Ethereum domain name sales are up 2300% with many big names like Vitalik Buterin (dynamic.eth), Paris Hilton (parishilton.eth), and the like rushing into the hype of buying 3-digit domain identities.
The uniqueness and simplicity of Ethereum Name Service (ENS) domain names is what makes them irresistible and alluring to many users.
What is ENS?
Ethereum Name Services (ENS) shortens long and cumbersome crypto addresses into short, sweet URLs. ENS is governed by the Decentralized Autonomous Organization (DAO) which was established in 2017 which has no central government.
Nothing beats simplicity. It is the main selling point of Ethereum domain names. ENS domains are three- to four-digit names that end in “.eth”. It’s easier to read and remember than having to memorize or keep a tab of long, vague strings of words.
Each domain name is a minted NFT and is sold just like any other regular NFTs.
ENS – Global URL
ENS names are said to be game-changers in creating decentralized, simple and global logins or URL logins which are a great alternative to using traditional Ethereum wallets.
Many celebrities, businessmen, and public figures proudly use their ENS names as handles on Twitter.
The minimum number of ENS names is three which is the number required for many users. It is important to note that only ENS names can be registered in an ETH wallet.
Crypto total market cap at $1.68 trillion on the daily chart | Source: TradingView.com
Tuesday saw a massive jump or rise in sales of nearly $1.3 million in just 24 hours.
ENS started with sales of about $700,000 from April 14 to April 21 and was followed by a spike from April 22 to 27 worth $3 million.
There was a staggering 119% increase in .eth name registrations.
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Elite Club Ethereum 10K
Numeric ENS names were also popular. Some buyers buy ENS names after the amount they bought it for like 999.eth if they bought it for 99.9 ETH. Three-digit ENS names are usually assigned to 6 ETH, or the equivalent of about $17,000.
Similarly, if your CryptoPunk number is 3200, you will be attracted to 3200.eth. Most NFR groups are numeric which is why ETH names are inflated with numbers nowadays.
The highest-grossing and numbered NFT groups include Moonbirds, Bored Apes, Clone X and Azuki.
Many collectors speculate about NFTs as early as now in ENS subdomains. ENS names have a fixed or limited supply of only 10,000 domains which is why many people are trying to grab their ENS while still being able to be part of the elite and exclusive 10k club.
Featured image from Coin News, chart from TradingView.com