As Ethereum Name Service (ENS) domains have become more popular, the discussion has turned to .eth domain pricing and what is considered a “fair” price that guarantees 100 years of ownership.
In a Twitter thread, Ethereum co-founder Vitalik Buterin ask The community thinks it’s the right price to register a 5-letter .eth domain name with 100 years of ownership. Buterin offered four options: under $100, $100 to $999, $1,000 to $9,999, and $10,000 or more.
Of the 91,130 votes, nearly 50% chose the most economical option to pay under $100 for 100 years of .eth domain name ownership.an interviewee Say The results are expected, because people always want the cheapest way to get a good return.On the other hand, another community member debate The cost should grow exponentially over time. Users believe that $1 million is an appropriate cost for 100 years.
The cost of a traditional domain name varies depending on the registered name. Domain providers like Namecheap and GoDaddy sell regular .com domains for anywhere from $1 to $13 a year without any add-ons. After a year, as the promotional period ends, the rates are usually higher. However, premium domains can cost more, ranging from $1,000 to $50,000, depending on the domain name chosen.
The most expensive sale of an ENS domain name occurred in October 2021, when “paradigm.eth” was Sell 420 Ether (ETH), worth $1.5 million at the time. The second largest sale took place in July 2022, when “000.eth” was purchased for 300 ETH, which was around $320,000 at the time of the sale.
related: Ethereum Name Service Registrations Surge 200% Due to Lower Gas Fees
ENS founder and lead developer Nick Johnson recently told Cointelegraph that the team didn’t realize how valuable ENS would become as more and more users started minting .eth domains. Johnson believes that many people sign up for the ENS name because it “serves as their decentralized profile.” It provides a way for people to identify themselves across various apps and platforms.
