The Latest Crypto Craze: Buying And Selling Names For Huge Sums

In the NFT world, the latest trend involves buying and selling names for jaw-dropping amounts, and it’s expected to generate millions of dollars. For speculators concerned over the current crypto winter, this could be a lucrative trend.

Referred to as domain names, these are a new kind of NFT that crypto enthusiasts are going crazy after. Owners can use these names to replace the randomly generated string of characters that help them identify their digital wallet addresses. Names like beer.eth were sold for $39,000, while coin.crypto sold for a whopping $100,000.

Proponents Expect Crypto Domain Names To Gain More Value

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While it might seem like an excessive amount of money to pay for a simple name, proponents have a different view. Supporters explain that these names could serve as high-profile real estate in the future. With the proliferation of Web3, users can expect greater engagement with an internet that’s based on blockchain.

In September, monthly registrations for domain names ending with .eth went over 433,000, which is the highest it’s been in the last year. That’s also a 5,000 percent surge from last year’s numbers. And as rates of crypto adoption increase, it’s likely that the concept of domain names will become more popular.

NFT Name Trend Proves To Be Lucrative Investment Opportunity  

Currently, the market for these NFTs is giving investors the opportunity to scoop up interesting domain names. Later, they can flip these NFTs for a profit on platforms such as OpenSea, which is a secondary NFT market.

One of the biggest firms cashing in on the trend is Unstoppable Domains. CEO Matthew Gould stated that there are some domains that start at $5, while others will fetch prices as high as $100,000. The company sells names that end with .wallet, .nft. and .crypto on the website.

He explains that the vast difference between prices is due to the perceived value that some words hold. It explains why catchy domain names sell for higher prices. Other names that get higher values are ones with short and simple English words, number sequences, or references to pop culture. For instance, earn.crypto sold for $100,000, while wallet.crypto went for a quarter million. That being said, some analysts say that valuing domain names is a gamble, as there’s no guarantee on what will be in demand a few years from now.

Ethereum Name Service Ranks as Largest Domain Seller

Ethereum’s ENS is the largest domain seller and generates names that end with .eth. These names rank fourth on the list of most highly-traded name NFTs on OpenSea. Total volumes saw an increase of 75 percent and equal worth $12.5 million. The ENS domain names were only topped by NFTs from highly popular collections like the Bored Ape Yacht Club and CryptoPunks.

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