ChatGPT.eth changed hands for 6 wETH (wrapped ETH, the ERC-20 compatible and tradable version of ETH ). The sale took place on Tuesday on the OpenSea.io marketplace. The address received only four offers from three bidders, with the second-highest bidder offering 1.024 wETH.
The domain went to ishmilly, an owner of an impressive 2.1K NFT collection, including Bored Ape Yacht Club (BAYC) tokens, ENS domains, and other varieties. ChatGPT.eth ranks among the top buys in ishmilly's portfolio, albeit far below two BAYC NFTs, which cost 91 and 107 ETH, respectively.
Names with the .eth extension are blockchain domains issued via the Ethereum name service (ENS). ENS is touted as an alternative to web2 DNS domains. ENS domains, similarly to their DNS counterparts, map mnemonic names to machine-readable strings, illegible and hard to memorize for users, making the address easy to handle for humans.
ENS names are typically used as wallet addresses but may also serve as web3 destinations when coupled with functional websites. Unlike DNS names, web3 addresses are not governed by a centralized entity, such as ICANN, and allow users to take full control of their assets.
Despite ChatGPT being all the rage in the last few months, the price paid for its .eth address is fairly low compared to other crypto domain sales. So far, the highest revealed price for a web3 address is 420 ETH (around $2 million at the time of purchase). That's how much Paradigm.eth earned its previous owner in October 2021. The runner-ups include PJFI.eth, sold for 350 ETH, 000.eth, sold for 300 ETH, and Sex.crypto, which scored 230 ETH.
It's worth stressing that .eth is not the only Ethereum-based domain extension, nor is Ethereum the only blockchain, or a DLT for that matter, enabling the creation of decentralized domain names. Similar services include Unstoppable Domains and Handshake.