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Prior to this, there were many domain names such as zhifubao.eth, games.eth, apple.eth, etc., which sold for millions of RMB. Some people say that it is the identity of the Web3 world, decentralized and irreplaceable; others question that it is too Fomo, controlled by giant whales, and has a serious premium.

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Why is ENS needed?

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In the early days of the Internet, people used IP addresses to find websites. If we lost the domain name, we might not be able to enter Baidu by entering baidu.com, but by entering http://36.152.44.95, a string of random numbers.

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What is ENS?

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ENS was co-initiated by Alex Van de Sande and Nick Johnson of the Ethereum Foundation on May 4, 2017. It is a distributed domain name service protocol based on Ethereum. A human-readable domain name (labsnfte.eth) maps to an Ethereum address. ENS is built based on the ERC721 protocol, and each ENS domain name is also an NFT; as a naming service, ENS converts irregular Ethereum addresses into readable text strings, which are similar to DNS domain names and are easier to remember.

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Why is ENS all the rage again?

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Data source: nftgo.io

The reasons why ENS is popular again I personally think that there are the following points:

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3. Fomo emotions. The news that many ENS domain names have been sold at sky-high prices has greatly stimulated user sentiment. At the same time, there are too many possibilities for random combinations of domain names. Many users who register ENS domain names in large quantities are betting that Web3 will become the mainstream, so ENS domain names will also greatly appreciate in value.

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How to get an ENS domain name?

First, log in to the official website of ENS: https://app.ens.domains/, and link your own Fox wallet (if you don’t have a Fox wallet, you can check:The Beginner's Guide to NFTspicture

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Note that the shorter the character length of the ENS domain name, the higher the fee. Annual renewals are $5/year for domain names of 5 characters and above; $160/year for 4-character names; and $640/year for 3-character names.

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Of course, problems such as zero-width characters and rare domain names being monopolized by giant whales still exist, but if we maintain application-level attention instead of short-term hype, then ENS will naturally help you better touch Web3.

NFT Labs provides relevant information only and does not constitute any investment advice.

NFT Labs provides relevant information only and does not constitute any investment advice.

Twitter：@LabsNft

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