Another record-breaking Ethereum Name Service deal might go through
Ethereum name services have already disrupted the digital asset industry as more brands, businesses, and influencers look for ways to plant their flag in the blockchain space by acquiring their own name service on the blockchain.
As the OpenSea page suggests, the ENS with the address of one of the world’s biggest corporations is now selling at $1 million following the most recent bid placed on the market by an anonymous NFT investor.
On October 18, 2019, someone purchased the ENS domain “amazon.eth” for 100 ETH worth around $20,000 at the time. Later on February 8, 2022, someone purchased the ENS domain amazon.eth for 33 ETH, or $102,000.
If the ENS domain finds a new owner, an investor who purchased the digital asset in February will end up with a 1,000% profit in only a few months. It is not yet clear if the deal will go through.
The anonymous investor who offered $1 million for the domain is actively collecting various ENS domains according to his own OpenSea page. The account also owns the “omozon.eth” domain, which is similar to Jeff Bezos’ company name.
The Ethereum Name Service is a naming system based on the Ethereum blockchain that transforms long and unreadable blockchain addresses into something a human eye can quickly process and type in.
ENS inherits and implements DNS technology on the blockchain while having a completely different architecture thanks to the capabilities of the Ethereum blockchain. Using the ENS web app, users can send ETH or interact with other name services without having to remember and paste long blockchain addresses.
