The Inconvenience of ENS: A Personal Perspective on Ownership
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Chapter 1: The Initial Appeal of ENS
In the early days, I was an enthusiastic participant in the ENS (Ethereum Name Service) hype, acquiring a variety of .eth names that I believed had potential for speculation. Like many others, I was drawn into the excitement surrounding ENS a couple of years ago. My previous articles explored this phenomenon, including discussions on identifying promising names and quirky options available in the ENS space.
While I do appreciate possessing my own name, jimdee.eth, my enthusiasm for the overall ENS framework has waned significantly. Perhaps "waned" is a more fitting term than "apathetic," as my feelings have shifted toward genuine dissatisfaction.
"I think I actually just don't really like it much."
Section 1.1: Renewal Fees — A Major Concern
The crux of my discontent lies in the renewal fees associated with .eth domains, which I consider excessively high. Here's the breakdown of the renewal costs:
- $5/year for names with 5 or more characters (reasonable)
- $160/year for 4-character names (too steep)
- $640/year for 3-character names (outrageous)
I've never been a fan of recurring fees in the blockchain space, as they contradict the principle of ownership that blockchain represents. Once something is "owned," it should remain that way indefinitely, or at least until the owner decides to sell or transfer it. Ongoing costs feel unjustifiable.
I understand that there are operational expenses tied to maintaining the ENS system. If all names were priced at $5/year, it wouldn't be so bad. However, charging $160 or $640 annually is simply excessive. For instance, would my initials, jpd.eth, warrant a $640/year fee? Absolutely not, despite the appeal of owning it.
Section 1.2: The Speculative Nature of ENS
I perceive the ENS system as profiting off the inherent speculative behavior of the crypto community. Why else would they adopt such a pricing model? The traditional .com DNS system doesn't operate this way.
For some high-value three-character names, like ETH.eth or LOL.eth, the price might be defensible. But for names like JPD.eth, there’s no justification for that fee, especially when numerous five-character words are likely far more valuable. For example, owning ETHEREUM.eth at $5/year clearly surpasses JPD.eth at $640/year in worth.
Chapter 2: Conclusion — A Personal Decision
The video titled "11 Reasons You Might Want an ENS Domain!" discusses the potential benefits of owning an ENS name, but my personal experience leads me to conclude that the system is more of a money-making scheme than a genuine utility.
Ultimately, I’ve recently allowed many of my ENS names to expire. Perhaps these names will gain significant value in the future if the market rebounds. However, the annual costs and the mental effort to track renewals are simply not worth it for me. I will retain my personal name, but my interest in the rest of the ENS landscape has dwindled.
Jim Dee, a prolific writer, developer, and multimedia creator from Portland, shares his insights. For more about him, his ventures, and his writings, visit JPD3.com.