Budweiser, the self-proclaimed “king of beer”, looks over to the Ethereum network and makes a move towards cryptocurrencies. The company behind the best-selling beer in the United States has just purchased the domain name beer.eth, through Opensea, for 30 ETH (or approximately $ 100,000).
The Budweiser movement prompted speculators to become interested in the Ethereum Nam Service (ENS) domain name service, which has not enjoyed much popularity so far
Budweiser also purchased the NFT featuring the Budweiser rocket
The company thus decided to make a stronger move towards cryptocurrencies by entering the Ethereum network
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Budweiser buys the ETH and NFT domains
Budweiser’s official Twitter account also changed its profile picture to a Budweiser rocket. NFT artist Tom Sachs designed the artwork as part of his collection of non-convertible tokens called Rocket Factory. According to OpenSea, the rocket was purchased on Tuesday for 8 ETH (about $ 24,000) and was created just 12 days ago.
Budweiser paid 30 ETH for Beer.eth. That’s almost $ 100,000. There’s some symbolism to them flexing a rocket from @tsrocketfactory. It’s happening, everyone. ? pic.twitter.com/LecJdLfz2L
– dGEN Network (@dGenNetwork) August 25, 2022
Speculation after the beer producer’s move suddenly turned their attention to the Ethereum Name Service (ENS) domain name service in hopes of registering attractive domains that could be worth a lot in the future.
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What is the Ethereum Name Service (ENS)?
Ethereum Name Service (ENS) is a distributed, open naming system running on the Ethereum blockchain. Its purpose is to map readable names that can be machine recognized such as Ethereum addresses, addresses of other cryptocurrencies, metadata, etc. It also allows “inverse resolution”, making it possible to associate metadata such as names of people or company names with Ethereum addresses . ENS works much like the Domain Name Service (DNS) on the standard web. A proper domain name can be sold for a large sum, which caused speculators to pick up more interesting domains in the hope of making a big profit. Godaddy.com has compiled a list of the 25 most expensive domain names (according to public data). The carinsurance.com domain, which was sold for 49.7 million dollars, is in first place. The second is insurance.com, which sold for $ 35.6 million. Vacationrentals.com ranks third, with a price tag of $ 35 million. According to a Reddit post, artist.eth recently sold for 10 ETH and artcollector.eth for a similar amount. According to the post’s creator, ENS is still a relatively underrated sector, but the situation is changing dynamically. OpenSea’s data for the past 90 days on ENS sales show an average selling price of 0.6085 ETH ($ 1,820) and 632,8177 ETH ($ 1.9 million) in volume.
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