2 years ago
@NathanHeadPhoto tweeted that the amazon.eth Ethereum Name Service (ENS) domain sanction has fetched an anonymous bid of 1,000,000 USDC, which equates to 637 ETH astatine the existent price.
amazon.eth has a 1 cardinal dollar bid pic.twitter.com/PKrhWtnsl8
— 
nathanhead.eth (@NathanHeadPhoto) July 18, 2022
According to OpenSea, the domain sanction was purchased for 100 ETH successful October 2019. After respective transfers, idiosyncratic “4761BF” bought it for 33 ETH connected February 7.
Should the bid beryllium accepted, 4761BF would locomotion distant with an unthinkable 1,930% profit, successful ETH terms.
What is the Ethereum Name Service (ENS)?
The Ethereum Foundation launched the Ethereum Name Service (ENS) successful 2017. A twelvemonth later, it became a abstracted enactment managed by True Names LTD, a non-profit steadfast based successful Singapore.
The work enables users to person their alphanumeric wallet code into a human-readable format. In turn, this links human-readable names to blockchain and non-blockchain resources, specified arsenic Ethereum addresses, IPFS hashes, oregon website URLs.
ENS allows the retention of aggregate addresses and for the proprietor to person a scope of cryptocurrency tokens and NFTs. That being so, the work is pitched arsenic a mode to garner a Web3 beingness that is censorship resistant and afloat decentralized.
“No much sandboxed usernames. Own your username, store an avatar and different illustration data, and usage it crossed services.”
Although an anonymous bidder made the amazon.eth bid, speculation is moving rampant that the net retail elephantine is down the offer, particularly considering the size of the bid.
Further speculation centers connected the bid being made successful USDC. Generally, ENS domains commercialized successful Ethereum, suggesting that the bidder whitethorn beryllium averse to volatility and prefers to hold/buy successful stablecoins.
The terms of ENS domains tin alteration greatly
Some accidental .eth domain names volition instrumentality implicit from Bored Apes arsenic the latest crypto status symbol to flex with. However, dissimilar Bored Apes, .eth domain names are affordable.
According to the website nft-stats.com, ENS domain names had nary terms level implicit the past 7 days, and the mean merchantability terms was a tenable $405.
Nonetheless, prices summation importantly for much desirable names. The 2nd astir costly ENS merchantability was 000.eth, which sold for 300 ETH, oregon $320,000, connected July 3.
The astir costly was paradigm.eth, which sold for 420 ETH successful October 2021. As this play was approaching the marketplace peak, the terms of Ethereum was astir $3,5000 astatine the time, valuing this merchantability astatine $1.5 million.
If the amazon.eth bid is accepted, it would usurp paradigm.eth to go the astir costly ENS sanction successful Eth terms.
The station Ethereum Name Service’s amazon.eth domain fetches $1 cardinal bid appeared archetypal connected CryptoSlate.
English (US) 