Views on Web3 Domain Name Market from the hot ENS

On October 14th, MEXC launched a Twitter space live broadcast on MEXC Global Twitter. The theme of this event is “Views on Web3 Domain Name Market from the hot ENS”. The guests are 812.eth (@GammaPure), A Bitcoin Trader; daddy.eth (@AnClint) who is a Cofounder of @ensuser | researcher of @y2z_ventures & @8848community, and Yuby (@SeerFoundation), an Ambassador of a Web3 domain market- SEER The host is Antonio (@antontwcrypto), and the following is a text excerpt from this livestreame.

Antonio:

Hello, everyone. Before we start, here is a special reminder for our audience. For those who participate in our gleam task, you can type the password ENS in the gleam to win the prize.

In the cold winter of the crypto market, Web3 domain names have come out as an “independent market”. In recent months, ENS domain names have continued to heat up. The different waves of domain names such as company name domain names, digital domain names, first or last names, Emoji, etc., have made ENS once leaped to the top of the 24-hour transaction volume of NFT series, making domain name trading a popular Web3 business.

Today we invited two ENS Holders who achieved high profit returns through ENS domain name tradings and the Ambassador from SEER to talk about the wealth secret password behind Web3 domain names.

Q1: All of us have witnessed the rise of the Web3 era of domain names from DNS to ENS era. What do you think is the essential difference between Web2 and Web3 domain names? What are the innovative application scenarios of Web3 domain names?

daddy.eth:

  1. Web3 domain names have more utilities – resolve multiple records including pfps, mail address, wallet address ……
  2. Web3 domain names are nfts
  3. Web3 domain names are name legos

Yuby:

1:

  • Define
  • Web3 or Blockchain Domains is necessary.
  • The Bridge from Web2 to Web3

Together with the metaverse, cryptocurrencies, NFTs and GameFi, domain names will help accelerate the transition from Web2 to Web3.

2:

Decentralized domain names can be used as a Web3 identity.

I can refer to SEER’s published SDID use cases to explain the future application scenarios of web3 domain names.

In terms of operation, for example, if you want to search for my account, you just need to enter “xxx.web3”, just like Facebook or Skype account search.

Antonio:

Q2: When it comes to Web3 domain names, we have to look at ENS.More than 5 years since its launching, ENS has gradually developed from its original Ethereum address resolution to the business card of the Web3 world. Please give a brief introduction to the ENS project for our community users, and what role does it play in the Web3 ecosystem?

daddy.eth:

  1. To dapp/wallets users, ens can replace the address to a human readable way when sending transactions.
  2. To devs, ens can provide a defalt did system.

Antonio:

Q3:Thanks to all the guests for their wonderful speeches. It really gave us a deeper understanding of the Web3 domain name market. Under the deserted crypto market environment, the trading volume of ENS domain names has surged in recent months with large purchase orders. What do you think about this market phenomenon, and what is the main reason for the detonation of ENS?

daddy.eth:

  1. Adequate cash flow ensure ens can survive this bear market.
  2. ENS has long-term vision, unlike unstoppable domains, and continuously giving back to the entire ethereum community.
  3. People start to realize a special categories of .eth names can be collected and traded just like pfps. (11k club, 999 club)

812.eth:

First of all, I think ens domain name possessed more value than ordinary NFT. Compared with some collectible pictures, ENS domain name represents your identity, and identity is more difficult to replace than aesthetics. And once people own his own domain name, the domain itself starts to represent his identity in the metaverse, and it is very unlikely that this domain name will ever enter the market for circulation again. So domain name will gradually become a standard deflation asset. Take my domain name 812.eth as an example. Even if 812.eth is not a premium 3 digits domain name, it still represents my identity online. It is almost impossible for me to sell it no matter how high the bid price was, It feels like selling my own soul. So it is not a surprise that the price of ENS domain names sky rocketed.

