ENS in undoubtedly the #1 on chain identity protocol in crypto.
As ETH goes up in price, ENS domains will only continue to attract more and more attention.
ETH up = more people using the chain = more people needing readable addresses
Usernames, license plates, telephone numbers, telegram handles.....identity flexes are EVERYWHERE.
Why the 999 club?
Numbers are universal. No matter your language, you know 710.eth when you see it.
Exclusivity and scarcity. There will only ever be 1,000 of these and the cost to enter is currently $15,000.
Character Length. 3 characters is the shortest length domain possible. In an industry where speed matters and it is costly to forget a single digit, less is more.
To me, this is a 3 leg parlay and I am betting on:
- Ethereum
- ENS
- Ego
Last cycle for ENS was a speculative bubble comprised of NFT traders who wanted to dump on the institutions and launch derivatives of the 999 club.
This cycle, the institutions actually do need ENS and it will be a race to secure grails once the big first domino falls. 🔜
Few people who weren't around in 2022 know the ENS lore.
There was a time when everyone was crazy about ENS domains.
3-digit domains (called the "999 Club") sold for 20 ETH+.
4-digit domains ("10k Club") were selling for 2 ETH+.
Then it got crazy, people were buying 5-digit domains for hundreds of dollars.
They invented different kinds of numbers, added letters to them and traded emoji domains.
Bull case being that everyone would want one of these for their onchain identity.
That was the peak and a few months later it was over.
A bubble within a bubble.
The problem then was that many short ENS are expensive to renew, so many simply let their once-expensive domains expire.
Still, the concept behind ENS (you can basically set a domain to your wallet addy, so instead of sending funds to 0xd8F... you can send to wale.eth) is still very relevant imo.
Not sure if digits will ever make a comeback tho
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