Own Your ENS Domain
My first Web3 artist development strategy – Own Your ENS Domain – is blog-post-ready.
What is an ENS Domain?
An ENS domain converts your Ethereum wallet address from 64 random characters to an easy-to-communicate, properly branded handle that can be used to engage with fans and other counterparties (labels, agents, sponsors, collectors, exchanges, lawyers) throughout the growing world of Web3.
Instead of 0x1F452BB3B712a6531BF68D4B4C61070ec61f33Da, with an ENS Domain electro-pop duo Marian Hill can communicate as marianhill.eth.
Why do I need one?
The lazy way to answer this question is to compare the importance of a Web3 ENS domain in 2022 to a Web2 Twitter handle in 2007 or a Web1 website address in 2002. We all understand the value of properly branded public handles, but in the case of your artist's ENS domains, it’s even more dynamic and urgent.
The “immutable” nature of Web3 means there’s a public and permanent record of every transaction therein. There’s a transaction record from the $7.5 million (4,200 ETH) sale of CryptoPunk #7804 last March, and another from when someone sent their roommate 400 bucks for utilities (maybe, who knows!) back in November.
While there is more than enough opportunity to transact anonymously, I predict we will see exploding interest in doing so publicly as well, especially within the recording artist community. Here are a few examples of how I see existing behavior playing out in our Web3 future:
12 months ago Taylor Swift cosigned Olivia Rodgrigo with a comment on her Instagram post. In the future, she will do so by purchasing $OLIVIA social tokens or an NFT from Olivia’s collection using her public ENS domain, taylorswift.eth, thereby generating a branded blockchain record for everyone to see.
Today, we ship exclusive merch to top fans who show off by posting pictures in our wares. In the future, we will send them limited run NFTs from our branded ENS domains and the public record will undoubtedly prove their status as a top fan.
Today, we close milestone deals in private and announce them on socials. In the future, we will sign those deals on the blockchain from the wallet linked to our public ENS domain (without the deal terms, of course).
All of this is possible today, but as mass adoption accelerates and user interfaces improve, we will move from possible to inevitable.
Further, if you don’t claim your ENS domain, someone else will. Nobody wants some rogue internet pirate impersonating them on the blockchain.
This metaverse squatter owns over 250 artist branded ENS domains from 347aidan.eth to thekillers.eth and this one is holding record label domains for six-figure ransom.
Who should claim it?
Whoever controls the private keys to the artist’s Ethereum wallet should be the one to buy the ENS Domain. Ideally, the artist understands how this all works and can keep their own crypto assets secure. Otherwise, management should step in. A label or publisher could also purchase their artist’s ENS domain as a courtesy and then transfer it to the artist upon request.
How much does it cost?
Ethereum gas fees are extremely high right now and will likely stay that way for the foreseeable future. I recently paid ~$100 (0.025 ETH) to purchase an ENS domain for an artist and another ~$75 (0.02 ETH) to map it to their Ethereum address. If someone knows a cheaper alternative, please let me know.
Ok, I'm in! How do I buy it?
There are a ton of guides floating around, but here’s something to get you started:
Step 1: Get ~$200 worth of Ethereum into your Metamask wallet. Search “how to buy ethereum” and “how to set up metamask” if needed.
Step 2: Go to ens.domains from a browser that has the MetaMask extension attached and follow the instructions. This video is a great resource.
What else do I need to know?
While you're at it, scoop up your Unstoppable Domains too. They are similar to ENS with up to nine other domain types (at the time of this writing); those include .crypto, .x, .coin, .wallet, and .nft. Plus, their domains route transactions to multiple wallet types including Ethereum, Bitcoin, Litecoin, Matic, and a few others. I don’t know how incrementally useful these will turn out to be, but it’s good practice to own them all for brand protection purposes (not unlike owning the .net or .us of your website in Web1). Plus, Unstoppable Domains are significantly less expensive to purchase than ENS domains if your artist name is more than 5 characters. Use my referral link and get a $10 credit.
Crypto-curious readers have probably already begun taking action, but to those who are overwhelmed by it all (or secretly hoping crypto goes away), consider this a relatively cheap hedge. If you’re eager to get started but don’t have time to sit down and digest this all, hit me up and we’ll work something out.
- Max
p.s. I just learned that six days ago Eminem bought eminem.eth from a squatter for $60,000 (15 ETH) to publicly display his $462,000 Bored Ape purchase. It's happening in real time!