Why buy a .eth name?
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Why buy a .eth name?
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Lately I've been talking more often with people in my network who are Web3-savvy but don't have a .eth name yet. To start with, why register a .eth name at all?
A .eth name is comparable to a classic top-level domain like .com. To access the Google page we could also enter the IP address 172.217.16.174 in the browser (note: Google IP address can change, this worked on 8.2.23). But that wouldn't be very practical in everyday life:
John Doe: "Go to IP 172.217.16.174 and search MadeMeThink.xyz."
It probably makes sense to everyone that the alternative is simpler:
John Doe: "Go to Google.com and search MadeMeThink.xyz"
The Domain Name Service (short DNS) makes it possible that we do not have to deal with IP addresses.
It is similar with ENS and Ethereum addresses.
Thomas: "Please send me your NFT to 0xf0A704377F945E69fE056b3c2D6Dd577152B27a1"
Apart from the fact that I don't know anyone who remembers their wallet address, any character twist is also fatal and leads to total loss of the assets sent. Therefore, for Ethereum wallet addresses, there is ENS (Ethereum Name Service).
Thomas: "Please send me your NFT to MadeMeThink.eth”
MadeMeThink.eth is therefore associated with my wallet address. In the future, probably everyone who is active in this Space will have a .eth name for their main wallet address. It's just so much more convenient. NFTs or other assets can easily be sent to the .eth address, as seen in the screenshot below, for example.
Now that you know two of my .eth names (MadeMeThink.eth and ThomasMetzler.eth), you can also follow them via WalletFrens.xyz, for example, and watch any NFT transactions I do (you can also follow any other wallet). WalletFrens.xyz is a project that I am developing with my co-founder Oliver. It is the most user-friendly wallet tracker in the world! Give WalletFrens a try and let me know how your experience was.
Often a .eth name is also used as a username in social networks, for example on Twitter (see screenshot).
With the .eth names it is almost similar to the .com domains: A lot is taken. Just for fun I searched the .eth names of local companies in my region and indeed most of them were already registered.
If you would like to check now if your name is still available, you can do that here. First + last name are usually still available. The first name alone is usually no longer available. Many then pick their preferred name and add a 0x in front of it ( in reference to Ethereum wallet addresses, which also start with 0x), so e.g. 0xFirstName. Some .eth names are also bought for speculative purposes and then traded on marketplaces like ENS Vision.
However, it is also possible to connect familiar domain extensions like .com to a wallet address via ENS, read here.
And for those who prefer watching a video instead of reading my text, here is a simple explanation video about ENS.
At NFT London, 0xWKris gave an interesting talk on the topic of .eth names, which showed even more applications. Kris was still using the name 010.eth at the time, but meanwhile sold this .eth name for 55 ETH (= approx. 71,000 USD). Since I followed his wallet address on WalletFrens.xyz, I noticed that ;)
And here you find his talk:
Disclaimer: The thoughts published in this publication are my personal opinions and should not be viewed as investment advice. I am not a financial expert. My specialty is entrepreneurship, innovation & marketing. Readers should always do their own research. I own various cryptocurrencies and NFTs, however in many cases it is for the sake of researching the field and gaining a deeper understanding of Web3, NFTs and the Metaverse and not for investment purposes.