The cryptocurrency space is far from just Bitcoin and Ethereum anymore. The landscape now extends to the realm of crypto domains, blockchain-based domains that simplify computer-readable identifiers into memorable names. According to a recent study conducted by CoinGecko, the world of crypto domains has seen a considerable surge in trading activity and value.
The report crowned “paradigm.eth” as the most expensive crypto domain ever sold, at a staggering $1.51 million (420 ETH) in 2021. That’s nearly five times the value of “000.eth”, the second most expensive domain sold at $0.32 million. “abc.eth” completes the top three, having been sold for $0.25 million.
All of the top 10 most expensive crypto domains ever sold are Ethereum Name Service (ENS) domains. ENS has been a pioneering force in the decentralized identity space since 2017 and clearly continues to dominate this niche market.
Among Unstoppable Domains, the priciest sale was “business.crypto” at a considerably lower sum of $0.12 million in 2022. Adult-themed domains “sex.crypto” and “sex69.crypto” were second and third in line for Unstoppable Domains, but even combined, they couldn’t surpass the value of “porno.eth” ($0.20 million) on the ENS platform.
A Price Comparison with Web2 Domains
Compared to traditional web2 domains, crypto domains have a long way to go. The most expensive web2 domain ever sold was “voice.com”, at an astronomical $30.00 million, almost 20 times the price of the most expensive crypto domain, “paradigm.eth”. The second and third most expensive web2 domains, “NFTs.com” and “sex.com”, sold for $15.00 million and $13.00 million respectively, presenting an even wider price gap with their crypto counterparts.
The Crypto Domain Frenzy
The research also sheds light on the fact that 6 out of the 10 most expensive crypto domains were sold in 2022, showing an increased interest and demand in the crypto domain market. Notably, the most expensive domain sales happened between May to August, coinciding with the peak of ENS trading volume.
Despite being in the nascent stage, the crypto domain market exhibits significant growth potential. The astronomical prices for top web2 domains suggest a massive potential for their crypto counterparts. With the ongoing digitalization and blockchain adoption, the race for valuable crypto domains is expected to heat up.
The CoinGecko study examined the top sales of crypto domains across key providers – Ethereum Name Services (ENS), Unstoppable Domains, SpaceID, and Lens, from inception to May 31, 2023. The data used was obtained from Footprint Analytics and DN Journal, excluding off-chain sales and sales flagged as wash trading.
For more information and a detailed look at the study, visit CoinGecko.
