Amazon.eth ENS domain owner disregards $1m USDC buyout offer on Opensea

Before expiration, the offer was approximately 10 times the amount of the domain's last sale.

On Tuesday, the Ethereum name service, or ENS, domain Amazon.eth received an offer of 1 million USDC (a US dollar-pegged stablecoin) from an anonymous wallet address on OpenSea. The offer to purchase the ENS domain, however, remained unanswered and no transaction took place. This is despite the domain name last being sold five months ago for 33 Ether (worth around $100,000 at the time).

The million dollar offer expires for Amazon.eth on OpenSea | Source: OpenSea

At the time of publication, it is unclear whether the owner was simply not made aware of the offer, or considered it to be close to fair value, or whether the accounts of auction and domain owner were linked in order to increase the price. of the asset (in what is called a "wash trade"). According to Opense data, other auction bids for the ENS domain are around $6,200 USDC. The domain name is verified as official by ENS and belongs to anonymous OpenSea user 4761BF.

The million dollar offer expires for Amazon.eth on OpenSea | Source: OpenSea

ENS is a blockchain naming protocol that allows users to store avatars and profile pictures for use on all devices and to send or receive cryptographic and non-fungible tokens. To sell an .eth domain on OpenSea, users must first connect their wallet and register an address at manager.ens.domains, then register it in their OpenSea account.

While many crypto enthusiasts chose interesting or creative names for the ENS service, others got into the practice of domain flipping. That is, pre-registering ENS domains containing names of important entities, and then later demanding a high price for the domain if said entity later wants to enter the Web 3.0 space.

Since its creation in 2017, there have been more than 1.67 million .e...