An Ethereum-based NFT project has sparked a frenzy among the NFT community over the past few days. Collectors rally around the “first” domain service.
First Ethereum-based domain service sparks craze
Linagee Name Registrar allows Ethereum users to print their own domain NFT, similar to other applications such as the Ethereum Name Service. Last week, Ethereum developer Mason Keretsy revealed one of the first Linagee Name Registrar addresses. Dune data has since identified more than 450,000 NFT domain registrations.
The project allows Ethereum users to print their own NFT with the “.og” suffix to replace 0x Ethereum addresses, similar to website URLs and ENS popular “.eth” domains. It costs about $1 to print an LNR NFT. Unlike ENS, owners can keep the domain name indefinitely instead of renting it for a certain period of time.
The anonymous developer known as Linagee released a smart contract for LNR on Ethereum on August 8, 2015. It is worth noting here that Ethereum is in its early years. The fact that the LNR is first is the main reason the project has soared over the past few days.
Prominent collector “NFT historian” Leonidas posted a series of tweets about the LNR on September 30. He said here that it is the “potentially oldest” NFT project on Ethereum. It also hosted a Twitter meeting titled “Oldest NFT Rediscovered in Ethereum,” which attracted over 6,400 listeners. However, some Ethereum scholars refute these claims.
Is Linagee Name Registrar a price inflating operation?
While it is an archaeologically valuable Ethereum project, LNR is catching a wave of hype across the market. According to Etherscan data, the LNR contract is currently over 10% of all gas usage on Ethereum. This is rivaled by Uniswap and OpenSea.
It is unclear whether interest in LNR will continue. But it’s worth noting that Leonidas and other NFT archaeologists have been behind many similar early projects in the past. In many cases, the projects went up after Leonidas sent endorsements to his Twitter followers. Then it turned into uncertainty. Leonidas helped raise the base price of over 3 ETH in January after introducing the 2019 avatar NFT project CryptoSkulls to its audience. The entry fee today is close to 0.4 ETH since Leonidas showed support. However, ETH and dollar terms fell significantly from the peak.
While Leonidas has been accused of alleged “pump and dump” antics in the past, he claims he had good intentions while shedding light on the project. In numerous tweets about the LNR since September 30, he said he had only printed 32 domains. “I’m in it because history is great,” he wrote. He also added that he would like to see a “fair distribution”.
Dune data shows that 21,795 wallets are currently printing LNR domains. The largest owner registered more than 9,000 domains in one day. cryptocoin.com We are reporting the latest developments from the metaverse and NFT market here.
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