What is Ethereum Name Service (ENS)? The Notable NFT Domain Project
Already, 2022 has been a turbulent year for the Ethereum Name Service (ENS) community. ENS has been the platform of choice for thousands of dApp (Decentralized App) users, enabling them to completely transition to Web3. In April alone, almost 163,000 new domains were registered on ENS, and by the end of the month, the platform's daily trade volume exceeded that of BAYC NFTs on OpenSea.
So what is Ethereum Name Service (ENS)? Why is this NFT project hot? Let's read today’s article to learn more.
What is Ethereum Name Service(ENS)?
The Ethereum Name Service, also known as ENS, is a decentralized, open, and extensible naming system that is built on blockchain technology.
ENS is responsible for mapping human-readable names such as 'alice.eth' to machine-readable identifiers including Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata. ENS also supports reverse resolution, allowing metadata such as canonical names or interface descriptions to be associated with Ethereum addresses.
Ethereum Name Service (ENS) has similar purposes to DNS, the Internet's Domain Name Service, but its architecture is significantly different due to the capabilities and limits of the Ethereum blockchain. Similar to DNS, ENS functions on a system of hierarchical names separated by periods called domains, with the owner of a domain having complete authority over subdomains.
Top-level domains, such as '.eth' and '.test,' are held by smart contracts known as registrars, which stipulate the criteria regulating the allocation of their subdomains. By adhering to the rules imposed by these registrar contracts, anyone can get domain ownership for their own purposes. ENS also allows users to import their existing DNS names for use on ENS.
Why should you use ENS?
It appears that Ethereum Name Service is not only popular now, but will continue to be so in the future. As more people and even companies become immersed in the Web 3 ecosystem over the remainder of 2022, it is conceivable that ENS will break other sales and domain registration records.
In light of the fact that the American beer company Budweiser made headlines by purchasing the ENS name "beer.eth" in the fall of 2021, it is expected that companies and other significant institutions will make a similar entrance into the NFT ecosystem. As they attempt to acclimatize themselves to the space, they will likely purchase a Punk or Bored Ape and an ENS name that will serve as their Web3 alias.
Regardless of brands, ENS names have become prestige symbols. As noted by tommygun.eth on Twitter Space, possessing an NFT from a prized collection has prompted many collectors to acquire ENS identities that correspond with their unique identity. Thus, ENS names resemble the personalized license plates of the NFT universe.
In the same way that it has become essential for celebrities and influencers to secure their social media handles across platforms, it has also become desirable to possess an all-encompassing Web3 identity, replete with NFTs and ENS identities that correspond.
How can you register a domain name using ENS?
Using Ethereum Name Service to purchase a domain is as simple as purchasing an NFT. You only need to connect your Metamask wallet to the ENS website. If you own an NFT that you want to call "Jasmine," simply enter the domain name in the search bar on the Ethereum Name Service website and press enter. The website will display available domain names that are relevant to your search.
Choose a domain name (for example, 'Jasmine.eth') and the time period for which you want to register the domain (one year, three years, etc). Transactions for the yearly fee (currently $5/year) will be processed through your cryptocurrency wallet; you can also apply for sub-domains during the registration process. When the transaction is completed successfully, the [NAME].eth domain is assigned.
ENS Team, Investors and Backers
Here is all information about the team, investors and backers of Ethereum Name Service that we have collected.
Ethereum Name Service is developed by ENS Labs. ENS Labs Limited, founded in 2018, is a non-profit organization based in Singapore that is in charge of ENS's core software development. The ENS app, open-source libraries, and core smart contracts are all included.
Investors and Backers
Ethereum Name Service (ENS) with its results, once again confirms to us that a good, pioneering project that reduces the bottlenecks of the market will flourish sustainably despite the market being " bear”.
ENS and the Domain NFT segment will continue to grow rapidly in the coming years as the proliferation of Web 3 users brings in new users. Billions of Web 2 users migrate to Web 3, and the portal exists "Domain NFT will skyrocket as the migration wave from Web 2 to Web 3 commences.
Hopefully, you enjoy the article today. If you have more questions about ENS, please comment below to let us know. We will publish many more articles about ENS in the upcoming time, so don't forget to follow our channels to avoid missing them.
What is the cost of registering a.eth domain?
Registration fees are currently set at the following types:
5+ character.eth names cost $5 per year in ETH.
4 character.eth names cost $160 in ETH per year.
3 character.eth names are worth $640 in ETH per year.
Prices for three and four character names are higher due to the limited availability of these names.
What types of actions are likely to result in the loss of ownership of a name?
The.eth registrar is set up in such a way that once a name is issued, it cannot be revoked as long as an active registration is maintained.
NFTciti.io - New NFT Marketplace Project
NFTciti is the first marketplace to share revenue with NFT creators. It’s built to be easy to use and a joy to explore, whether you’re a longtime NFT enthusiast or a newbie just encountering the blockchain miracle for the first time. On NFTciti, collectors can easily stay updated with the latest information about NFT collections and manage their portfolios with high security. Initially, NFTciti will support Polygon-based NFT, then expand to support other blockchains.
Market247.io offers fundamental and technique analysis about potential crypto projects and hidden gems. By doing so, we hope to bring information promptly to support investors making investment decisions. All information provided by Market247.io is just as a reference, not an investment advice.
Follow us on:
VALHALLA NFT - Everything You Need To Know About VALHALLA Collection
Trump Digital Trading Cards - Everything You Need To Know - Market247.io