The latest NFT trend: ENS domain names

New listings for the Ethereum-based ENS system have increased by 2,300% on OpenSea in the last week. In the latest NFT craze on the Ethereum blockchain, domain names are the target of investment. Find out why here!

ENS on recovery on OpenSea

OpenSea is experiencing a massive increase in sales of Ethereum domain names as users try to buy the scarce three- and four-digit names.

ENS is a service provided by the Ethereum Foundation. It allows registration of names via smart contracts on blockchain. The service has been in existence since 2017, but has since been overseen by the Ethereum Foundation.

But this week, Ethereum users have shown interest in speculating about the future value of three- and four-digit ENS domains. ENS domains are domains that end in “.eth”. They are similar to Ethereum, which is a token and is created and sold as an average smart contract.

How do the ENS names work?

ENS names operate within Ethereum’s decentralized name register, providing a secure and unchanging way to address resources both on and off the blockchain.

A name registered with an ENS domain is a human readable, easier to remember way to interact with an end user’s account, also known as a hexadecimal wallet address.

Known users of ENS names

Meanwhile, many public figures and celebrities have created ENS names for their business or personal use, such as Jimmy Fallon (fallon.eth), Paris Hilton (parishilton.eth), Trey Songz (treysongz.eth), Brian Armstrong (barmstrong. Eth) )) and Vitalik Buterin (vitalik.eth).

ENS is a registry for web domains, like .org and .com. ENS domains use Ethereum Name Service smart contracts that act as digital wallets for identity and information.

Ethereum rise

Sales in the secondary market for ENS have increased. ENS community leader alisha.eth stated that ENS saw a sudden increase in sales with 446 Ethereum on Tuesday. That equates to a volume of about $ 1.3 million.

According to a report by ENS developer nick.eth, since April 22, the Ethereum Name Service has already raised $ 3 million since its launch.

119% more registrations

In the past week, the number of registered .eth names has increased by 119%. The total number of .eth domain names grew by 7%. Many numeric ENS domains sell for over $ 17,000 each, including 792.eth, 645.eth and 981.eth.

Some buy their ENS names for speculative purposes, such as 887.eth for 8.87 Ethereum, which is almost $ 26,000. 555.eth was sold yesterday for 55.5 Ethereum, a whopping price of $ 160,000.

Some participants in the NFT community believe that quality names will help them sell their token, or that they can make money on the name and not their product or service.

What is the benefit of buying ethical domains?

“If your punk[Profilbild] that [Nummer] 4,000, then you will have 4000.eth, ”said user tommygun.eth on a Twitter page hosted by ENS Consultant 2594.eth on Thursday, referring to the numbering of CryptoPunks as part of a collection of 10,000.

Due to the exponential popularity of the NFT PFP collections, their number has increased dramatically in recent years. One of the most famous and successful collections is called Bored Apes.

“The idea is to sell some and lease most,” said 1289.eth, who envisions a four- to five-year time frame for its ENS domain names. Others predicted an upcoming “ENS summer” where ENS could experience similar levels of interest as decentralized finance, DeFi, in 2020.

Financial markets are beginning to recognize the potential value of ESA domains. While .eth names are free to register with the Ethereum Name Service, an ENS auction will be launched soon. A name on the list of all Ethereum Name Service names is a great addition as there are currently only 10,000 names on the list.

Eva Steinmetz shows great interest in the topics of cryptocurrencies, tokenization and artificial intelligence to optimize existing systems, such as the real estate or financial sector. In this context, the focus is on the changes in the regulation of cryptocurrencies worldwide.

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