paradigm.eth for 420 ETH done last October (around $1.5 million at that time). Interestingly, Paradigm, a venture capital firm, confirmed that it wasn’t really after the purchase.
For the uninitiated, the Ethereum Name Service is an open, expandable, and distributed naming system that interacts with the Ethereum Blockchain.
Similar to DNS, the role of ENS is to convert human-readable names such as “allan. eth” to a name which is readable by a machine, such as a wallet address that looks something like “8g978dl39ji9xl.”
ENS allows users to buy and manage their domains; it means that users do not have to deal with long and complex addresses, and they can conduct a long and challenging transaction. In addition, it also drastically reduces the chances of any input errors while typing out the recipient’s address for sending funds.
Contrary to what many people believe about the ENS, which might sound identical to the DNS system developed in the 1980s, their architecture heavily differs.
The form in which each domain is sold is NFT. ENS domain names replace complicated wallet addresses that are not suitable for mainstream adoption. Rather than using a 42 hexadecimal characters name, users can use a short login name.
Well-known groups and individuals who purchased the ENS domain contributed much to the popularity of these services. Among these buyers are Reddit co-founder Alexis Ohanian and Shopify CEO Tobias Lütke. Back in August, one of the top beer brands, Budweiser, also purchased its own ENS domain.
An increase of 112% was seen in the number of registrations using the Ethereum Name Service over the last two weeks.
In November, early adopters received a great airdrop as a reward. Some users were able to obtain a six-figure sum.
In the past 24 hours, the price of the ENS token has risen by around 4%. The crypto asset has experienced a 72% rise in trading volume during the period mentioned earlier.
Nancy J. Allen is a crypto enthusiast, with a major in macroeconomics and minor in business statistics. She believes that cryptocurrencies inspire people to be their own banks, and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning. She frequently researches, and posts content on the top altcoins, their theoretical working principles and technical price predictions.