Amazon ENS Domain Name Receives $1M Bid, Ethereum Name Service Domains Heat Up

What Happened: An anonymous bidder offered the owner of the Amazon.eth domain name $1 million for its ownership. This comes after recent sales for Samsung.eth and Starbucks.eth, which both sold for 60 Ethereum ETH/USD, or about $90,000.

If the owner of Amazon.eth accepts the offer, it will be a record sale for ENS domain names.

Some speculate that interest in Ethereum Name Service domains has increased through the crypto bear market due to the utility behind ENS domains. As Ethereum scales to more users, ENS domains will become more valuable, as more users will be on the platform to send and receive crypto via ENS domains. To some, an investment in ENS domains is a leveraged bet on Ethereum itself.

Why It Matters: Ethereum Name Service allows cryptocurrency users to rename their public Ethereum wallet address to a human-readable name from a string of 64 digits and letters. ENS Domains can make it easy for Ethereum users to send and receive payments via Ethereum.

Through the cryptocurrency market downturn, the market for ENS Domains remains strong, with 3 and 4-digit domain names increasing in value while the bulk of the crypto market has seen a strong downtrend.

See Also: How To Buy ENS Domains

While it’s possible that Amazon.com Inc AMZN placed a bid for the amazon.eth domain name, this hasn’t been confirmed, and no on-chain activities from the bidding wallet indicate this could be Amazon’s cryptocurrency wallet.

Interestingly, the bid was placed with USDC, a stablecoin backed by USD. The vast majority of ENS domains are sold in Ethereum’s native currency Ether, so the bidder may be averse to the crypto market’s volatility.