The amazon.eth Ethereum Name Service (ENS) domain name has fetched an anonymous bid of 1,000,000 USDC, which translates to 637 ETH at the current pricing, according to @NathanHeadPhoto.
According to OpenSea, the domain name was purchased in October 2019 for 100 ETH. On February 7, user “4761BF” purchased it for 33 ETH after many transfers.
If the bid is approved, 4761BF will make a staggering 1,930 percent profit in ETH terms.
What exactly is Ethereum Name Service (ENS)?
In 2017, the Ethereum Foundation launched the Ethereum Name Service (ENS). It became a separate organization a year later, run by True Names LTD, a Singapore-based non-profit company.
Users can utilize the service to convert their alphanumeric wallet address to a human-readable format. As a result, human-readable names are linked to blockchain and non-blockchain resources such as Ethereum addresses, IPFS hashes, and website URLs.
ENS enables the storage of various addresses as well as the receipt of a variety of cryptocurrency tokens and NFTs by the owner. As a result, the service is marketed as a solution to establish a censorship-resistant and totally decentralized Web3 presence.
“No more sandboxed usernames. Own your username, store an avatar and other profile data, and use it across services.”
Although the amazon.eth bid was made anonymously, speculation is rife that the internet retail behemoth is behind the offer, especially given the scale of the price.
More suspicion surrounds the bid being made in USDC. ENS domains are typically traded in Ethereum, implying that the buyer is adverse to volatility and wants to hold/purchase stablecoins.
The cost of an ENS domain might vary substantially.
Some predict that.eth domain names will replace Bored Apes as the latest crypto status symbol to flaunt. However, unlike Bored Apes,.eth domain names are reasonably priced.
According to the website nft-stats.com, there was no price floor for ENS domain names in the last seven days, and the average sale price was a healthy $405.
Nonetheless, prices for more attractive brands skyrocket. On July 3, the second most expensive ENS sale was 000.eth, which sold for 300 ETH, or $320,000.
The most costly was paradigm.eth, which sold in October 2021 for 420 ETH. As the market was at its top, the price of Ethereum was around $3,5000 at the time, putting this sale at $1.5 million.
If the bid for amazon.eth is accepted, it will overtake paradigm.eth as the most expensive ENS name in Eth terms.