As the market continued to deteriorate, an Ethereum Name Service (ENS) domain address 000.eth was sold for 300 ETH. This sale is the second largest ENS domain address sale in terms of ETH and USD.
On-chain data shows that the domain address was sold by OpenSea user EtheOS to user B34D84 on July 3. The owner of the domain took the ENS name from another address in mid-2020. The ENS domain address was first put up for sale for 100 ETH in September 2021, but was put up for sale again for 500 ETH earlier this year, and finally for 300 ETH in March, three months before the offer was accepted.
Ethereum Name Service (ENS) domains are the Web3 equivalent of the Domain Naming System (DNS), Web2's method of mapping alphabetic names to numeric IP addresses. ENS domains allow users to convert elusive crypto wallet addresses into memorable text. ENS domains currently end in .eth and are priced by the number of characters. Currently, three-character ENS domains cost $640 per year, four-character domains $160 per year, and five-character or longer domains $5 per year.
Paradigm.eth broke the biggest sales record with the ENS domain sold for 420 ETH in October last year. While it was initially thought that crypto company Paradigm might be behind this sale, the company denied these allegations.
What is Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is an Ethereum-based project founded in May 2017 by Nick Johnson and Alex Van de Sande, who worked as developers at the Ethereum Foundation. The aim of the project is to simplify the use of long and complex ethereum addresses by converting them into text. This makes it easier to share, use and remember addresses and other data.
The Ethereum Name Service (ENS) isn't just limited to wallet addresses, either. It can also be used to represent people and data that commonly trades on cryptocurrencies. We can think of ENS as the phone book of the internet. It is called Domain Name System (DNS), which is a naming system. DNS takes hard-to-remember IP addresses and adds them to an easy URL. Thus, users can enter the website by typing the name of the website they want to enter, instead of entering numbers.