For those unaware ENS domains are Ethereum Name Server domains.
Now for the internet, you have DNS domains, Domain Name System Domains.
" The Domain Name System (DNS) is the hierarchical and decentralized naming system used to identify computers reachable through the Internet or other Internet Protocol (IP) networks. The resource records contained in the DNS associate domain names with other forms of information. These are most commonly used to map human-friendly domain names to the numerical IP addresses computers need to locate services and devices using the underlying network protocols, but have been extended over time to perform many other functions as well. The Domain Name System has been an essential component of the functionality of the Internet since 1985."Wikipedia - Domain Name System
Before them, you actually had to navigate the Web by IP Addresses.
So if you wanted to go on Amazon.com, you'd actually have to type in their IP address into the url bar.
It's the exact same thing with ENS domains.
Say you want to send money to Vitalik Buterin on the Ethereum chain.
Without ens domains, you'd have to enter his entire wallet id.
With ens domains you'd just have to enter Vitalik.eth
And voila, you can now send money to Vitalik.
In addition to wallets, you're also able host websites with ENS domains on IPFS.
It's not as easy as setting up a website on Wordpress, but it's possible nonetheless.
Other than ENS, you also have Unstoppable Domains...
In addition to ENS, you also have Unstoppable Domains - which is just like ENS but works on Polygon, is much cheaper, and gives a you access to domains such as .crypto, .blockchain, .888 and others.
With UD you're also able to create able to create websites & assign domains to wallets but it seems more centralized, with many domains like Amazon being strategically reserved away from public purchase.
How to make money with ENS domains?
To make money with ENS domains, you must first understand what is currently in demand.
For this, I've found myself using a site called ENS.Vision which categorizes ENS domains by types.
10K Club (Names consisting of 4 digits (0000-9999))
Pre-punk Club (Names minted prior to Crypto Punks)
Female First Names (Jessica, Angelina, etc.)
999 Club (3 Digit Domains)
By looking at ENS.Vision, we're able to see the given volumes allocated to every type hence giving us a clearer understanding of what is currently selling.
Therefore, if you want to make money, it'd be wise to go WITH the current market demand as opposed to against it.
As of the 1st of August 2022, looking at ENS.Vision shows you that the 10K Club (Names consisting of 4 digits (0000-9999)) currently has the highest 24HR trading volume with approx. $60k being moved from account to account.
That's one way of making money with ENS Domains...
Essentially flipping what's currently trending.
The other way of making money with ENS is long-term brand name squatting.
This basically includes buying the domains of brands you assume will want to the .eth from you in the future.
An example of this would include buying amazon.eth in hopes of Amazon buying the domain from you in the future.
More of a long-term game as opposed to anything else and there's a few legalities to be aware of too.
One is that major brands in the US can request their domain FROM YOU and YOU MUST comply.
I am not too sure on the full specifics on the above but it's actually a thing and I do recommend you research it further.
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