The amazon.eth Ethereum Name Service (ENS) domain name has fetched an anonymous bid of 1,000,000 USDC, which equates to 637 ETH at the current price, according to @NathanHeadPhoto.
The domain name was purchased in October 2019 for 100 ETH, according to OpenSea. On February 7, user “4761BF” paid 33 ETH after several transfers. If the bid is accepted, 4761BF will profit by 1,930 percent in ETH terms.
What exactly is Ethereum Name Service (ENS)?
In 2017, the Ethereum Foundation launched the Ethereum Name Service (ENS). It became a separate organization a year later, managed by True Names LTD, a Singapore-based non-profit organization.
Users can use the service to convert their alphanumeric wallet address to a human-readable format.
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As a result, human-readable names are linked to blockchain and non-blockchain resources such as Ethereum addresses, IPFS hashes, and website URLs.
ENS enables the storage of multiple addresses as well as the receipt of a variety of cryptocurrency tokens and NFTs by the owner.
As a result, the service is marketed as a way to establish a censorship-resistant and fully decentralized Web3 presence. Although the amazon.eth bid was made anonymously, speculation is rife that the internet retail giant is behind the offer, especially given the size of the bid. More speculation surrounds the bid being made in USDC.
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