ENS or ethereum name service, is a protocol ran by the ENS DAO, which provides you with a human readable wallet. So instead of having to send funds to 0xF17JDHjhdWJNF85 you could just use jelloprincess.eth, or whatever it is that tickles your fancy. But that is not where it stops. You can create a decentralised website with the same name, create subdomains and showcase your NFTs using eth.photos , and of course, each .eth is an nft collectible in itself. The latter is the reason why I write this article.
Historically, except a few down times, ENS domains has been one of the most active collections on opensea by far. Since the past couple of weeks, there has been a new onslaught of purchases of all 1,2,3,4 and 5 digit numbers. The demand is such that even 4 digit numbers have bot offers going up till 10 eth in some instances. So why this madness and how can you cash in?
Firstly, .eth domains are desirable as ethereum is a s brand backed by strong founders, and I dare say, is infallible. Secondly there are only a finite number of names, which drives up demand and creates a vacuum for more, hence the money being poured into ENS.
How can you profit? Use ENS tools available at your disposal. Look for common names, low numbers and pop references that are available at a low premium and hold them. You will be profitable in about 6 months time. For reference, google.eth went for 52 eth, 100.eth has a 30 eth offer and at time of writing 45691.eth has just been sold for 0.062 eth.
It’s hard to find grails but not impossible.
Leave a comment of your .eth domain if you do decide to go for one! WAGMI!