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Undervalued NFTs? Mysterious buyer acquires Ethereum domain "paradigm.eth" with 420 ETH

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Undervalued NFTs? Mysterious buyer acquires Ethereum domain "paradigm.eth" with 420 ETH

A domain "paradigm.eth" based on the Ethereum Name Service (ENS) was acquired for a record-breaking 420 Ether. Despite the historically high price, it appears that the acquisition was not made by the renowned venture capital firm Paradigm, but rather seems to be a spoof.

Highest Price Record for ENS

ENS, short for Ethereum Name Service, is a decentralized domain service built on Ethereum. It provides a secure and decentralized way to map simple and human-readable domain names to on-chain and off-chain address resources.

Compared to traditional DNS (Domain Name System), which serves a similar function, ENS, in addition to acting as an Ethereum address, greatly enhances censorship resistance due to its decentralized nature.

On October 9th, a mysterious wallet purchased the domain "paradigm.eth" for 420 Ether. Initially, it was widely believed to be the famous venture capital firm Paradigm purchasing the domain for themselves, but ENS operations director Brantly Millegan clarified that this was not the case.

Prank or Preparing for Takeoff?

According to a screenshot shared by Brantly Millegan, the information for this Ethereum domain was set to a series of unrelated links:

Brantly Millegan pointed out that the address holding "paradigm.eth" seemed to have sent a transaction to an address owned by Paradigm co-founder Fred Ehrsam, along with the same message: "Skate on the Paradigm and shift it when I feel like."

Compared to the NFT craze this year, ENS has received little attention from the crypto community, with many believing ENS to be an undervalued NFT project, and this event may spark a surge of interest in ENS.

However, Brantly Millegan believes that this may simply be false transactions executed by the same individual across different wallets.