Ethereum Name Service (ENS) Domain NFT Sales Surges by 2300% on OpenSea

• Each one is a blockchain-based NFT representing ownership.
• Buterin tweeted about ENS names two years ago.

Ethereum domain name sales on OpenSea have increased by approximately 2,300% in the last week as users scramble to get highly sought-after and rare three- and four-digit domains.

For the Ethereum blockchain, there is the Ethereum Name Service (ENS). The ENS is run by a DAO, or decentralized autonomous organization, which makes decisions collectively using governance tokens as a voting system. Founded in 2017, it has strong links to the Ethereum Foundation.

New NFT Trend

Ethereum fans, on the other hand, have started speculating on the future worth of ENS domain names with three and four digits. For example, a domain name ending in “.eth” is an ENS name. Each one is a blockchain-based NFT representing ownership and is issued and sold like any other NFT.

As a future login for Web3, proponents of ENS names claim that the future of the Internet is decentralized and uncensorable. Ethereum wallet addresses, which have 42 hexadecimal characters, are increasingly being replaced with ENS names since they are shorter and easier to remember.

Several celebrities and prominent personalities, including Jimmy Fallon, Paris Hilton, Trey Songz, Coinbase CEO Brian Armstrong, and Ethereum creator Vitalik Buterin, utilize their ENS identities as their Twitter handles (vitalik.eth).

Interestingly, Buterin tweeted about ENS names two years ago with three and four letters. Because they are in constant supply, “They’re a fixed-supply asset and you can do things with them,” he said. In addition, ENS names with fewer characters are simpler to read, spell, and search like the web domain mania of the early Internet.