- The popularity of domain name trades is soaring.
- Domain names are selling for a whooping sum of money.
- Ironically, this rising demand is amidst the crypto winter.
The entire crypto market is slumping in a prolonged bear market. Even amidst the market chaos, the popularity and demand, for one thing, don’t seem to settle. The NFT realm is not in its best shape this year.
However, domain names have been getting extremely popular recently. The domain names act as wallet addresses for the holder, cutting off the need to enter the 16 digits to receive any asset.
Some of the domain names, like coin.crypto, and beer.eth, sold for $100,000 and $39,000, respectively. Many would agree that this is similar to spending hundreds of dollars on number plates for your vehicles. At the same time, many predict it will be the next big thing.
In anticipation, many speculators are getting their hands on several choosy domain names in order to flip them on marketplaces to make some quick bucks. This trading is itself a big business for several speculators and traders.
At the time of writing, Ethereum Name Service domains are trending on OpenSea, followed by unstoppable domains. Some of the highest ENS domains sold recently are “paradigm.eth” for 420 ETH and “000.eth” for 300 ETH.
ENS domains gained so much hype and popularity in September, with over 433,000 registrations for the month. But many still consider that the domain names are still in their nascent stage and could go in either direction. In terms of sheer utility, it can replace the 16-digit wallet address, which is excruciating for many when they mistype any single digit.
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