Toyota’s ENS domain name “toyota.eth” was recently sold for 20 ETH, which is around ¥3.8M or $25,800. The NFT purchaser is not the Toyota Company but someone else named sunnybay_eth.
The domain name NFTs has become quite a popular and profitable purchase on the OpenSea marketplace.
ENS or Ethereum Name Service is a domain name provider on the Ethereum blockchain that replaces machine-readable addresses with single human-readable names, making it easier for individuals to do transactions. These domains give ownership for only one year, after that the owners have to renew or list for auction on the marketplace.
For many months, these NFTs have been charting on the Stats for accumulating the highest sales, even surpassing BAYC at some point.
Although many big companies haven’t bought their official ENS domains, others are minting or buying their domain name NFTs as an investment. People who bought ENS domains in 2019 have sold them for thousands of dollars this year, which has motivated many people to invest their money in these NFTs.
In the span of three months, 200,000 domains have been registered in ENS, Dune Analytics reports, and the demand for ENS domains is increasing despite the yearly renewal contract.
Sunnybay_eth buys “toyota.eth”
A user named sunnybay_eth on OpenSea, who also owns an ENS domain name of sunnybay.eth, purchased “toyota.eth” for a shocking bid of 20 ETH. Knowing Toyota’s reputation in the market and the worth of this NFT, the buyer grabbed the chance to buy the domain name before the company buys.
However, “toyota.eth” isn’t the only brand domain name he owns, he has ownership over 140 ENS domains of major companies including “coke.eth” “sony.eth”, and “nike.eth”. All of these companies have expanded their NFT endeavors but they are yet to buy domain names of their own.
Surely, once the companies expand to Web3 space, the worth of “toyota.eth” will be more than the purchase price.
According to Dune Analytics, 2.53M domains have issued ENS domain names, showing the increasing demand for this NFT in the marketplace.