ENS domains came back down to earth.
Web3 assets that soar in value can come back down to earth just as fast.
10 days ago, I wrote about how short numeric .eth domain names were a hot commodity.
.Eth domains are part of Ethereum Name Service and can be used as wallet addresses, digital identities, or (rather clunkily) as website addresses.
If you bought some domains 10 days ago, you got caught holding the bag.
When I wrote that story, four digit .eth domains were selling for the equivalent of $6,000-$7,000. Today, they’re mostly selling for less than $1,500.
Three digit domains, which were selling for $50,000 and more, are now selling for under $15,000.
Of course, the entire NFT and cryptocurrency space has been hammered over the past week, so ENS domains aren’t alone. And maybe there will be a rebound.
But it’s important to keep in mind that the short-digit craze had nothing to do with the utility of the names and everything to do with people trying to make quick profits.