🔥 Premium AI-powered Stock Picks from InvestingPro Now up to 50% OffCLAIM SALE

Ethereum Name Service Sees A Gold Rush For Desirable Domains

Published 29/04/2022, 21:39
Ethereum Name Service Sees A Gold Rush For Desirable Domains
GC
-
ETH/EUR
-
ETH/USD
-
ETH/USD
-
ETH/EUR
-
ETH/JPY
-
ETH/GBP
-
ETH/JPY
-

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.

© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

Read the original article on Benzinga

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.