How to Buy Ethereum Name Service (ENS)Price of Ethereum Name Service (24h)$7.59-2.69%Log In to Buy Ethereum Name Service(ENS)
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Is Ethereum Name Service (ENS) a Good Investment?
Ethereum Name Service crypto is an exciting asset to invest in, considering the project’s future potential. As Web3 adoption rises, the need for a service like ENS, which helps you create convenient Web3 usernames and profiles, will also pick up.
An uptick in adopting Ethereum Name Service by crypto and Web3 users could drive up the ENS price and make it a valuable asset to include in your portfolio. The Ethereum Name Service price could also edge higher amid the release of more Web3 projects and decentralized websites using its blockchain naming standard.
In addition to rising adoption by users and projects worldwide, the Ethereum Name Service price could see an uptrend as the market sentiment towards cryptocurrencies improves. A positive mood among investors increases buying interest, sending all digital assets, including ENS, higher.
The ENS price could rise amid higher innovation in the Web3 and decentralized space. The need for a convenient service that converts cryptocurrency addresses into human-readable names is a precious innovation in the market which could witness widespread adoption in the future, making the Ethereum Name Service token more valuable.
How Many ENS Tokens Are There?
The Ethereum Name Service token has a fixed total supply of 100 million. As of August 2022, the circulating supply of ENS crypto is about 20 million.
The following is the token distribution of ENS:
⧫ 50% of ENS’s max supply was allocated to the DAO Community Treasury, of which 10% was unlocked at the time of launch with a vesting schedule spread over four years since then.
⧫ 25% of ENS was distributed via airdrops to .ETH domain holders.
⧫ The remaining 25% was set aside for contributors to the Ethereum Name Service project with a four-year linear vesting schedule.
How Much Does it Cost to Get an ENS Domain?
You must pay $5 per year to register a .ETH domain using the Ethereum Name Service. In addition to buying ENS directly via the Ethereum Name Service platform, you can also obtain an ENS domain via OpenSea, the world’s leading NFT marketplace.
Browse through the ENS collection on OpenSea for available .ETH domain names and get their pricing details. Connect your digital wallet to OpenSea to buy available options or place a bid for them.
ENS vs. DNS: Difference Between Ethereum Name Service and Domain Name Service
While ENS and DNS perform similar functions, there are several differences between the two services. Let’s take a look at some of them:
Web2 vs. Web3
Domain Name System (DNS) is a protocol that caters to Web2 initiatives, such as websites and email addresses. It maps IP addresses to names that are convenient to recall and use.
On the other hand, Ethereum Name Service maps crypto addresses based on Ethereum to a readable string similar to a URL. The ENS service can be used to create usernames for Web3 applications, crypto wallets, and decentralized websites serving Web 3.0 projects.
Centralized vs. Decentralized
DNS services are primarily centralized, with DNS providers using centralized servers to offer their services to internet users. Meanwhile, ENS functions in a completely decentralized manner, based on the Ethereum blockchain. The verification process utilized in ENS is distributed, eliminating the single point of failure that centralized systems suffer from.
How to Get an ENS Domain
The Ethereum Name Service is integrated across hundreds of dApps and wallets, which means its services are accessible through these platforms. Here’s how you can get an ENS domain for yourself:
1. Create an account with a crypto wallet that is integrated with and supports ENS.
2. Add ETH funds to your wallet by buying Ethereum on KuCoin or other exchanges. Withdraw the funds from your trading account to your wallet by entering your wallet address.
3. You will need a minimum of $50 worth of ETH in your wallet to purchase ENS domains.
4. Head to the ENS Manager website.
5. In the text box on the homepage, please search for the .eth domain name you would like to own to assess its availability.
6. Confirm the availability of the name and enter the duration in years for how long you wish to own the ENS domain.
7. Click on “Request to Register” to proceed.
8. Connect your ETH wallet through the pop-up box that appears in the next step. Click on “Confirm” to proceed with the transaction and make the payment for the ENS domain.
9. Review the gas fees and other details to proceed with the registration process.
10. After registering your ENS, use the Resolve section to bind your old crypto address to your ENS domain.
11. You can now use your ENS name to receive crypto and interact with dApps.
Ethereum Name Service (ENS) Price Analysis
Live PriceThe live price of ENS is 7.49 USD, representing an increase of 4.41% in the past 7 days and -2.69% decrease in the past 24 hours.
Historical TrendsThe all-time high of ENS was 85.68 USD on 11-10, 2021, from which the coin is now down -91.25%.
The all-time low of ENS was 6.93 USD, from which the coin is now up 7.53%.