What are ENS Domains, and why should you own one?

Have you recently stumbled on usernames with the .eth extension on Twitter crypto circles and wondered what they mean? Is it some cult fad? And why does Jay-z, a billionaire, and hip-hop legend, own one?

Well, what you are witnessing in real-time is something called the Ethereum Name Service (ENS) domain craze, and yeah, it’s a growing trend, and you should see more of it soon in the coming months.

Here are the latest stats on ENS According to Dune,

June 2022 stats for ENS:

- 122k new .eth registrations (total ~1.47m names)

- $3.3m in protocol revenue (all goes to the DAO)

- 2,500 ETH in revenue (3rd highest month)

- 25K new eth accounts w/ at least 1 ENS name (total 463K)

- >99% of OpenSea domain vol

This stat proves that ENS is not only gaining traction but is here to stay for a long time. And it might just fulfill the promise of Nick Johnson: We Want to be the Naming System for Every Digital Resource in the World.

But what is ENS?

ENS stands for Ethereum Name Service, a domain name system based on the Ethereum blockchain. It was launched on May 7, 2014, by Alex Van de Sande and Nick Johnson from the Ethereum Foundation.

Certain conditions must check for the world to adopt blockchain solutions on a massive scale. It has to be readable and friendly to many people so it will be easier to share, use, and brand.

So, rather than remember long-winded, confusing and complex machine formatted numbers like 0xAb5801a7D398351b8bE11C439e05C5B3259aeC9B, it instead turns them into a readable format.

ENS names shorten ETH addresses and make them cute or brandable so the owners can quickly share their wallet details. They become human-readable as a result. ENS domains come with options to upload your avatar pictures like an NFT and allows connection to existing web domains like .com and .net.

How does Ethereum Name Service (ENS) work?

ENS domains use NFTs to represent unique addresses. Like traditional domain names, you can trade a domain name by either buying or selling it to someone else.

Each token carries a wallet address and other vital information manageable by the owner.

Just like Namecheap, GoDaddy, BlueHost, and other such registrars, .eth also has its registrar powered by a smart contract that controls the creation of .eth subdomains.

So if you want to get an ENS that reads moneydemons.eth, you head over to a registrar and purchase it. Then, you check for its availability and rent it yearly. The downside is that you cannot just buy any name you want since the highest bidders got most of the popular ENS.

How to get your own ENS domain?

It’s straightforward. It follows the same process as purchasing domains on top registrars like NameCheap or Godaddy.

Head to the .eth registrar at https://app.ens.domains/ and connect your wallet. Afterward, check if the ENS you want is available.

In this case, moneydemons.eth can be registered. Once you click on the name, you’ll get detailed instructions on fees and how to register your ENS domain. You also have the option to rent it for more than a year like you would for a traditional .com or .org domain name.

It’s worthy to note that gas fees are expensive. So, if you want to keep a domain beyond a decade, it is better to buy once than every other year.

Jay-Z Bought Into It. So What?

Shawn Carter, AKA Jay-Z, is heavily invested in emerging crypto technologies. With an NFT portfolio worth $145k+, Hov has something else to brag about besides his prolific music career.

He’s one of the rising crops of celebrities to own an ENS domain. The Reasonable Doubt rapper owns the domain hov.eth. And he is also not alone in collecting scarce valuable web3 Ethereum IDs. Celebrities like Snoop Dogg, Trey Songz, Shaq, Jimmy Fallon, and countless others have also secured their unique IDs.

2022 is a wild year for the ENS community. It has positioned itself as the go-to choice for countless dApp users and facilitated their complete shift to Web3. In April alone, the daily trade volume on the platform was more than BAYC NFTs on OpenSea. And it only gets better.

Still on the fence about getting your own ENS? Here’s something that might change your mind.

The Ethereum Naming Service — Final Thoughts.

The ENS project demonstrates a better way to crypto. It makes crypto accessible to everyone and their grandma by removing those long-ass God-speak addresses.

No more technical limitations mean people feel comfy making crypto transactions. It obeys the fundamental laws of UX: usability and accessibility. In conclusion, the Ethereum Naming Service (ENS) plays a crucial role in this current market and should continue to do so.

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Bamidele Aiyejina is a Direct Response Copywriter and SEO Content writer with interests in Finance, health and WEb3 Technologies

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Bamidele Aiyejina

Bamidele Aiyejina is a Direct Response Copywriter and SEO Content writer with interests in Finance, health and WEb3 Technologies