Price increases by 22 percent; Two years ago in court, now a partner: ENS is bringing Web3 into the mainstream Internet together with GoDaddy. The price of the token is taking off.
In a significant development, the Ethereum Name Service (ENS) has forged a partnership with GoDaddy, the world’s largest domain provider, heralding a new era of interoperability between blockchain-based and traditional internet domains.
This collaboration empowers users to effortlessly migrate their Ethereum domains, denoted by the .eth extension, to conventional website protocols such as .com, .xyz, and others, without incurring any fees.
ENS functions as a protocol facilitating the allocation of decentralized names for various digital assets, including cryptocurrency wallets and websites, within the Web3 ecosystem. Essentially, it serves as the equivalent of domain names for the decentralized web.
For instance, ENS enables users to create domains linked to Ethereum wallets, exemplified by addresses like amazon.eth or volkswagen.eth, streamlining the process of accessing crypto assets without the need to search for lengthy Ethereum addresses. Additionally, these domains can be seamlessly integrated with blockchain data.
GoDaddy’s prominence in the domain registration sphere is underscored by its commanding market share, accounting for approximately 31 percent globally and a staggering 60 percent within the United States, boasting a customer base exceeding 20 million.
Notably, just two years prior, ENS found itself in a legal dispute with GoDaddy over the latter’s release of the domain eth.link for sale.
Following the announcement of the partnership, the price of the ENS token surged by 22 percent, currently trading at $22 with a market capitalization of $676 million.
This collaboration between ENS and GoDaddy marks a significant stride towards bridging the gap between the blockchain and traditional internet domains, facilitating greater accessibility and usability for users navigating the evolving landscape of digital assets and online presence.