Remembering a long computer-generated alphanumeric address to your wallet or web3 platform is not only a challenging task but requires repeated copying and pasting of your address to send and receive your crypto assets across the platforms. Such long machine-generated wallet addresses or user names are not feasible for humans to remember.
What name would you choose for your wallet if you are allowed to do it yourself? Ethereum Name Service (ENS) has made it all possible. Now you no longer need to have boring self-generated sandboxed usernames as your online identity. You can give a unique name of your choice to your wallets or existing Web3 domains with Ethereum Name Service (ENS).
Read on to know what is 4 Digit ENS Domain and how you can pick a unique name for your wallet.
What is ENS?
Ethereum Name Service (ENS) is a widely integrated and decentralized platform to give a name of your choice to your wallet, website, or web3 platform. It allows users to secure a unique domain name for their Web3 wallet and ETH mint NFTs. You can replace the weird name of your Ethereum cryptocurrency wallet with a read-friendly one that is easy to remember and recognize.
Ethereum Name Service (ENS) domains serve as your unique identity in a decentralized world that is inimitable and secure to be replicated.
Set a Human Readable User Name
Sold as Non-Fungible Tokens (NFTs) , ENS names replace machine-generated wallet addresses such as ‘8j294ld67sj4ng’ with an easy-to-remember name like ABC.eth. Whether it is blockchain, non-blockchain resources, Ethereum addresses, IPFS hashes, or website URLs, ENS domains provide a human-readable name to your identity.
Choose a “.ETH” Username With Traditional Domains
“.ETH” is the native suffix of the ENS, providing all security features of blockchain. With ENS you can use traditional DNS you already own such as .com, .org, .io, .xyz, .art and .io
You no longer need to have a sandboxed name on your web3 platform. You can create your own username like “rock.eth” with ENS and create a unique profile avatar across the platforms. You can create a common name for all your addresses so that you don’t need to remember long addresses.
4 Digit ENS Floor Price
As soon as the sale of the 4 digit ENS domains began in the last week of April 2022, buyers rushed to purchase one of the 10,000 4-digit combinations available, leading the price to skyrocket to thousands of dollars within 48 hours. The demand for 4 digit ENS domain increased manifold due to the fact that there were only 10,000 4 digit possible combinations of names. 4 digit ENS floor price reached to around 0.5 ETH or $1,450 in April and now trading on secondary markets for a price of more than $1,500.
ENS NFT Trading Volume up 334% in 24 Hours in April 2022
ENS saw an outburst of people registering to purchase four-digit Ethereum Name Service (ENS) web domains when it was launched in late April. According to Dune Analytics ENS registered a spike in registration between April 21, 2022, and April 24, 2022, witnessing a steep surge from around 2,700 to over 7000 in just 4 days. A heavy rush of people to purchase newly launched four-digit Ethereum Name Service (ENS) domains saw a 334% rise in trading volume to the tune of $3.16 million, with more than 28,000 people registered in 48 hours. In just 6 hours 10,000 four-digit ENS names were purchased for $200 each.
ENS Domains Registrations Jumps Over 200% in July 2022
In July 2022, Ethereum Name Service spiked 216% as more than 126,141 people registered on the platform in the first week of the month. In the backdrop of ‘000.eth’ being sold for 300 ETH ($315,000), the second highest priced purchase on the platform, ENS’s per day revenue crossed the mark of $680,000.
Why Craze for a 4 Digit ENS Domain?
With people flooded to register for a 4 digit ENS domain as soon as it was launched, in no time ENS rose to become one of the top three gas guzzlers on Ethereum. The unexpectedly huge demand for .eth domains made the platform stand in the lines of NFT marketplace such as OpenSea, Uniswap, and Tether. As the price of 4 digit ENS domain tends to increase, the demand for 4 digit ENS domain is expected to grow in the coming months.
The 4 digit ENS Domain has made it possible to pick a unique and easy-to-remember address or username for your Ethereum wallet address, blockchain, non-blockchain resources, IPFS hashes, or Web3 URLs that you desire. Four-digit Ethereum Name Service (ENS) web domains saw a growth of 334% in just 24 hours as people thronged in large numbers to secure a unique name for their online identity.