As Ethereum Name Service (ENS) domains have become more popular, the conversation has turned to .eth domain prices and what is considered a “fair” price to guarantee ownership for 100 years.
In a Twitter thread, Ethereum co-founder, Vitalik Buterin, asked the community what price they think is appropriate to register and maintain ownership of a domain .eth of 5 letters for 100 years. Buterin gave four options: less than $100, between $100 and $999, between $1,000 and $999, and $10,000 or more.
Nearly 50% of the 91,130 votes chose the cheaper option of paying less than $100 to own an .eth domain for 100 years. One of the respondents said that the result was expect, since people always want the cheapest way to make a good profit. On the other hand, another member of the community plot that the costs should be exponential over time. The user believed that a million dollars is an adequate cost for 100 years.
Costs for traditional domain names vary depending on the registered name. Domain name providers like Namecheap and GoDaddy sell regular .com domains from $1 to $13 a year for no additional value. After a year, the rates usually go up, because the promotional period comes to an end. However, premium domains can be more expensive, ranging from $1,000 to $50,000 and more, depending on the chosen domain name.
The most expensive sale of an ENS domain occurred in October 2021, when “paradigm.eth” was sold for 420 Ether (ETH), worth $1.5 million at the time. The second largest sale occurred in July 2022, when 000.eth was purchased for 300 ETH, about $320,000 at the time of sale.
ENS founder and lead developer Nick Johnson recently told Cointelegraph that his team didn’t realize how valuable an ENS domain would be when more users started coining .eth domains. Johnson believes that many people register ENS names because “it serves as their decentralized profile.” He gives people a way to identify themselves across various apps and platforms.
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