Sales of four-digit Ethereum Name Service domains have skyrocketed over the past week as collectors rush to own one of 10,000 possible combinations.
Their relative rarity, combined with the desire to own numbers that match examples from NFT’s 10,000 collections, has resulted in all possible four-digit combinations reaching a value of about 0.5 ETH or about $1,450.
Ethereum’s domain name system allows anyone with a Web3 wallet and a few ETH coins to create NFTs representing a unique domain. ENS domains can be used as an easy-to-read replacement for the cumbersome addresses assigned to Ethereum wallets.
The current number mania has led to ENS domain sales reaching record highs. According to Scarce.guide, that number reached 1,785 on April 27. Before the four-digit domain frenzy, ENS sales rarely exceeded 100 per day (for the last 14 months).
Moreover, statistics on the NFT OpenSea trading platform show that ENS domain trading has increased by more than 2000% in the last week.
Unfortunately, scammers are not slacking, and in response to the skyrocketing value of four-digit ENS domain names, have begun creating ENS domains in which the number “1” is replaced by the letter “l,” tricking them into paying the market rate for less valuable ENS domains.
And even this circumstance does not weaken the race for four-digit ENS, and even more so for three-digit names, which at a total of 999 are valued from 5 ETH.