SPY408.32+8.23 2.06%
DIA327.10+4.32 1.34%
IXIC11,984.52+321.73 2.76%

Ethereum Name Service Sees A Gold Rush For Desirable Domains

Ethereum (CRYPTO: ETH)-based decentralized domain name system Ethereum Name Service (CRYPTO: ENS) is seeing increased use as speculation around highly desirable four-digit names heats up.

Benzinga · 04/29/2022 16:39

Ethereum (CRYPTO: ETH)-based decentralized domain name system Ethereum Name Service (CRYPTO: ENS) is seeing increased use as speculation around highly desirable four-digit names heats up.

What Happened: Ethereum domain name sales on the world's top non-fungible token (NFT) marketplace OpenSea increased by nearly 2,840% as a result of increased speculation, the market's statistics show.

See Also: How To Get Free Crypto

Ethereum Name Service names are domains not unlike any CompanyName.com but instead ending in .eth with ownership of each domain being represented by an NFT that can be sold alongside control over the name; those names are also alternative to the hexadecimal crypto wallet addresses. The system is controlled by a decentralized autonomous organization (DAO) that lets Ethereum Name Service holders decide how the ecosystem evolves.

Back in mid-November 2021, Ethereum Name Service distributed its ENS token for free to those who had purchased a domain through its decentralized application (DApp) in the past. As reported at the time, in most cases this translated to more than $15,000 of free tokens while the most fortunate received about $84,000 worth of them.