The popularity of Ethereum Name Service (ENS), domains has led to a shift in conversation to.eth domain pricing. What is considered a fair price to ensure 100-year ownership?
Vitalik Buterin , Ethereum’s co-founder, asked his Twitter followers what price they thought was appropriate to register and keep ownership for 100 years of a 5-letter domain. Buterin offered four options: $100-$999 to $1000-$9999, $1000-$9999, $1000-$9999, $10,000 and $10,000.
Nearly 50% of the 91 130 votes chose the most affordable option, paying less than $100 for 100-year ownership in an.eth domain. One respondent stated that expected was the result. People always seek the best returns and the most affordable option. Another community member said that costs should increase exponentially with time. According to the user, $1 million was a reasonable cost for 100 years.
Traditional domain names cost differently depending on which name is registered. Namecheap, GoDaddy and others sell normal domain names starting at $13 per year without any add-ons. The rates will increase over time as the promotional period ends. Premium domains, however, can be more expensive, and range from $1,000 to $50,000 depending on the chosen domain name.
In October 2021, paradigm.eth was purchased for 420 Ether ( ETH), a total of $1.5 million. The second largest sale was in July 2022 when 000.eth, which was worth around $320,000, was purchased for 300 Ethereum.
Related: Ethereum Name Service registrations rise by 200% amid lower gas prices
Nick Johnson, the founder and chief developer of ENS, told Cointelegraph recently that didn’t realize how valuable ENS would be as more people started to mint.eth domains. Johnson believes that ENS names are a means for people to identify themselves across different platforms and applications.