Interest in ENS domain names has grown since amazon.eth received an offer to buy $1 million (£824,790) this month. Below is a step-by-step guide on how to follow in the footsteps of Jimmy Fallon and Ethereum co-founder Vitalik Buterin and register an .eth domain.
After the Amazon.eth(AMZN) ENS bid domains are trending on Twitter (TWTR). Many commentators see a .eth suffix rising in price much the same way .com domain names rose in value in the early days of the Internet.
People see ENS domains as the new affordable NFTS, and an asymmetric that could be as lucrative as buying a CryptoPunks in 2018.
The ENS system is not registered in the same way as the old Internet DNS system, but it works similarly helping users find websites by names rather than numbers.
Yahoo Finance spoke with one of the main developers behind ENS, Makoto Inoue, and asked why people should register an ENS name. He said, “If you’re interested in the crypto world, Web3 and NFT, you should definitely have the name ENS. ENS is one of the more affordable NFTs with real utility. Once you sign up, you can search for your Ethereum address (which is linked to your wallet) via your ENS name on web3 sites and wallets like OpenSea, Etherscan, and Metamask.”
In this article, you will receive a step-by-step guide on setting up your .eth domain name using Ethereum Name Service (ENS).
But before we get started, the ENS developer has two tips, “the first is to make sure you register for multiple years rather than just one year to avoid paying gas to renew each year, as well as d “forget to renew. The second tip is to always have more than enough ether in your wallet. Even if the website says you need $30 worth of ether, the price of ether can fluctuate.”
1. Create a MetaMask Wallet
MetaMask is not only an Ethereum browser and Ether wallet, it can also hold cryptocurrencies and NFTs from other blockchains, such as Binance Smart Chain and Kucoin Community Chain.
A MetaMask wallet add-on can be installed on a mobile phone or on a PC through Chrome, Firefox or Opera browsers.
Once the Metamask wallet add-on is downloaded, click add to Chrome to install the MetaMask plugin.
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After installation, click on the MetaMask icon in the upper right corner of the Google Chrome browser.
2. Create a Metamask password
Metamask will ask you to enter a password, confirm the password, then click “create” for a new Ethereum account.
Your new Ethereum (USD-ETH) address on your Metamask wallet will be used to send ether from Coinbase to buy your .eth name and it will also be the digital wallet address that will be linked to your .eth name.
This account allows users to send and receive cryptocurrencies, it also allows you to store NFTs, like a .eth domain name.
An ENS domain, the Ethereum Name Service, is a blockchain-based distributed naming system based on the Ethereum network.
You will use the ENS domain registry to facilitate the creation of your Ethereum (.eth) name.
3. Create a Coinbase account
Next, you will need to create a Coinbase account to add ether to your MetaMask wallet to pay the signup fee and gas fee for your .eth name.
To do this, you will need to be at least 18 years old, have government-issued photo ID as proof, and have access to an internet-connected computer or smartphone.
The Coinbase setup will ask for your personal information and identify your identity through a 2-step verification app and link a payment method to add fiat currency, such as pounds or dollars, to your account.
4. Fund your Coinbase account
On Coinbase you now need to fund your account, to cover both registration for one year on ENS and gas fees on the Ethereum network, you need to fund your Coinbase account at least $35, $5 for one year ENS registration and $30 for gas charges.
Once you have purchased ethereum on Coinbase (PIECE OF MONEY), you then need to send your ethereum to your MetaMask wallet.
5. Send ether to your MetaMask wallet
To send your ethereum from Coinbase to your MetaMask wallet, you will be asked to enter a receive address in Coinbase, at this point you need to enter your MetMask wallet address.
Your MetaMask address can be found by clicking on the three little black dots in your MetaMask plugin on Chrome, and clicking “Copy address to clipboard”.
Paste this address into the “receive funds” entry in your Coinbase account and send an amount worth $35.
6. Login to ENS Manager
In your browser, go to manager.ens.domains. This website will ask you if it can connect to MetaMask, for this you need to enter your MetaMask password.
7. Find the desired .eth name
Type in the “Search for names” field the .ETH name you want to migrate (including the “.ETH” ending), then click the “Search” button.
If the name is already registered by someone else, you will see a page with information about ENS registrations of the name and you may need to turn to a secondary market such as OpenSea to buy the name.
8. Register your .eth name for a period of time
If the name is available, you will be asked how long you want to register the name, one year will cost around $5 ether.
When you have selected the time scale, you can then click on the blue “Request registration” button at the bottom right of the screen.
A box should appear from MetaMask asking you to confirm the transaction, click on the “Confirm” button to confirm it.
You will then see your transaction asking to be confirmed on your MetaMask wallet, showing the amount of your name registration and the cost of gas fees to settle the transaction.
This process should take less than a minute, a green bar in the middle of the screen will slowly move across the screen to show that time is running out.
9. Final registration and transaction confirmation on MetaMask
You will then see an orange text that says “Click Register to proceed to Step 3”, click the blue button next to this statement that says “Register”.
This will bring up another MetaM request box, asking you to confirm another transaction which will finalize your name and pay your registration fee.
Click on ‘Confirm; and once the transaction is confirmed, your name is registered!
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