Ethereum Name Service (ENS) is gaining popularity as an investment and holding asset among members of the crypto community. Last week, after ‘000.eth’ – a rather interesting ENS – purchased at a record ETH 300 or roughly Rs. 2.75 crores, ENS sales saw a hike. This particular ENS sale escalated their overall demand in the community. Daily ENS registrations also spiked, reaching over 30,000 new addresses on July 4 and over 20,000 on July 7. The findings highlighted by Dune Analytics, a tracker of ENS.
A decentralized domain name protocol, an ENS provides reasonable. And easily readable crypto wallet addresses by replacing the traditional complex and long alpha-numeric ones. Of late, ENS addresses have emerged among the most popular liquid assets trading on marketplaces for virtual assets. On the OpenSea NFT marketplace, for instance, 1.5 million ENS domains currently listed. Out of these, 445,000 ENS domains already owned. Follow For More Updates at Newsyorbits.com
Ethereum Name Service
“The interest we seeing in ENS is partly driven by the fact that it’s one of the very few pure true utility NFTs that are visible, widely known, liquid, and traded on OpenSea. The fundamentals and value that ENS addresses bring far more certain. Than other opportunities for retail crypto investors,” CoinDesk quoted Anderson Mccutcheon, founder and CEO of Chains.com as saying. The platform focused on enabling cryptocurrencies as a medium of exchange at scale.
Any individual or company that owns an ENS becomes able to receive cryptocurrency, tokens, and other blockchain-based assets. Easier ENS domains like ‘XYZ.eth’ are usually more in value than others like ‘asd1as.eth’. Presently, the slump in ETH and gas prices have further attracted members of the crypto fraternity to buy and exchange ENS addresses. The CoinDesk report added.
“Our findings suggest that ENS showing gradually popularity during its four years’ evolution, mainly due to its distributed and open nature that ENS domain names can be set to any kinds of records, even censored and malicious contents. We have identified several security issues and misbehaviors including traditional DNS security issues. And new issues introduced by ENS smart contracts,” a report by Cornell University claimed last year.
Ethereum Name Service Sees Retail Interest
The adoption of ENS addresses catapulted to popularity after some high-end global brands invested in these domains. For instance, in May 2022, Nike’s Web3 arm called ‘RTFKT’ purchased a new ENS domain for ETH 19.72 (roughly Rs. 29 lakh). This year in February, Puma also purchased a decentralized domain and changed its name to ‘Puma. eth’ on Twitter.
Cryptocurrency is an unregulated digital currency, not a legal tender, and is subject to market risks. The information provided in the article not intended to be and does not constitute financial advice, trading advice or any other advice or recommendation of any sort offered or endorsed by NDTV. NDTV shall not be responsible for any loss arising from any investment based on any perceived recommendation, forecast. Or any other information contained in the article. Affiliate links may automatically generated – see our ethics statement for details.
