Coinbase Global Inc COIN now offers support for Ethereum Name Service (ENS) Domains on its application.
What Happened: Popular on Twitter Inc TWTR, ENS names use human-readable addresses to replace the 64-digit string of letters and digits, making it simple for users to locate, send and receive cryptocurrencies. For example, one could replace 0xa5db2Jhqz883e3 with Ryan.eth, so users could quickly send digital assets to the correct Ethereum ETH/USD address.
To get ahold of an ENS username, crypto-enthusiasts pay high Ethereum gas fees to purchase and register their ENS name to change their cryptocurrency address. Coinbase will now issue its users subdomains under Coinbase.eth, for example, ryan.coinbase.eth, to its users free of charge.
See Also: How to Buy ENS Domains
Why It Matters: Coinbase will onboard investors to ENS domain names without needing to spend Ethereum on transaction fees. This will likely bring many more investors to the world of ENS Domains, which are represented in one’s wallet as an NFT.
Ethereum Name Service has seen large sales in recent weeks amidst falling digital asset prices. Users are speculating on the mass adoption of ENS names with sales of starbucks.eth, hermes.eth, and samsung.eth all selling for more than $50,000.