The Ethereum Name Service Is Turning Nearly 300,000.ETH Domains Into NFTs

An effort to build a domain name system on top of the ethereum blockchain network is gearing up for a major upgrade early next month - and the project's developers are urging stakeholders to prepare.

At the heart of the upgrade is the replacement of the Ethereum Name Service's registrar, with the goal of vastly speeding up the process of registering.

What's more, names registered on the ENS will be treated as non-fungible tokens, allowing them to be bought and exchanged like similar kinds of tokens on the ethereum network.

During an April 16 blog post, Ethereum Name Service lead developer Nick Johnson wrote that registered domain users have one year after May 4 to migrate their domain to a new registar that is replacing the existing one.

Eth domain names and link them to ethereum resources such as smart contracts, wallet addresses, and more.

Since inception, at least 300,000 domain names have been set up using the ethereum domain.

First, as opposed to waiting roughly five days for a domain name to be registered, users of the new ENS system will be able to complete orders within a minute.

"Registering a name is nearly instant," according to Johnson.

Once registered, domain names will be treated as non-fungible tokens that just like any other unique asset on the ethereum blockchain can be easily collected and transferred between users.

Finally, for all domain names longer than seven characters, users will have to pay an annual fee of $5 in order to guarantee ownership over the name.