Sales of Ethereum domain names have risen by a whopping 2,300%, with many big names like Vitalik Buterin, parishilton.eth and many more big names rushing into the hype of buying 3-digit domain identities.
The exclusiveness and simplicity of the Ethereum Name Service (ENS) domain names makes it irresistible and tempting to many users.
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What is ENS?
Ethereum Name Services (ENS) turns long-winded and difficult crypto addresses into short and sweet URLs. ENS is a decentralized autonomous body (DAO) established in 2017 which has no centralized government.
Nothing beats simplicity. And that’s the main selling point of Ethereum domain names. ENS domain is a three to four digit name ending in “.eth”. A tab of long and obscure strings of words is easier to read and memorize than memorizing or memorizing.
Each domain name is a minted NFT that sells like any other regular NFT.
ENS – Public URL
ENS names are said to be decentralized, simple, and game-changing to create a universal key or URL login, a great alternative to using traditional Ethereum wallets.
Many celebrities, entrepreneurs, and public figures are proudly using their ENS name as their Twitter handle.
The minimum number of ENS names is three and this is the desired number 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 huge increase or increase in terms of sales to about $ 1.3 million in just 24 hours.
ENS sales from April 14 to April 21 started at about $ 700,000 and increased to $ 3 million from April 22 to April 27.
There was an amazing 119% increase in .eth name registrations.
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Elite Etherium 10K Club
Numeric ENS names have also become popular. Some buyers would buy the same amount of ENS name as 999.eth if they bought at 99.9 ETH. Three-digit ENS names will typically be set at 6 ETH or the equivalent of about $ 17,000.
Similarly, if your CryptoPunk number is 3200 then you will be attracted to 3200.eth. Most NFR collections are numerical which is why ETH names in numbers are so hyped these days.
Top NFT collections that have been numbered include Moonbirds, Board Apps, Clone X and Azuki.
Many NFT collectors are now speculating on the ENS subdomain. The ENS name only has a fixed or limited supply of 10,000 domains which is why many people are trying to grab their own ENS even though they may still be elite and exclusive. 10k club.
Featured image from Coin News, chart from TradingView.com