Nearly 50% of the 91,130 votes indicated that less than $100 would be a reasonable price to pay for 100 years of ownership of a five-letter.eth domain.
As interest in Ethereum Name Service (ENS) domains increased, the topic of.eth domain cost and what is seen to be a “fair” payment to ensure ownership for 100 years has come up.
Vitalik Buterin, a co-founder of Ethereum, questioned the community on Twitter about the price they believed was reasonable for acquiring and holding onto a five-letter.eth domain for 100 years. Under $100, $100-$999, $1000-$9999, and $10,000 or more were the choices offered by Buterin.
The least expensive choice, which involved paying under $100 for 100 years of.eth domain ownership, received over 50% of the 91,130 votes. One of the respondents remarked that as people always look for the cheapest route to big returns, the outcome is to be expected. Another community member, however, claimed that costs ought to increase exponentially over time. The customer thought that $1 million was a reasonable price to pay for 100 years.
Traditional domain names are more expensive depending on the name that is registered. Regular.com domains without any extras are available from $1 to $13 a year from domain name providers like Namecheap and GoDaddy. The rates typically increase after a year once the promotional period ends. However, depending on the domain name selected, premium domains can cost more, ranging from $1,000 to $50,000 and beyond.
In October 2021, the ENS domain paradigm.eth was sold for 420 Ether (ETH), which was then equivalent to $1.5 million. The second-largest transaction occurred in July 2022, when 300 ETH, or about $320,000 at the time of the transaction, was paid for 000.eth.
Nick Johnson, ENS’s founder and principal developer, recently admitted to Cointelegraph that the company had no idea how valuable ENS would end up being as more people began to mint.eth domains. According to Johnson, a lot of people sign up for ENS identities because they “function as their decentralized profile.” People can use it to identify themselves on many platforms and applications.