On July 3, the Ethereum Name Service (ENS) sold the domain 000.eth for 300 ETH, or about $315,000. This represented the second-largest purchase made using both US dollars and ether.
The ENS name was sold by a user named EtheOS on the OpenSea marketplace who had acquired it in June 2020, according to record-breaking sale on-chain data.
In September 2021, the ENS name was initially offered for 100 ETH, at a value of about $300,000. In January of this year and again in March, the user re-listed the name for 500 ETH each time. Before being accepted, the offer was on the market for three months. The greatest sale to date took place last October under the ENS name paradigm.eth, and it totaled 420 ETH. At the time, it was worth roughly $1.5 million.
Ethereum Name Service, sometimes referred to as ENS, is a system that connects computer-generated codes to human-friendly names. The Ethereum blockchain powers this open, decentralised, and Web3-compliant naming system that is not for business. Smart contracts are used to safeguard the domain names of ENS.
These domains are also NFTs and may be bought and traded on well-known sites like OpenSea. ENS is one of the most extensively used naming standards, with over 1.1 million names, 504 integrations, and more than 400k owners, according to statistics.
The Ethereum Naming System (ENS) has recently become very popular. Numerous well-known individuals have changed their names to include the.ETH extension, including Reddit co-founder Alexis Ohanian, Coinbase’s Brian Armstrong, Shopify CEO Tobias Lütke, and Ethereum co-founder Vitalik Buterin. Even well-known celebrities like Snoop Dogg, Paris Hilton, and Jimmy Fallon have acquired Web3 identities on Ethereum.
Mystery adrift of Paradigm ETH
The Ethereum domain name paradigm.eth was purchased by an unidentified wallet for 420 ETH (about $1.5 million) last year. At first, a lot of people thought the pricey acquisition was being driven by the VC behemoth Paradigm, which specialises in the cryptocurrency sector. It refuted the reports, though.
Blockchain.com, a cryptocurrency company, also revealed that as a possible rival to Ethereum Name Service, starting in June 2021, customers will be able to register free “.blockchain” domain names backed by Unstoppable Domains.
More recently, the Open Network (TON) Foundation unveiled TON DNS, a brand-new service that enables users to give human-readable names to websites, smart contracts, and cryptocurrency wallets.
