Amazon.eth Domain Owner Ignores $1 Million Bid
Categories: Crypto News US
Amazon.eth Domain Owner Ignores $1 Million Bid
The Ethereum name service (ENS) domain Amazon.eth received an offer this week to buy for $1 million in USDC, a stablecoin pegged to the US dollar. The offer went unanswered, and no transaction took place. Had that been the case, the owner would have made a profit of 1,000 percent on the sale after purchasing the domain name five months ago for 33 ETH (today's price is about US$50,000).
Interest in ENS Domain Names Soars
Despite the bear market, ENS domain names have been quite bullish. Some attribute the growing interest to their inherent usefulness, which makes crypto transactions easier. Earlier this month, someone paid 300 ETH for "000.eth", and there were other $90,000 bids for "Samsung.eth" and "Starbucks.eth". According to OpenSea data, other bids for the domain average a modest US$6,200 in USDC.
The domain is officially verified by ENS and is owned by an anonymous OpenSea user, 4761BF. The person making the offer has about 20 ENS names, many of which are related to Amazon, including one "jefferyjefferybazos.eth". The name "amazon.eth" was created on August 2, 2017, and expires on October 16, 2036, and was first registered on February 7, 2020.
An ENS provides human-readable names to various aspects of the web3 world, which usually include blockchain addresses. Like NFTs, ENS names can be bought and sold in secondary markets such as OpenC and are often used by crypto users as part of their social media profiles.
Well-known brands like Budweiser dived into the crypto market last year and bought an ENS called “beer.eth” for 38 ETH. Puma, following other sports brands such as Nike and Adidas in the metaverse, also bought a decentralized .eth URL from ENS and signaled its intention on Twitter by naming itself "puma.eth".