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Ethereum Name Service’s amazon.eth domain fetches $1 million bid

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@NathanHeadPhoto tweeted that the amazon.eth Ethereum Name Service (ENS) domain name generated an anonymous bid of $1,000,000, which equates to 637 ETH at the current price.

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According to The open seathe domain name was purchased for 100 ETH in October 2019. After several transfers, the user “4761BF” bought it for 33 ETH on February 7th.

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If the offer is accepted, 4761BF will make an incredible profit of 1930% in ETH equivalent.

What is the Ethereum Name Service (ENS)?

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The Ethereum Foundation has launched Ethereum Name Service (ENS) in 2017. A year later, it became a separate entity operated by True Names LTD, a not-for-profit firm based in Singapore.

The service allows users to convert their alphanumeric wallet address into a human-readable format. In turn, this associates human-readable names with the blockchain and non-blockchain resources such as Ethereum addresses, IPFS hashes, or website URLs.

ENS allows you to store multiple addresses, and the owner can receive a number of cryptocurrency tokens and NFTs. At the same time, the service is positioned as a way to provide a Web3 presence that is censorship resistant and completely decentralized.

“No more isolated usernames. Own your username, store your avatar and other profile data, and use it across services.”

Although an anonymous bidder made an offer to amazon.eth, there are rumors that the e-commerce giant is behind the offer, especially given the size of the offer.

Further speculation is centered on the offer made in the USDC. Generally, ENS domains are traded in Ethereum, suggesting that the bidder may be against volatility and prefer to hold/buy stablecoins.

The price of ENS domains can vary greatly

Some say that .eth domain names will replace Bored Apes as the last cryptocurrency. status symbol bend with. However, unlike Bored Apes, .eth domain names are affordable.

According to website nft-stats.comENS domain names had no bottom price in the past seven days, with an average sale price of a reasonable $405.

However, prices increase significantly for more coveted names. The second most expensive ENS sale was 000.floorwhich was sold on July 3 for 300 ETH, or $320,000.

The most expensive was paradigm.eth, which was sold for 420 ETH in October 2021. As this period approached the market peak, the price of Ethereum at that time was approximately $35,000, and this sale was valued at $1.5 million.

If the amazon.eth proposal is accepted, it will usurp paradigm.eth and become the most expensive ENS name in terms of ETH.





Credit : cryptoslate.com

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