The Ethereum Name Service, also known as ENS, is a decentralized, open, and expandable naming system that is built on top of the Ethereum blockchain.

It is the responsibility of the ENS to convert human-readable names like “alice.eth” into identifiers that can be read by machines, such as Ethereum addresses, addresses for other cryptocurrencies, content hashes, and metadata. Additionally, ENS allows for ‘reverse resolution,’ which connects Ethereum addresses to metadata like canonical names and interface descriptions.

ENS and DNS, which is the Internet’s Domain Name Service, are trying to do similar things, but ENS’s design is very different from DNS as a result of the capabilities and limits presented by the Ethereum blockchain. Domains in ENS are organized hierarchically like they are in DNS, with the dot-separated naming scheme, and the owner of a domain has complete authority over any subdomains under their domain.

The top-level domains, such as ‘.eth’ and ‘.test,’ are held by smart contracts that are referred to as registrars. These registrars describe the rules that govern the allocation of their subdomains. By following the rules set out in these registrar contracts, anyone can get their own domain to use. User-owned DNS names can be imported into ENS.

Due to the tree-like structure of ENS, any domain owner at any level can set up any number of subdomains for usage by themselves or others. For example, Alice, who owns the domain name “alice.eth,” can set up and configure the subdomain “pay.alice.eth.”

The Ethereum main network as well as various test networks have ENS running. Libraries like the ensjs Javascript library, as well as end-user applications, can take advantage of ENS deployments by simply communicating with a network.

Ethereum Name Service Trending Opensea

Prior to the Ethereum Merge, it was revealed by Cointelegraph that Ethereum Name Service (ENS) domain names were the most actively traded asset on non-fungible token (NFT) marketplace OpenSea. This was the case even though ENS domain names are not cryptocurrencies.

OpenSea’s data, which was used by Cointelegraph, showed that the weekly volume of Ethereum domain NFTs registered 2,249 Ether (ETH) at the time the article was written. This was more than RTFXT Clone X (1,992 ETH) and Bored Ape Yacht Club (1,777 ETH), which were the previous leaders. ENS domains are designed to be open, distributable, and extensible in nature. This is done so that users are able to get access to keys for cryptocurrency addresses that are stored in a single ENS domain. This method aims to streamline the process of making cryptocurrency-based transactions by requiring only the user’s domain name to be shared instead of a lengthy wallet address.

Cointelegraph reports that NFTs representing domain names can be purchased, sold, and traded by users. Recent increases in ENS trading activity have caused an increase in both the average price of ENS products (now at $641, or 0.3895 ETH) and the volume traded per day (currently at 1,044.6 ETH, up from 120.7 ETH). Over 508,000 users have ENS items, and these items have been sold for a total of 2,682 ENS domains on OpenSea.

The Emerging NFT Trend

Fans of Ethereum, on the other hand, have begun making predictions about the value that will be placed on ENS domain names with three and four numbers in the future. An ENS name would be a domain name that ends in “.eth,” for instance. Each one is issued and traded like any other non-fungible token (NFT) on the blockchain to reflect ownership.

Proponents of ENS names argue that the next generation of the Internet will be decentralized and censorship-resistant, making them an ideal login for Web3. Because of the length and complexity of Ethereum wallet addresses (42 hexadecimal characters), ENS names are increasingly being used in their place.

Popular figures including Jimmy Fallon, Paris Hilton, Trey Songz, Coinbase CEO Brian Armstrong, and Ethereum co-creator Vitalik Buterin all use their ENS identities as their Twitter handles (vitalik.eth).

Two years ago, Buterin tweeted about three- and four-letter ENS names. “They’re a fixed-supply asset and you can do things with them,” he remarked, referring to the fact that they are always available in sufficient quantities. Furthermore, shorter ENS names are easier to read, spell, and search, much like the early Internet craze over registering website names.

Ethereum Name Service FAQs

What is the total number of ENS: Ethereum Name Service tokens?

There are currently 2,533,798 Ethereum Name Service NFTs in circulation. There are currently 566,938 people who have at least one ENS: Ethereum Name Service NTF in their wallet.

Which ENS: Ethereum Name Service sale was the most expensive?

Bigbag.eth, an ENS: Ethereum Name Service NFT, sold for the highest amount. On October 25th, 2022, it was purchased for $44,400. (15 days ago).

How many ENS: Ethereum Name Service were recently sold?

In the past month, 19,730 ENS: Ethereum Name Service NFTs changed hands.

How much does it cost to use Ethereum’s name service, or ENS?

The lowest price at which ENS: Ethereum Name Service NFTs sold in the previous 30 days was less than a dollar, while the maximum price was greater than $372. Throughout the previous 30 days, the average cost of an ENS: Ethereum Name Service NFT has been $31.

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