{"id":5945,"date":"2022-09-30T18:47:12","date_gmt":"2022-09-30T18:47:12","guid":{"rendered":"https:\/\/cyberscrilla.com\/staging\/4768\/?p=5945"},"modified":"2022-09-30T18:47:16","modified_gmt":"2022-09-30T18:47:16","slug":"ens-domains-worth-it","status":"publish","type":"post","link":"https:\/\/cyberscrilla.com\/staging\/4768\/ens-domains-worth-it\/","title":{"rendered":"Are ENS Domains Worth It? (11 Reasons to Buy a .ETH Name)"},"content":{"rendered":"\n

With all the hype around ENS domains, you might be wondering if you should invest in one yourself. A quick scroll on Twitter reveals numerous users with their own \u201c.eth\u201d names, only adding to the FOMO that\u2019s already prevalent in the web3 space. After doing some research and investing in my own ENS name, here\u2019s what I\u2019ve learned.<\/p>\n\n\n\n

There are several reasons why you might want to consider buying an ENS domain<\/a>. Here are 11 reasons.<\/p>\n\n\n\n

1. You Can Make a Lot of Money<\/h2>\n\n\n\n
\"You
ENS on Opensea<\/figcaption><\/figure>\n\n\n\n

Likely one of the top reasons many people are buying ENS domains is for the potential to make a profit. Considering you can buy a 5+ digit domain for only $5 per year and more premium domains for up to $640 per year, there\u2019s still a lot of room for an ROI.<\/p>\n\n\n\n

For example, the ENS name \u201cParadigm.eth\u201d (originally purchased for $5.62) sold for $1.5 million one year after its initial purchase.<\/p>\n\n\n\n

Also, let’s not forget about the \u201c999 Club\u201d (names with 3 digits: 000-999). These particular names commonly sell for thousands of dollars, with the most expensive \u201c000.eth\u201d, having sold for $321,885.<\/p>\n\n\n\n

That said, not all ENS names are a good investment. I\u2019d compare buying and selling ENS domains comparable to traditional domain name speculation<\/a>. Nonetheless, the potential is there.<\/p>\n\n\n\n

2. Maps Human-Readable Names to Wallet Addresses<\/h2>\n\n\n\n
\"ENS
Simplified wallet address<\/figcaption><\/figure>\n\n\n\n

The most obvious use-case for ENS domains is the ability to transform your lengthy and forgettable crypto wallet address into a human-readable and hopefully memorable name.<\/p>\n\n\n\n

Similar to how traditional \u201c.com\u201d domains map names into IP addresses, ENS maps names into web3 wallet addresses.<\/p>\n\n\n\n

This makes it much easier to send and receive crypto to and from your wallet. <\/p>\n\n\n\n

So, rather than sending crypto to my wallet address \u201c0x5d6535d5dd5d187a4770cfae7c899a7f8a32163c\u201d, you can simply input my ENS, \u201calexgomez.eth\u201d.<\/p>\n\n\n\n

This may sound simple, but it is key to the overall success of the development and adoption of web3.<\/p>\n\n\n\n

3. ENS Names Are Censorship Resistant<\/h2>\n\n\n\n

Your keys, your domain. That is, the only way to gain control over your domain is to gain access to your secret phrase, to gain access to the wallet that holds your ENS domain. <\/p>\n\n\n\n

Since every ENS domain is an NFT<\/a>, they are all censorship resistant. That means you maintain complete control over your ENS domain. No entity can access your domain to modify it or take it over.<\/p>\n\n\n\n

So, as long as you keep your wallet secure and you learn how to securely store your NFTs<\/a>, your ENS domain will remain in your control.<\/p>\n\n\n\n

This is one of the main differences between DNS and ENS. A traditional \u201c.com\u201d domain can easily be taken down by the web hosting service. <\/p>\n\n\n\n

But, since ENS domains live on the blockchain\u2014a decentralized ledger\u2014they are secured by thousands of servers all around the world.<\/p>\n\n\n\n

4. You Own Your Web3 Identity<\/h2>\n\n\n\n
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Patriots.eth<\/figcaption><\/figure>\n\n\n\n

Web3 is all about ownership. NFTs have enabled us to provide truth and transparency regarding ownership of both digital and physical goods, via the blockchain. <\/p>\n\n\n\n

