Vitalik Buterin poll finds community wants 5-letter .eth domain name for $100

A Twitter poll by Ethereum co-founder Vitalik Buterin found that around 50% of the crypto community thinks the fair price for a 5-letter .eth domain name for 100 years is less than $100.

ENS Vitalik Buterin survey
Source: Twitter

According to community responses, the “under $100” price is best as it would ensure inclusiveness for all, while others argued that the price should be high as ownership of the domain would last for 100 years.

Rodney Ramsey argued that “since .eth has very little use outside of speculation, registration should be as cheap as possible. If people want to speculate and trade them, so be it, au price they want.

Buterin’s responses to some community members showed that he was trying to prevent “scalpers” from parking on a domain and offering small players the opportunity to own those domain names.

Meanwhile, some community members have argued that Buterin should let the market decide the value of these 5-digit ENS domain names.

As of press time, more than 85,000 people have participated in the survey.

Buterin pleads for a taxation of the ENS domain

Vitalik Buterin had recently suggested a 3% annual royalty on ENS domain names for the highest bidder.

According to Buterin, ENS domain name holders would have to pay 3% of the highest bid on their address each year to retain ownership. An investor with $500,000 as the highest bid on his domain would have to pay a tax of $15,000 per year.

According to him, this would discourage people from hoarding domains that they do not use.

Booming ENS fields

ENS domain names have seen massive adoption and growth in recent times.

According to available data, ENS domain names generated $4.7 million in protocol revenue while adding more than 300,000 new .eth registrations in August.

It was also revealed that ENS domains added 34,000 new accounts with at least one ENS name and generated their third highest revenue in August with 2,744 ETH ($4.3 million).

Community members attribute the growth of ENS domain names to the incoming Ethereum merger.

The use of .eth names has become trendy within the crypto community, as several influential Twitter accounts now use them as profile names.

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