ETH is up 17.5% in the last 7 days. You can call it the “Merge Effect”. But Vitalik is busy clapping for a project built on top of Ethereum. And this project is right now selling for millions of dollars even in this bear market.
But is it a million-dollar opportunity or just more HYPE? We give you our honest opinion. Stay around until the end of the article to know exactly how to participate in this project. And also some quick tips & tricks to create a million-dollar domain in Ethereum Name Service.
What is Ethereum Name Service (ENS)?
The project we are talking about is ENS – Ethereum Name Service. For everyone else, let me explain in the simplest possible way what is an ENS. ENS is a .eth domain name project.
Source: ENS Domains
In our everyday internet, we use regular domain names something like you are using right now like “Youtube.com”. It is the address of YouTube on the internet. In this case, Blockchain domains work similarly, but what is the point of having a name attached to a blockchain address? What is it capable of doing that the .com domain is not capable of? There are two things:
- Used as a payment gateway: If I create an ENS domain name like mattie.ETH, I can connect all my cryptocurrency addresses to this name and receive my crypto.
And this is one of the biggest reasons Vitalik is cheering for the project. Listen carefully to the video where Vitalik has to say about it “ENS is probably the most successful non-financial (Ethereum) application today”
2. Build websites that are censorship resistant: That is no one can take it down neither Google nor any government. Because of these two major advantages over a regular domain name, many big brands are now trying hard to get such a dot ETH suffix.
Even Vitalik made Ethereum.org available on Ethereum.ETH in March 2020. And now, we see big celebrity names like Jimmy Fallon, where brands like Puma lead the .eth leader board.
The https://t.co/KSm7V48P4y website is now on IPFS and accessible via ENS at ethereum.eth. https://t.co/BBO4BAX0fT
— vitalik.eth (@VitalikButerin) March 31, 2020
Also, the rumor is that Amazon.eth was worth 100 ETH in 2019, worth around $50,000. But Amazon was not interested in it at that time. And recently, Amazon.ETH received an offer of $1 million USDC on OpenSea.
In fact, you can see in our tips and tricks later but you could even make a side business out of flipping .ETH domains. But, why Amazon has not bought it yet remains a mystery? Does Amazon still think blockchain domain names are just HYPE?
ENS Use Case
Apart from giving a human-readable name to your cryptocurrency addresses and a censorship-resistant domain name, you can do a lot with a .eth domain:
- Receive NFTs.
- Add emoticons to yours .ETH names
- Sell it: For example, the foundation.eth domain brought in 300 ETH. The icing on the cake was ‘exchange.eth’, which brought home 6,660 ETH back in 2017. This is already ENS’ 5th year now.
- Claim a Web 3 name: You can associate this with a website URL, your Twitter account, or with an avatar. The way Jimmy Fallon has done it.
- Create your pseudonymous online identity: Add to this a picture-for-profile NFT with an ENS domain, and you’re well on your way.
- Create ENS subdomains: This is an example: learn.altcoinbuzz.eth
It's our anniversary!
May 4 marks 5 years since ENS went live on Ethereum.
The last year in particular has seen ENS explode in popularity and usage.
We've gone from 242k names and 206 integrations last year to over 900k names and 500 integrations today.
— ens.eth (@ensdomains) May 4, 2022
ENS Popularity Soars
There’s been a recent spike in ENS popularity. In the 2nd week of July 2022, over 100k new ENS domains were created. Even Jimmy Fallon changed his Twitter handle to feature a .eth. But, how to get an ENS name?
Here is our big promise that we made to you at the start of the video explaining how to create an ENS account. It starts by showing that the name Altcoinbuzz has already been taken. Then, here are two tips:
- Register for a few years, it saves on gas fees.
- Have enough ETH in your wallet, gas fees fluctuate.
- Set up MetaMask and fund your wallet.
- Log into ENS Manager.
- Search for your desired .eth name.
- Register your .eth name for a specific period.
- Final register and confirm the transaction on MetaMask.
By the way, if you already have a .ETH domain name, or you just used our tutorial to do it, drop this video a big thumbs up and let us know.ETH domain name in the comments below.
There’s been a recent 𝘀𝗽𝗶𝗸𝗲 in ENS popularity.
Last week 100k➕ new ENS domains were created.
Jimmy Fallon even changed his Twitter handle to feature a .eth.
This craze isn’t going away and the *hottest* club to be a part of in web3– the @10kClubOfficial pic.twitter.com/q4NL2ymD0N
— Rally (@OnRallyRd) July 14, 2022
Tips & Tricks to Create a Valuable .ETH Domain
Getting an ENS name is easy as you just saw. But it was not the same in the initial days it was a lot more complicated. The registration now just takes about 5-10 minutes.
Tip 1: 3-, 4-, 5, or 6 letter names were popular from the start. Simply because there are only a limited number of them. Try to get one of those, they are selling like hot cakes. This trend resulted in a 10K club with numbers ranging between 0 and 9999. This resulted in a new ATH of 1,785 sold domains on April 27th, 2022. Before that, there were rarely over 100 new names per day.
Also, one of these numbers even sold for 55.5 ETH. The current floor price is around 1.5 ETH. Since then, user numbers have just gone up. April saw 163,000 new domains registered. Moreover, May 3rd saw an increase to 365,652. But, in June it dropped to 122,000. 5 On the other hand, July broke all previous records. Also, they just pipped above May. In July 2021, new 60 average .eth domains were acquired per day. In 2022 that is 11,450.
Tip 2: Look for some popular .eth domain names in English and then check if there is a non-English or your local language version domain name available. Then, we recently asked our Twitter followers to drop their ETH domain names in the tweet comments. Here are some of the interesting ones we came across.
Moreover, some current names include for example:
A record breaking amount of ENS registrations this month! pic.twitter.com/6Ksu7xOeXT
— address.eth (@address_eth) July 30, 2022
In addition, ENS is not the only one out there. There are other platforms offering the same:
- Unstoppable Domains: They are not a non-profit, like ENS. Some domains are ‘brand protected’. Membership is a one-time fee, without renewals. Built on Polygon.
Some services are based on Ethereum, so you will end up paying heavy gas fees for those.
- PNS Polkadot Name Service: Everything in DOT. There’s a registration fee of $25 and a yearly fee. You will save on gas fees here for sure
If you create a .PNS name, do drop yours.PNS name in the comments section below
- Solana Name Service: Everything SOL. There’s a storage limit of 1kB. You can’t change this after initial registration. Prices are around $20 per domain name. Renewal fees are similar to ENS.
But, for the time being, I might stay away for Solana as its ecosystem was hacked for the 9th time this year. Therefore, check out this video about the 8,000 SOL wallet hacks and see how you can protect your SOL in the future.
On the other hand, we noticed an increased demand for ENS domain names. No wonder you consider that ENS domains may play an important part in Web3. We also showed you that the domains are very versatile. They can handle various functions at once. This makes them valuable.
Finally, of all options out there, Ethereum Name Service is on top of the pile. This is the right time to secure your ENS domain name. Even Vitalik agrees.
Moreover, for more cryptocurrency news, check out the Altcoin Buzz YouTube channel.
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