Budweiser just bought the domain name beer.eth worth 30 ETH. This is the address that owns the new NFT purchased by Budweiser, the Budweiser space rocket beer bottle. This got me curious, what does it mean to buy an Ethereum Domain name for that price?
The beer.eth is an ENS(Ethereum Name Service) domain name, meaning that the ENS is a lookup system that helps link information to name. You might get it confused that it is a naming service for Ethereum because of its “Ethereum Name Service” category. But it isn’t, it’s not restricted to just Ethereum but rather its a naming service built on Ethereum. You are allowed to register your website or wallet name on the Ethereum blockchain.
When you create a wallet with the ENS, it helps eliminate the gibberish usual wallet address we are used to. For instance, instead of the usual 1xyp45er363 we all know, you can have a memorable name like prince-anyaobi.eth replace it.A name that is more remembered and short, this domain name can also be traded. You can easily receive your crypto assets into this wallets without the trouble of copying and pasting.