Crypto NewsEthereum (ETH)

Ethereum Name Service is sold for the second highest price ever of 300 ETH

Ethereum The Name Service (ENS) domain 000.eth was sold on July 3 for 300 ETH, about $315,000. This was the second largest purchase denominated not only in Ethereum but also in US dollars.

Record breaking sale

On-chain data showed that the ENS name was sold on the OpenSea marketplace by a user named EtheOS, who received it in June 2020.

The name ENS was first listed for 100 ETH in September 2021 and was then valued at around $300,000. The user listed the name for 500 ETH in January this year and again in March. The offer was listed for three months before it was accepted. The recent sale comes second to the highest sale of 420 ETH by another ENS name – paradigm.eth – last October. It was valued at around $1.5 million at the time.

For the uninitiated, Ethereum Name Service, also known as ENS, is a protocol that associates machine-generated code with human-friendly names. It is a Web3-friendly, open, decentralized, and non-profit naming system powered by the Ethereum Blockchain. ENS domain names are secured via smart contracts.

These names are too NFTs and can be sold on popular marketplaces such as OpenSea. According to statistics, ENS is one of the most widely integrated naming standards with over 1.1 million names, 504 integrations and over 400,000 owners.

Ethereum Naming System (ENS) has recently gained wide acceptance. Many prominent figures, including Ethereum co-founder Vitalik Buterin, Coinbase’s Brian Armstrong, Shopify CEO Tobias Lütke, and Reddit co-founder Alexis Ohanian, have added the .ETH extension to their names. Even popular A-listers like Jimmy Fallon, Paris Hilton, and Snoop Dogg have embraced Web3 identities on Ethereum.

The secret behind paradigm.eth

Last year, an unknown wallet bought the Ethereum domain name — paradigm.eth — for 420 ETH (around $1.5 million). Initially, many believed that crypto-dedicated VC giant Paradigm was behind the expensive purchase. However, it denied these reports.

Crypto firm Blockchain.com also announced that it will allow its users to claim free “.blockchain” domain names powered by Unstoppable Domains in June 2021 as a potential challenge to Ethereum name service.

Recently, the Open Network (TON) Foundation launched a new service – TON DNS – that allows users to assign human-readable names to crypto wallets, smart contracts, and websites.

Source: Crypto News Deutsch

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