Did you know, domain names can also be tokenized as non-fungible tokens (NFT) through domain name ownership on the blockchain? One well -known naming system is the Ethereum Name Service (ENS).
One of the entities using ENS is international sportswear manufacturer, Puma (puma.eth) and Ethereum founder, Vitalik Buterin (vitalik.eth).
And did you know, domain-name ownership-NFT-Web 3.0 is actually interrelated?
In fact, crypto technology is still in its ancient phase because it is tied to an IP address (IP address). For example, a crypto wallet has an address that is long and difficult to remember, as well as accessible anywhere.
This is where the idea of domain name ownership comes into play, where the use of crypto can be as simple as surfing the internet.
Trivia Ethereum Name Service (ENS)
Is an Ethereum -based project launched on May 4, 2017 by Alex Van de Sande and Nick Johnson of the Ethereum Foundation.
It is a naming and tracking system on the Ethereum network.
ENS summarizes Ethereum’s long, easy -to -read general address.
For example, the Ethereum wallet address: asyd435987BI9HIS0934ngiP0buy7Q8S is changed to (your name) .eth like - ali.eth
This means that if you want to transfer or receive a crypto asset, you can just use the domain name instead of the long address.
Equivalent to the concept of the Domain Name System (DNS) in the internet space that converts URLs to IP addresses for computer readability.
ENS not only represents wallet addresses, but also represents transaction IDs, hashes, metadata and many more things related to the world of cryptocurrencies.
Can register a new domain name or purchase on the NFT OpenSea platform.
How it works?
The primary domains ‘.eth’ and ‘.test’ are owned by a smart contract known as the Registrar.
Owners of these domain names can also keep ‘.com’, ‘.org’, ‘.io’, ‘.app’, ‘.xyz’, and ‘.art’ even if registered with ENS.
The ENS domain name using the ERC-721 NFT standard represents that address and yes, you can sell it to someone else.
As of December 2021, a total of 552,000 names have been registered and 227,000 owners have been identified.
‘.Eth’ domain registration fee
5+ letters - 5 $ per year
4 letters - $ 160 per year
3 letters - $ 640 per year
ENS token
Available as a utility and governance token
Has a maximum supply volume: 10,000,000 ENS
Current cycle supply: 20,244,862 ENS
Those who register an ENS domain name on October 31, 2021, have the opportunity to claim an ENS token until May 4, 2022.
The ENS token will face burning once the DAO is officially launched.
If you want to try other domain name services, you may want to visit OpenSea, under the 'Domain Names' category.
There, not only ENS but also many other domain services include Unstoppable Domains, Cryptovoxels Names, Decentraland Names, Ackerman Token - Digital Arts & Subdomains, Trust Domains, and Bell Token.
