Move over Bored Apes, take a back seat weird pixelated owls, an altogether different kind of collectible has taken the ETH world by storm. These days, it’s all about Ethereum Naming Service (ENS) and its exclusive range of numbered domain names.
As if just realizing that three and four-digit numbers have a limited supply, the NFT world has gone wild for ENS’ flagship product. Personal utility laden .eth domain names that reside entirely on the blockchain.
It’s uncertain what kicked off this latest buying frenzy, as ENS has peddled its wares since 2017. However, the cacophony of activity has sent folks bending over backwards to get their hands on the hottest numbers in town. As a result, classic numerals such as 007.eth, 555.eth and probably 6969.eth have all garnered significant amounts of attention.
— CoinDesk (@CoinDesk) April 28, 2022
This NFT meltdown has sent ENS rocketing up the rankings, registering over $1 million in activity in just a single day, with the new technology emerging, it seems folks are willing to gamble on the future of these domains, comparing the current hysteria with the original internet boom.
For example, just imagine how drastically life changed for those who registered the likes of maxpower.com, or iamchucknorris.com back in 1996. Consequently, ENS has seen a 129% increase domain registration, but only a measly 7% in active names.
To congratulate themselves on their acquisitions, a cabal of owners has set up the 10k club for holders of the coveted NFTs, presumably glossing over the fact that there are surely 11k of them.
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