@NathanHeadPhoto tweeted that the amazon.eth Ethereum Name Service (ENS) domain name has actually brought a confidential bid of 1,000,000 USDC, which relates to 637 ETH at the existing rate.
amazon.eth has a 1 million dollar bid pic.twitter.com/PKrhWtnsl8
— 🏝nathanhead.eth🏝 (@NathanHeadPhoto) July 18, 2022
According to OpenSea, the domain name was acquired for 100 ETH in October 2019. After numerous transfers, user “4761BF” purchased it for 33 ETH on February 7.
Should the bid be accepted, 4761BF would leave with an unbelievable 1,930% earnings, in ETH terms.
What is the Ethereum Name Service (ENS)?
The Ethereum Foundation introduced the Ethereum Name Service (ENS) in 2017. A year later on, it ended up being a different company handled by True Names LTD, a non-profit company based in Singapore.
The service allows users to transform their alphanumeric wallet address into a human-readable format. In turn, this links human-readable names to blockchain and non-blockchain resources, such as Ethereum addresses, IPFS hashes, or site URLs.
ENS enables the storage of several addresses and for the owner to get a series of cryptocurrency tokens and NFTs. That being so, the service is pitched as a method to gather a Web3 existence that is censorship resistant and completely decentralized.
“No more sandboxed usernames. Own your username, store an avatar and other profile data, and use it across services.”
Although a confidential bidder made the amazon.eth bid, speculation is running widespread that the web retail giant lags the deal, particularly thinking about the size of the bid.
Further speculation centers on the bid being made in USDC. Generally, ENS domains sell Ethereum, recommending that the bidder might be averse to volatility and chooses to hold/buy in stablecoins.
The rate of ENS domains can differ significantly
Some say .eth domain names will take over from Bored Apes as the most recent crypto status sign to bend with. However, unlike Bored Apes, .eth domain names are budget friendly.
According to the site nft-stats.com, ENS domain names had no rate flooring over the last 7 days, and the typical list price was a sensible $405.
Nonetheless, costs increase substantially for preferred names. The 2nd most pricey ENS sale was 000.eth, which cost 300 ETH, or $320,000, on July 3.
The most pricey was paradigm.eth, which cost 420 ETH in October 2021. As this duration was approaching the marketplace peak, the rate of Ethereum was around $3,5000 at the time, valuing this sale at $1.5 million.
If the amazon.eth bid is accepted, it would take over paradigm.eth to end up being the most pricey ENS name in Eth terms.
Posted In: Ethereum, Adoption