Before NFTs, there was no way to prove ownership of a digital asset.<\/p>\n\n\n\n

But now, you can. And ENS domains are a prime example. Whether you want to own your brand\u2019s identity or your own, ENS names allow you to do so. <\/p>\n\n\n\n

That\u2019s why the New England Patriots bought \u201cPatriots.eth\u201d for $99,000. Now they literally own their brand name. <\/p>\n\n\n\n

Furthermore, everything you do on web3 is done via your wallet. Buying, selling, trading, and interacting with decentralized applications can only be achieved through your web3 wallet. <\/p>\n\n\n\n

Hence, your wallet is your digital identity. ENS allows you to own it.<\/p>\n\n\n\n

5. Owning an ENS Domain is a Huge Flex<\/h2>\n\n\n\n

Arguably one of the greatest reasons to own an ENS domain is for the flex. Holders who own desirable names are undoubtedly pioneers in the web3 space.<\/p>\n\n\n\n

Similar to driving an exotic car or wearing designer clothes, owning an ENS domain is a sure sign that you were early, you made the right moves, and you are to be respected for your conviction.<\/p>\n\n\n\n

However, I don\u2019t believe all ENS domains are a flex and I know others would agree. Rather, only the names that hold value or represent something of value are thought to be a flex.<\/p>\n\n\n\n

That\u2019s why only a very niche group of domains sell for such large sums of money. With that, there\u2019s no telling when or if a domain name might become valuable.<\/p>\n\n\n\n

6. There\u2019s an Entire Community Behind ENS Domains<\/h2>\n\n\n\n
\"The
ENS.vision<\/figcaption><\/figure>\n\n\n\n

When you notice someone with \u201c.eth\u201d in their username, you instantly know they are a part of the web3 ecosystem. <\/p>\n\n\n\n

Whether a name is considered valuable or not is up for debate, but there\u2019s no denying that if you own an ENS domain, you are instantly connected to other holders.<\/p>\n\n\n\n

Additionally, beyond the broad ENS community, there are dedicated sub-groups within the ENS ecosystem. Groups like the 999 Club, 10k Club, and 100k Club are early examples of communities that have formed within the broader ENS community.<\/p>\n\n\n\n

Even cultures from around the world have formed their own ENS communities. The Arabic 999 Club and 999 CN (China) Club are both strong communities that actively network, engage, and educate each other.<\/p>\n\n\n\n

So, if you want to become part of a large community, ENS domains are a great way to get involved.<\/p>\n\n\n\n

7. ENS Supports Importing DNS Names<\/h2>\n\n\n\n
\"You<\/figure>\n\n\n\n

You can use your ENS with DNS names that you might already own. ENS supports most DNS names including .com, .org, .app, .io, .xyz, and .art.<\/p>\n\n\n\n

By visiting your ENS account, you can easily link your ENS domain to your traditional domain. This is important, especially as web3 becomes more prevalent in society.<\/p>\n\n\n\n

Remember, we live in an \u201cand\u201d world, not \u201cor\u201d. That said, traditional web2 domains will likely continue to coexist with up-and-coming web3 domains, such as ENS. So, owning and utilizing both is a good idea. <\/p>\n\n\n\n

Moreover, DNS domains still do things that web3 domains can\u2019t. For example, Google does not index ENS domains. <\/p>\n\n\n\n

So if you were to start a blog using your ENS domain name, Google would not show it in the search results.<\/p>\n\n\n\n

Hence, the need for traditional domain names still exists. But, that doesn\u2019t mean you can\u2019t supplement the two with each other.<\/p>\n\n\n\n

8. You Can Create Subdomains<\/h2>\n\n\n\n
\"You
ENS subdomain<\/figcaption><\/figure>\n\n\n\n

For every ENS domain you own, you can create an unlimited amount of subdomains. <\/p>\n\n\n\n

These subdomains can be used similarly to your primary ENS domain, except, you can transfer them to others without giving up ownership or control of your primary domain.<\/p>\n\n\n\n

For example, using my primary ENS domain \u201calexgomez.eth\u201d, I can create individual subdomains like \u201cnft.alexgomez.eth\u201d or \u201cdao.alexgomez.eth\u201d. <\/p>\n\n\n\n

Why would you want to do this? There are several potential use-cases, such as:<\/p>\n\n\n\n