Ethereum domain name “000. eth” has just fetched 300 ETH or around US$320,000!

The domain name Ethereum or Ethereum Name Service (ENS) makes it easy for the crypto community to name their digital wallet addresses. Recently, ENS domain 000. eth was sold for 300 ETH, roughly US$315,000, on 3rd July. This marked the second-largest purchase denominated not just in Ether but also in terms of US Dollars. The reason is that this en allows crypto users to no longer use a series of random combinations of numbers and letters in their wallet addresses. They just need to use this ENS instead, say Jaka. eth. Users can also sell the ENS to other parties.

 

About the 000.eth ENS domain

According to NFTGo data, yesterday, July 3, someone paid 300 ETH for the 000.eth ENS domain. At the time, this amounted to US$316,862.81. Reportedly, this is the second-highest sale in .eth domain names’ history.

Indeed, the top spot goes to paradigm. eth. Last October, it sold for 420 $ETH, or around US$1.5 million at the time. While some speculated that venture capital firm Paradigm bought the ENS domain, they later clarified they weren’t behind the purchase.

Meanwhile, the owner of 000.eth ENS domain owns several other ENS domains and blue-chip NFTs. The ENS domains include Samantha-000.eth and Samantha. eth. Meanwhile, the wallet also holds Bored Ape #3553, which last cost 115 ETH, and Fidenza #299, which last sold for 85 ETH.

 

What is ENS?

According to its website, the Ethereum Name Service is a “distributed, open, and extensible naming system based on the Ethereum blockchain”. In other words, it enables users to create a simple name for all their crypto wallet addresses.

To explain, a typical crypto and NFT wallet address is made up of a long string of numbers and letters. Needless to say, these are not exactly easy to remember, making transactions a tedious process. To add to it, these long addresses have even caused losses due to small errors.

Therefore, an ENS domain like “Joe.eth” makes the wallet addresses easy to remember. Users can simply link their ENS domain to their wallets, websites, smart contracts, and more.

 

ENS Domains Surge Amid Crypto Winter

The purchase of the domain seemed to have sparked a frenzy for the ENS domains despite the general fall in crypto prices. There has been a significant increase in newly registered domains, with many users hoping to cash in on the excitement.

According to Tokenist, the aftermath of the purchase has also ushered in a 3-digit mania with a large number of new addresses with only three digits being created. Additionally, ENS has topped OpenSea in trade volume for the first time over the past 24 hours.

Furthermore, the domains are NFTs and may be bought and traded on well-known sites like OpenSea.The ENS is one of the most extensively used naming standards, statistics show that it has over 1.1 million names, 504 integrations, and more than 400k owners. The names’ unique nature allows some owners to buy a domain even though they never use it. However, they can anticipate its value appreciation in the hopes of greater gains, this process is known as squatting.

As Web3 continues to gain prominence with venture firms investing billions in the space, ENS domains would continue to gain prominence. Already, several prominent names have changed their names to include the .eth extension.

They include Reddit co-founder Alexis Ohanian, Coinbase’s Brian Armstrong, Shopify CEO Tobias Lütke, and Ethereum co-founder VitalikButerin. Celebrities too are not left out, the likes of Snoop Dogg, Paris Hilton, and Jimmy Fallon have acquired Web3 identities on Ethereum.