Ethereum name services are already disrupting the digital asset industry. As more brands, companies, influencers look for ways to place their flag in blockchain space, they’re looking for new ways to do so by purchasing their own name service.
OpenSea pages reveal that the ENS containing the address of one the world’s largest corporations is now on sale for $1 million. The latest bid was placed by an anonymous NFT investor.
Back on October 18, 2019, someone purchased the “amazon.eth” ENS domain for 100 ETH worth approximately $20,000 at that time. Later in February 8, 2022, someone purchased the amazon.eth ENS domain 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.
According to OpenSea, the anonymous investor who paid $1 million for this domain actively collects various ENS domains. The account also owns the domain “omozon.eth,” which is similar to the name of Jeff Bezos’ company.
The Ethereum Name Service, a naming system that uses the Ethereum blockchain, transforms long, unreadable blockchain addresses into something that a human eye can read and type in.
ENS inherits the DNS technology and implements it on the blockchain. However, ENS has a completely new architecture due to the capabilities of Ethereum blockchain. Using ENS’s web application users can send ETH to other name services and not have to remember or copy long blockchain addresses.