Antonio:

Q4: As an infrastructure in the web3 field, ENS has a wide range of usage scenarios and is the “priority need” of every address holder, but there is one thing that many people are puzzled about: “Why does ENS use a lease system for domain names instead of long-term ownership system?”

daddy.eth:

  1. To prevent cyber squatting.
  2. Learn from history and changed its fee model.

Antonio:

Q5: In the wave of ENS domain name tradings, some giant whales registered and largely purchased domain names, and even opened domain name “malls”. Do you think the popularity of ENS domains is sustainable? Is there room for growth in the Web3 domain name market in the future?

daddy.eth:

Yes. Now people trade digit .eth names like trading pfps, but valuable clea n words name are undervalued. With more and more Web3 companies adapt ens, ens names can be as valuable as .com domains.

812.eth:

I am a trader so I only talk about the price not vision here.I totally agree with daddy.eth here, I mean I would personally value a brand domain name like nike.eth or ferrari.eth even more than a reguler 3D domain name.What I also want to add is that I think everyone needs to get used to dollar pricing. For example, if eth really rises to $10,000 a piece, I think it’s totally unreasonable for 3D’s floor price to reach 30e, which is $300,000.(812.eth)

Antonio:

Q6: Many people think that the Web3 identity system (DID) is the core infrastructure of Web3. At present, the head domain name service projects such as ENS are basically turning to the Web3 identity system, and we know that SEER is currently focusing on the field of the Web3 identity system. Let’s welcome SEER Ambassador to introduce what is the Web3 identity system? Will it open up a new market for Web3 domain names?

Yuby:

SEER’s DID system takes SDID as the core and can be refined into four product layers.

– SDID is the iconic domain name suffix of “.web3”, also the SEER’s brand digital identity domain name.

– SEER’s products can be divided into 4 layers, namely application layer, analytics layer, privacy layer, and protocol layer.

Antonio:

Q7: All the guests present here have invested in Web3 domain names and obtained high profit returns. Can you share your investment experience? What to focus on when investing in ENS domains? And what experience do you have to avoid pitfalls in domain name investment?

812.eth:

The question I get asked the most is the price relationship between 3D 4D 5D. Here are some of my simple thoughts.

Many people think that because of scarcity, the total amount of 4D is ten times that of 3D, so the floor price of 3D should be 10 times that of 4D. In fact, it is not only a matter of scarcity, everyone will definitely move towards the most cherished goal, just like buying a watch. You may start from Casio, then to Rolex, Audemars Piguet, but the end game will always be Richard Miller/Patek Philippe. 4d and 5d are all part of the journey, and sure the turnover rate for 4D,5D will be very high, but the only asset that can be really bought into deflation is 3d, because once you own Richard Miller, you have already reached the top and most likely you will not replace your Richard Miller ever again. Once a 3D is owned by somebody,there is a high probability that this domain name will no longer be circulated, and the circulated 3D will gradually become less than 100 or even 50. I think the terminal floor price 3d will be 50-100 times that of 4d, but the liquidity of this asset will be very bad, and it will be very difficult to sell a expensive premium 3D domain name in the future.(812.eth)

daddy.eth:

Agree with 812.eth. consider the lease model. renew 10 4d names requires 1600usd and 1 3d is 640usd.

Antonio:

Q8:At present, most domain names of head web3 domain name projects such as ENS have been registered. What other types of domain names can future investors pay attention to?

daddy.eth

There will always be new hot spot in the market. Less than 6 months ago, you can still register 3 digit for 640 dollars. I think professional name squatter should always keep up with the market and development of the entire web3 world.

Antonio:

Q9:Last question, what impact will the arrival of ETH2.0 have on the ENS and Web3 domain name market?

daddy.eth

ETH2.0 turn ethereum from PoW to PoS. Maybe there will be a lot of pool need their ens name for users easily staking with them.

Antonio:

Thank you for the in-depth explanation and professional analysis, and thank you for the support and positive interaction. This concludes today’s MEXC Global TwitterSpace. Welcome to join our community MEXC English https://t.me/MEXCEnglish and share your thoughts; there are many MEXC events and prizes waiting for you. For those who participate in our gleam task, you can type the password ENS in the gleam to win the prize. (repeat 3 times.)

Click here to check the winner’s list.

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