What’s In A Name? Ethereum Domain Name Sales Climb 2,300%

Christian Encila

1 year ago

3 mins read

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Ethereum domain name sales have shot up to a colossal 2,300% with many big names like Vitalik Buterin (vitalik.eth), Paris Hilton (parishilton.eth), and the like rushing into the hype of buying the 3-digit domain identities.

The exclusivity and simplicity that Ethereum Name Service (ENS) domain names have is what makes it irresistible and enticing to many users.

What is ENS?

The Ethereum Name Services (ENS) shortens long-winding and cumbersome crypto addresses into short and sweet URLs. ENS is under the Decentralized Autonomous Organization (DAO) established in 2017 which has no centralized government.

Nothing beats simplicity. And it’s the main selling point of Ethereum domain names. ENS domains are three- to four-digit names that would end in “.eth”. It’s easier to read and remember than having to memorize or keep a tab of long and ambiguous strings of words.

Each domain name is a minted NFT that is sold just like any other regular NFTs.

ENS – Universal URL

ENS names are said to be the game-changers in creating decentralized, simple, and universal key or URL logins that is a great alternative to using traditional Ethereum wallets.

Many celebrities, entrepreneurs, and public figures are proudly using their ENS names as Twitter handles.

The minimum number for ENS names is three and it’s the coveted number for many users. It’s important to note that only ENS names can be registered to an ETH wallet.

Crypto total market cap at $1.68 trillion on the daily chart | Source: TradingView.com

Tuesday saw the massive uptick or surge in terms of sales at around $1.3 million in just 24 hours.

ENS started with around $700,000 in sales from April 14 to April 21 and followed by a surge on April 22 to 27 at $3 million.

There was an astounding 119% increase in .eth name registrations.

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The Elite Ethereum 10K Club

Numeric ENS names have also been popular. Some buyers purchase ENS names after the amount they bought it for like 999.eth if they bought it for 99.9 ETH. Three-digit ENS names would usually be set for 6 ETH or equivalent to roughly around $17,000.

Similarly, if your CryptoPunk is number 3200 then you would be drawn to 3200.eth. Most NFR collections are numeric which is why ETH names in numbers are so hyped nowadays.

The top-grossing NFT collections that are numbered include Moonbirds, Bored Apes, Clone X, and Azuki.

A lot of NFT collectors are speculating as early as now on 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 own ENS while they still can to be a part of the elite and exclusive 10k Club.

Featured image from Coin News, chart from TradingView.com

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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