Frothy: Budweiser buys beer.eth domain name for almost $100K and rocket NFT for $25K
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US beer giant Budweiser has bought the Beer.eth Ethereum domain name for the equivalent of about US$100K, as well as a rocket-drawing NFT for about US$25K.
So forget DeFi, supply chains and even gaming for the moment, beer might just be the path to crypto mass adoption instead.
Budweiser apparently bought the ENS (Ethereum Name Service) address for 30 ETH, almost US$100,000 at Ethereum’s current price. This might actually end up being a steal if crypto continues to make strides in the mainstream.
The sale is comparable with the record for the highest ever amount paid for a crypto domain name. Win.crypto was bought on the Unstoppable Domains platform for the equivalent of US$100K back in March of this year.
Budweiser buying ENS names.
Probably nothing. https://t.co/ZDvTqLizFD
— eric.eth (@econoar) August 25, 2021
The popular beer brand has also jumped onto the NFT avatar craze, buying a picture of a rocket by the NFT artist Tom Sachs for another 8 ETH, according to OpenSea. That’s about US$25,000. Budweiser is currently using the NFT image as its profile pic on Twitter.
It appears, too, that beer.eth is now being spammed by some crypto users with various random NFTs, which also happened to Visa’s wallet address shortly after it announced it had bought a CryptoPunk earlier this week.
Speaking to Coindesk last month, Richard Oppy, vice president of global brands at Budweiser’s parent company Anheuser-Busch InBev, said that the beer brand is moving into the non-fungible token space, investing in a new NFT media shop run by internet entrepreneur Gary Vaynerchuk.
“We don’t think that this is just a fad,” Oppy told the crypto media outlet. “We think that this is going to change the way people think about their sponsorship properties in the future.”
Blockchain domains such as beer.eth are reminiscent of web domains, which saw a gold rush-style frenzy of sales in the early days of the internet and beyond. Will we see the same for crypto domain names?
According to FinancesOnline.com, the most expensive internet domain name ever sold is LasVegas.com, bought in 2005 for US$90 million (US$12 million up front and the rest in instalments until 2040).
Beer.com sold for US$7 million in 2004. Maybe Budweiser’s US$100K beer.eth domain will prove to be a very canny buy indeed.