ENS Domain A to Z guide for beginners | Is it good investment opportunity?

ENS

November 5, 2022

ENS Domain A to Z guide for beginners | Is it good investment opportunity?

ENS stands for Ethereum Name Service, which is the Ethereum blockchain-based nft domain. Ens are the most popular web3 domains with more than 500k unique wallets holding at least one ens name. They are different from web2 domains like .com as we can use the ens names to replace the long crypto address.

The primary use of ens names is to replace long crypto addresses like you can use your name.eth to receive any crypto tokens instead of using a long hex address. Ens can also used to build websites and access many dapps on the Ethereum network.

In this post, we will try to answer the questions related to ens. So without any delay, let’s move toward some of the most asked questions and their answer about ens domains.

How to buy ens domains?

To buy ens domains, you’ll need to load some Ethereum in your wallet and connect your wallet to the ens site. After connecting, you’ll need to search for the name you want to register and click on request to register. After that, sign a transaction with little gas fees and wait some time. Then you’ll have to pay some gas fees and the yearly charge for a name you selected.
You can also purchase the ens names from Opensea, EnsVision and other similar sites. If the ens domain that you are willing to register is unavailable, you can buy it from sites like ens.vision, it’s listed for sale by the owner.

ENS domain registration guide for the people less known about cryptos and NFTs

If you aren’t familiar with cryptos, then I will try to guide registering an ens domain. First, you’ll need to create an account on an exchange site like Binance. After that, you’ll need to transfer the crypto to the custodial wallet.

First, download the metamask extension in your browser. If you are using a phone or iPhone, download the metamask app from the play store or AppStore. Then you’ll see the option to import and create a wallet. If you are using Metamask for the first time, click on create a wallet. After that, you’ll see a 12-word keyphrase. Store those 12 words in a secure place. You’ll need them to log in to your wallet.

After that, you’ll need to go to ens official site and connect your metamask wallet there. After that, you can search for the name that you want to register; if it’s available, you need
Click on the request to register and wait some time. After that, you must sign another transaction, and your name is registered.

How much does the ens domain cost?

Ens domain renewal cost is between $5 to $640 per year. The price for five characters and a more extended domain is $5 per year, similarly, the yearly renewal for three characters and four charter domains is $640 and $160, respectively. Right now, we can’t register one and two-character ens domains.

Why are ens names so expensive?

The yearly charge for three and 4-character ens is too high compared to web two domains. But Not all ens names are expensive. Five characters and longer ens names cost just $5 a year. Due to the high renewal charge, many good 3 and 4 char ens names are available. If the price of these three and 4 char names were the same as 5 char names, a few people would have registered all the 3 and 4 char names.

How many ens domains are there?

Right now, there are more than 2.5 Million ens domains registered. There is no fixed number of ens domains, and there can be an unlimited number of ens domains like the .com and another web two extension.

Are ens domains case-sensitive?

No, ens domains aren’t case-sensitive. If you send some funds in You.eth and you.eth, the receiver will be the same wallet.

Can we buy a registered ens name from opensea?

Yes, you can buy an already registered name from opensea and other nft platforms if it’s listed for sale by the owner. You can search for the ens name that you want to buy in opensea, like 000.eth, then if it’s listed for sale, you can see the purchase button and buy it in one transaction. If it’s not listed for sale, you can make an offer like other nfts.

What are ens domains used for?

Ens domains are primarily used to replace the long crypto address, they can also be used for building a website, and many people are taking ens as a unique investment opportunity. Many investors are holding lots of ens names like the web2 domainers. Already we have seen many ens degens making millions trading ens names.

Yes, ens domains are nfts as well. You can easily trade them in top NFT platforms like opensea and looksrare. The ens nft collection on opensea already has 70k eth + trading volume. Ens is a probability, the best nft collection with many utilities.

Are ens domains valuable?

Yes, ens domains are valuable if you choose the proper names. But it would help if you kept in mind that not all ens names are valuable. These days, most newly registered names havee very little value as most of the good names are already taken, and are already traded on opensea and other nft marketplaces. Paradigm.eth is conisedered as the ens sold on highest price ever, as it was traded on 420 eth. Similarly 000.eth was sold for 300 eth.If you are planning to register new names there is very little chances of getting a valuable name but if you search on opensea. You might find gems at very little price.

Are ens domains nfts?

MrRocky