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The .com Domain Rush has Returned - but this time for .eth

Updated: Aug 1, 2022

The crypto market has seen a surge in the sales of ENS.ETH domains with their total registration reaching 126,141 within one week. Data from the ENS Dashboard, a tracking tool created by the service’s lead developer Nick Johnson showed a 200% increase in registration—from 11,042 to 29,727.

Why is there a sudden interest in ENS.ETH domains despite the current market sentiments?

#1 - WTF is ENS?

#2 - What is driving the Big Domain Sales Surge?

#3 - Is the 10K Club also Responsible?

#4 - Betting Big on the Future of ENS Domains

#5 - Outlook of ENS Domains in the Coming Years?



So, if you just came across ENS domains for the first time, here’s what to know. ENS stands for Ethereum Name Service; it's like your standard website domain names—but for the blockchain.

ENS domains convert generic machine-readable designations, like your wallet address, into human-readable names like “Lukas.eth.”


What is driving the Big Domain Sales Surge?

The recent interest in ENS.ETH domains are a result of two factors: low gas prices and recent big domain sales.

Ethereum gas fees are at their lowest in over ten months, dropping by over 90%. The recent drop is due to the current bearish sentiments in the market, leading to reduced usage of the blockchain.

Before, gas fees tripled the amount for a standard ENS domain. However, the recent drop has created a friendlier entry barrier, pushing people to register and renew domains at cheaper rates.

The second factor responsible for the rise in registrations is the recent big sales of some ENS.ETH domains. A few weeks back, the price of .eth domains increased dramatically as a result of a large sale on the platform. One such example was the 100ETH-sale of 'sam.eth', which was equivalent to $99,441 on the day of the transaction.

The most recent sale that got attention was ‘000.eth’, which sold for 300ETH or $321,885 on the day of sale. Upon completion, the purchase pushed ENS’s daily revenue to $684,174. The hype around the sale also triggered an influx of new registrations, pushing the service’s all-time high to 34,357.


Is the 10k Club also Responsible?

Another possible reason behind the surge in registrations is the launch of the 10k Club. 10k Club is a private discord server open to people with ENS domains containing a number between 0 and 9999.

While it doesn’t have a roadmap, the hype of being a club member is enough to get people interested in signing up. With the recent surge in registrations, the 10k Club might be a major contributor to the growth of ENS.ETH addresses.


Betting Big on the Future of ENS Domains

Like the ".com" frenzy, people are now parking .eth domains with the hopes of reselling them for profits. But it’s not only about making money off of these domains. It’s also about betting on the future demand of ENS. ETH domains.

Most wallets now support linking your ENS domain for use in completing transactions. This takes away the long traditional wallet addresses that are difficult to remember.

As more people and companies adopt blockchain technology, their projects will need unique names. With this in mind, many people are registering ENS .eth domains in anticipation of future demand spikes.


Outlook of ENS Domains in the Coming Years

The blockchain domain name space is still young but growing rapidly. We’re already witnessing big brands joining the hype, with Budweiser purchasing the ‘beer.eth’ domain name.

We’ve also seen people identifying as their domain name, with the likes of Vitalik Buterin changing his Twitter name to Vitalik.eth. Should the trend continue, we can expect the number of registrations to reach new highs in the coming years. The crypto space as we know it is highly technical. Its technicality is a huge turn-off for new entrants entering the space.

ENS domains already simplify the process of sending and receiving crypto and managing NFTs. It also makes interacting with dApps friendlier. In the next few years, ENS domains may become integral to global web3 adoption.


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