Are you curious about what are the most valuable Ethereum Name Service (ENS) domains? If so, you’ve come to the right place! This article will provide an overview of the top 7 ENS domains worth knowing about.
From their current market value to potential uses, these domains provide insight into the world of Ethereum Name Service and why it’s becoming increasingly popular. Learn more about our exclusive list of the most valuable ENS domains.
ENS domains give you full control and manage your address in one secure place – no more worries about losing or forgetting long strings of characters when sending ETH or other tokens. So don’t wait any longer; make it simple with Ethereum Name Service.
What is Ethereum Name Service (ENS)?
The Ethereum Name Service provides a decentralized, open, and expandable naming system that uses the Ethereum blockchain, but it has been designed specifically for Ethereum users.
This project seeks to connect easily understood names and computer-understood addresses using technology. An example is when someone uses the name “laura.eth” as an alias for their Ethereum address or other crypto address.
This image shows what it would look like if the Ethereum Foundation owned an address. We’ve also provided an example of an ENS domain name specifically created as part of this guide.
Humans can now interact with the Ethereum Address “laura.eth” instead of its long, complicated code. It makes it much simpler for users to send funds without making mistakes.
The owner has the authority to decide what is included in a domain’s subdomains, just as with Domain Name System (DNS), where separate hierarchical names that are split by dots create domains.
How Does ENS Work?
The Ethereum Name Service consists of two essential components: the registry and the resolver. These make up a system structure that looks like this:
A smart contract is used to form the registry and keep track of all domains and subdomains. Additionally, three important pieces of information are stored for each domain.
- Identify the owner of the domain.
- Determine who resolves the domain.
- Establish a time-to-live for all records within the domain, which dictates how long they will be cached
The ENS registry provides a simple service for mapping names to their respective resolvers. Additionally, owners of domains in the registry are granted permission to:
- Take ownership of subdomains by transferring them to a new address.
- Set the resolver and TTL (time-to-live) for the domain.
Resolvers are in charge of transforming the names into addresses. All contracts that abide by the necessary guidelines can be resolved in the Ethereum Name Service. However, deciphering an ENS name involves two steps.
The initial step is to enquire with the registry which resolver has control over the given name. Then, you should request that resolver for details concerning your query. Architecturally, it appears like this.
Rise of ENS Adoption
This year has been a remarkable one for the ENS world. Thousands of dApp users have embraced ENS and made the transition to Web3 possible.
As of January 2nd, data from Dune Analytics shows that approximately 2.82 million names are registered with Ethereum Name Service (ENS) and 630,340 people own ENS domains.
Happy New Year everyone! 🎉
2022 was an incredible year for ENS! 🚀
Over 2.2m ENS names were registered in 2022 (that's 80% of ALL names created) 🤯
If you're ready for 2023, drop your ENS below ✨
— ens.eth (@ensdomains) January 1, 2023
The platform of ENS domains boasts over one million active domains, with thousands more being added daily.
Moreover, daily trading on the platform was remarkable, with more than BAYC non-fungible tokens (NFTs) exchanging hands on OpenSea. This spike in activity continues even now.
Notably, Sep 2022 saw many registrations for Ethereum Name Service domains, with 437,000 created in that month alone. The addition of ENS integration to the exchange significantly increased sign-ups on the platform.
Furthermore, the popularity of domains containing four digits or less is highly sought after due to their rarity, leading to the sale of only 10,000 domains within six hours of release.
Some have been traded for large sums on secondary markets, the highest amount being up to 90 ETH, equivalent to about $255,000.
Top 7 Most Expensive ENS Domains
Data from nonfungible.com reveals that the most pricey ENS domain is “paradigm.eth”. In October 2021, an individual spent an impressive 420 ETH (more than $2M) to secure the domain name.
Paradigm, a major player in the crypto space, shut down claims that it bought something. The report is not true. They have denied any purchase made by them. Despite the rumors, there has been no acquisition by Paradigm.
On Sept. 22, the pjfi.eth was sold for a whopping 350 ETH – equivalent to $463,200 – making it the second priciest ENS domain name. It had been purchased by the seller just a few days earlier for a much more modest 0.12 ETH (or $161).
The ENS domain with the third highest value is 000.eth, which was purchased for 300 ether on July 3, 2022. It adds up to roughly $317,000. The individual known as EtherOS from OpenSea was the one who initially bought it on June 10, 2020, for 2.6 ETH, or around $638.
The 000.eth domain has changed ownership six times since its inception. The first sale, occurring on Nov. 9, 2019, was for a low amount of only $52, according to records from Nonfungible.com.
Abc.eth has been sold four times and is currently the fourth most expensive domain name, having gone for as much as 90 ETH (approximately $254,000). Information from non-fungible.com reveals that this same domain was first purchased on October 31st, 2019, for 4 ETH (roughly $763).
