Ethereum Name Service (ENS) Domains
Sales of four-digit Ethereum Name Service (ENS) domains have soared in the last week as collectors seek to get one of just 10,000 possible combinations. According to current market pricing, the floor price for four-digit ENS domains is roughly 0.5 ETH, or over $1,450.
Anyone with a Web3 wallet and some ETH can create NFTs that represent a unique domain using the Ethereum Name Service. The unwieldy addresses assigned to Ethereum wallets can be replaced with Ethereum Name Service domains, which are easier to understand. Rare Ethereum Name Service domains, such as crypto.eth or defi.eth, can have extremely high prices, similar to domain names on the Internet.
As a result of the current number craze, ENS domain sales have reached all-time highs. According to Scarce.guide, ENS domains sold 1,785 times on April 27. In the 14 months before the four-digit domain craze, ENS sales seldom surpassed 100 per day. Furthermore, according to data from the NFT marketplace OpenSea, Ethereum Name Service domain trade has grown by more than 2,000% in the last week.
On Twitter, @danielgothits, a self-described “NFT degen,” put up a 10kClub Twitter account and Discord server for all four-digit Ethereum Name Service holders. The 10kClub describes itself as “A web3 social club for ENS holders 0-9999. No roadmap. Just the first 10k numbers on the ethereum blockchain.”
While the story of four-digit Ethereum Name Service domains has sparked interest among NFT collectors, not everyone is persuaded. “I don’t know who needs to hear this but you do not need to buy any number ENS names… the 4 digits selling for multiple ETH will not age well imo,” tweeted NFT collector and content creator Jennifer Sutto. DannyPhantom, the community manager of CryptoBatz, voiced doubt about the four-digit craze, cautioning his followers not to get caught up in it simply because it’s trendy right now.
However, for the time being, it looks that the numerical Ethereum Name Service domains trend is still robust. The floor price of four-digit Ethereum Name Service domain is rising, while the even more sought three-digit names. It remains to be seen whether the ENS number mania can maintain its place in the NFT market.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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