Coinbase Offers Users New ENS Subdomains
Coinbase offers users new ENS subdomains. Coinbase is now offering its users to set up and create their own Coinbase-managed Web3 usernames for their Coinbase wallet.
With the rising popularity of Ethereum Name Service (ENS) to create custom names for crypto wallet addresses, Coinbase has recently announced that they have joined hands with ENS to offer web3 usernames for free to its users.
BREAKING: @coinbase is formally shedding coinbase.eth for its web3 subdomain platform in favor of a DNS->ENS imported name: https://t.co/aut7X5iUWJ. Users will be https://t.co/1NGrxo5xg8.
They give their explanation below. Source: https://t.co/twFjYQQ4Vi pic.twitter.com/E0eMr0LTcZ
— Seán Murray | 3531.eth | sean2.eth (@financeguy74) July 18, 2022
In their post, Coinbase explains that they have “purchased top level domains on ENS and distributes free subdomains to users who do not want to pay for the high gas fee as an alternative option.“
In simple terms, Coinbase will now issue its users subdomains under Coinbase.eth. However, a noticeable between ENS domain names and Coinbase’s web3 names can be seen and that is that ENS names end with “.eth” while Coinbase names will end with “.id”
Rising Popularity Of Web3 Names
For the past month, web3 usernames, specifically Ethereum Name Service, have blown up in popularity, with the domain name “amazon.eth” even being bid for more than $1 million.
Other large sales for ENS domains include “samsung.eth” “000.eth”, “starbucks.eth” and many more that have sold for more than $50,000. This spike in popularity and sales may be due to the community collectively realizing that with domain names limited, they are considered extremely valuable especially with the idea that more and more people will join the crypto space in the future.
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