The NFT tracking website recorded an unusual ENS domain name on May 21st, 2022, which sold for 127 ETH, the equivalent of around $249,000. It would be the fifth most expensive identified name if its true nature could be determined.
The domain 09jul.eth sold on May 8, 2022, for 95 ETH (approximately $240,000). This made it the fifth largest. An investment that proved to be a great success as the buyer had purchased the NFT ten hours previously for only $10.
A domain named porno.eth sold for an Ethereum value of 184 ETH and a dollar value of $204,000. This price was due to the decreased rate of ETH in comparison to the US Dollar. On average, it costs $1,108 per ETH for this domain.
How to Reserve Your Ethereum Name Service (ENS) Domain
Obtaining a domain with ENS is effortless, much like buying an NFT. You just have to connect your Metamask wallet to the ENS website.
Let’s say you possess an NFT that you would like to name “Jasmine”; simply enter the domain name in the search bar on ENS’ website and select enter. Afterward, the page will display all pertinent domain names for your query.
Choose your desired domain and the duration of one year or three years of registration. ENS will complete payments for the annual fee through your crypto wallet with the option to secure sub-domains during registration. After a successful transaction, [NAME].eth is assigned to you for use.
How Ethereum Name Service is Governed
The Ethereum Name Service is controlled and managed through various parts, each having its importance. The ENS token is a digital token built to the ERC-20 standard for use on the Ethereum blockchain, primarily for governing the system.
Token holders have the opportunity to submit suggestions and cast votes. The primary platform for community members to exchange ideas and partake in governance-related conversations is the forum discuss.ens.domains.
Early adopters who had previously registered an ENS domain name were allowed to claim their allotted tokens in a process that began on November 8th, 2021. Adopters have until May 4th, 2022, to submit their claim and receive their airdropped ENS token.
A quarter of the full amount was released through an airdrop, while the remaining portion is depicted in the accompanying pie chart.
The Ethereum Name Service is held in check by a distributed autonomous organization (DAO). Those who own the ENS token direct its future development by submitting proposals and voting on them. This structure ensures decentralization.
The ENS DAO is represented by the ENS Foundation, established in the Cayman Islands. This foundation serves several objectives, such as:
- Comply with legal tax regulations to avoid individual DAO participants being held accountable for a portion of the DAO’s income, even though they do not have control over it.
- Enter into contractual agreements with other businesses.
- Offer limited liability protection for contributors to the DAO in case of any legal action taken against it.
Latest Trends and Milestones in ENS
Since its debut in 2017, the Ethereum Name Service (ENS) has expanded considerably. Its integration and utilization with various decentralized applications and wallets are rising, and the ENS team is working hard to improve performance and scalability.
Over two million eight hundred thousand domains have been created since its launch, a number that continues to grow steadily.
The Review Sync Feature
The ENS system recently launched several advanced features, such as a sweep feature, bulk renewal, listing in bulk, and bulk transfer. The community was extremely pleased with all these additions to the platform, especially with the bonus of “renewal sync.”
This feature allows users to quickly coordinate their numerous ENS domains so they all rest on the same date. It is particularly convenient for anyone managing more than one domain name since it eliminates the necessity of renewing them separately.
Refining Efforts for Greater Success
ENS domains are still in the early stages, and the sale of domains like “cars.com” for more than $800 million shows that there will be a considerable market for domains in the future. With the increasing demand for particular domains, prices for popular domains will increase multiple folds.
There will also be a need for professionals who can work to create a bridge between web three domains and their accessibility with different applications to create a smooth functioning system.
Chain and the New England Patriots have recently established a partnership. As a result, “patriots.eth” was purchased for an impressive $75 million.
Companies of all sizes are looking to secure excellent investments in their domains. Experts can be found to manage the integration of blockchain technology into products to maximize their reach to potential customers.
People show off NFT collections via ENS names tied to personal brands or identities. Similar to vanity license plates, but in the NFT world, it’s called an ENS name.
Well-known and influential people need to guard their presence on different social media sites. Still, it has become popular for web3 users to have a single identity encompassing Non-Fungible Tokens (NFTs) and Ethereum Name Service (ENS) names.
ENS is a significant breakthrough for the cryptocurrency field, aiming to resolve some of its most challenging issues – such as user experience. Using random sequences of numbers and letters can often lead to costly errors in cryptocurrency.
By making addresses easier to comprehend and use, ENS aims to improve the overall user experience just like DNS did for Internet users. Simultaneously, DNS records are frequently stored on concentrated servers, making them vulnerable to burglary.
In comparison, ENS is secured by the Ethereum blockchain providing added security and reliability. It is without a doubt that Ethereum Name Service is an incredible invention that has rapidly become well-known among many users worldwide.