Ethereum name services have already disrupted the digital assets industry, as more brands, companies and influencers are looking 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.
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.
The anonymous investor who offered $1 million for the domain actively collects various ENS domains according to his own OpenSea page. The account also owns the domain “omozon.eth,” which is similar to the name of Jeff Bezos’ company.
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. By using ENS’s web application, users can send ETH or interact with other name services while not having to go through remembering and pasting long blockchain addresses.