Ethereum Name Service (ENS) domains have surged in popularity over the past six months, capturing the attention of crypto enthusiasts, investors, and major brands alike. In September alone, new ENS registrations hit 437,000 — a 57% increase from the previous month. Since May, total registrations have more than doubled, reaching 2.6 million. For context, it took ENS five years to reach its first million.
This explosive growth is mirrored in secondary markets like OpenSea, where ENS domains are being bought and sold for hundreds of thousands — even millions — of dollars. Peer-to-peer NFT marketplace OpenSea accounted for 97% of ENS trading volume, generating $5.5 million in protocol revenue, a 17% month-over-month increase.
But what exactly are ENS domains, and why are people paying top dollar for them?
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What Are ENS Domains?
An ENS domain functions like a personalized web address in web3, similar to how johndoe.com works in traditional web2. However, instead of relying on centralized registrars, ENS (Ethereum Name Service) operates on the Ethereum blockchain as a decentralized naming system. The standard suffix is .eth, turning complex wallet addresses — long strings of alphanumeric characters — into human-readable names like alice.eth.
Beyond simplifying crypto transactions, ENS domains can serve as decentralized website URLs, email identifiers, and even profile names across dApps. They’re also tradable as NFTs, making them both functional and speculative digital assets.
Users can register an ENS domain via the official platform for an annual fee ranging from $5 to $640 in ETH, depending on name length. Shorter names — especially those with three or four characters — are significantly more expensive due to their scarcity.
ENS operates as a decentralized autonomous organization (DAO), governed by its community since its 2017 launch. High-profile figures such as Ethereum co-founder Vitalik Buterin (vitalik.eth) use ENS domains, lending credibility and visibility to the ecosystem.
Major brands like Nike (nike.eth), Chanel (chanel.eth), and Hermes (hermes.eth) have also entered the space, acquiring domains to secure their web3 presence — often paying tens of thousands in the process.
The Top 5 Most Expensive ENS Domain Sales
The most valuable ENS domains are those with extreme brevity or symbolic meaning. Here are the five highest-priced .eth names ever sold.
1. paradigm.eth – 420 ETH (~$2 million)
Topping the list is paradigm.eth, sold in October 2021 for 420 ETH. At the time, this equated to over $2 million. The name references Paradigm, a leading crypto-focused venture capital firm. Despite speculation, Paradigm has not confirmed purchasing the domain.
This sale remains a benchmark in the ENS market, symbolizing both the cultural weight and investment potential of premium .eth names.
2. pjfi.eth – 350 ETH (~$463,200)
In September 2022, pjfi.eth was sold for 350 ETH. The seller had acquired it just days earlier on OpenSea for only 0.12 ETH ($161), making this one of the most dramatic flips in ENS history.
While the acronym’s meaning remains unclear, its high value underscores how scarcity and speculation drive pricing — especially for short, memorable combinations.
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3. 000.eth – 300 ETH (~$317,000)
Sold on July 3, 2022, 000.eth fetched 300 ETH. Originally purchased in 2020 for just 2.6 ETH ($638), the domain changed hands six times before this landmark sale.
Its first recorded transaction was a mere $52 in November 2019. This meteoric rise highlights how early acquisition and strategic holding can yield massive returns in the NFT naming space.
4. abc.eth – 90 ETH (~$254,000)
Ranked fourth is abc.eth, sold for 90 ETH. Despite having only four characters, its alphabetical simplicity makes it highly desirable.
The domain has had four owners since its initial sale in October 2019 for 4 ETH ($763). Its value has grown over 330x since then, reflecting sustained demand for intuitive, brand-ready names.
5. 09jul.eth – 95 ETH (~$240,000)
Completing the top five is 09jul.eth, which sold for 95 ETH on May 8, 2022. Remarkably, the seller bought it just ten hours earlier for approximately $10.
This rapid flip exemplifies the speculative frenzy surrounding rare .eth domains — where timing and luck can generate extraordinary profits.
"Three and four-letter ENS names: they’re a fixed-supply asset and you can do things with them!"
— Vitalik Buterin (@VitalikButerin), August 7, 2020
Why Are ENS Domains Gaining Value?
Nick Johnson, founder of ENS, attributes the surge in registrations and secondary sales to social communities like the 999 Club and 10k Club — exclusive online groups for owners of three- or four-digit .eth domains.
These clubs celebrate scarcity and exclusivity, much like rare NFT collections. With a finite supply of short domains, ownership becomes a status symbol within the crypto community.
Delphi Digital notes that interest spiked after 000.eth sold for 300 ETH in July 2022 — a record at the time. This triggered FOMO (fear of missing out) among traders eager to own a piece of digital real estate with long-term potential.
Parsa Abbasi, co-founder of LivelyVerse, believes speculation is intertwined with real utility:
"As Ethereum becomes more scalable through upgrades, web3 businesses will flourish on its blockchain. A short, memorable .eth domain will be essential for branding — just like .com domains in the '90s."
Core Keywords
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- blockchain identity
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- NFT domains
- web3 addresses
- crypto wallet names
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Frequently Asked Questions (FAQ)
Q: What is an ENS domain used for?
A: ENS domains simplify Ethereum wallet addresses (e.g., yourname.eth instead of 0x...), enable decentralized websites, and serve as digital identity across dApps.
Q: How much does it cost to register an ENS domain?
A: Registration fees range from $5 to $640 annually in ETH, based on name length. Shorter names cost more due to higher demand and scarcity.
Q: Can I sell my ENS domain?
A: Yes. ENS domains are NFTs and can be listed on NFT marketplaces like OpenSea for resale or auction.
Q: Are three-letter ENS domains the most valuable?
A: Generally, yes. Three- and four-character .eth names are the rarest and most sought-after due to limited supply and branding potential.
Q: Is ENS centralized?
A: No. ENS is a decentralized autonomous organization (DAO) governed by its community token holders.
Q: Can companies own ENS domains?
A: Absolutely. Major brands like Nike and Chanel have secured their .eth names to establish credibility and presence in web3.
With Ethereum’s evolution and growing adoption of decentralized applications, ENS domains are transitioning from niche collectibles to essential digital infrastructure. Whether for identity, branding, or investment, owning a premium .eth name could be a strategic move in the web3 era.