DOMAIN NAMES & CAPITALISING ON THEM🧵
You've probably been hearing about domain name sales recently but lack the knowledge of what they are or even where to buy/trade them in the first place.
Some DN's are selling as high as $200 - 200 sol.
Here's all you need to know:
You've probably been hearing about domain name sales recently but lack the knowledge of what they are or even where to buy/trade them in the first place.
Some DN's are selling as high as $200 - 200 sol.
Here's all you need to know:
• First and Foremost:
Relax, and take a breather, it isn't something you'd have to kill yourself over or complain of "cope", Domain sales on Solana have been a thing for over a year now, retail interest has just been popping up the last few days...
Relax, and take a breather, it isn't something you'd have to kill yourself over or complain of "cope", Domain sales on Solana have been a thing for over a year now, retail interest has just been popping up the last few days...
..thereby creating hype & attracting volume, so while you can be profitable trading them, you need to understand their illiquidity and relativity of value depending on Investor sentiment at any given time.
You can take adv of the trend, but full time trading it can be difficult.
You can take adv of the trend, but full time trading it can be difficult.
Alright, let's get into it, what exactly are these Solana name services even used for?
Their mission is to provide a decentralized and affordable way to map domain names (.sol) to on-chain data. This on-chain data could be anything from a SOL address to, images, text, e.t.c
Their mission is to provide a decentralized and affordable way to map domain names (.sol) to on-chain data. This on-chain data could be anything from a SOL address to, images, text, e.t.c
- It can be a substitute for your wallet addresses instead of the long "0x........d" you'd usually have to copy & paste
- Can be wrapped into NFTs, bought & sold for profits.
- Can be linked to Twitter so everyone can know it's you
- Can be wrapped into NFTs, bought & sold for profits.
- Can be linked to Twitter so everyone can know it's you
Solana name services like I said have been around for a long time, but this past week there's been increasing capital inflow into the market & volume spikes, over half a million $ in the last 24hrs
HOW TO PLAY THE TRADE?
This is where it gets interesting, pay attention, there's 3 ways to do so.
1. Simulation strategy.
2. Buying $FIDA
3. Observation.
This is where it gets interesting, pay attention, there's 3 ways to do so.
1. Simulation strategy.
2. Buying $FIDA
3. Observation.
• Simulation simply meaning that anything that happened before would most likely repeat itself, we've seen it play out in DeFi tokens & NFTs as well, and in this case we use Ethereum name services (ENS) as our base.
This is a bit tricky...
This is a bit tricky...
By studying top Ens sales on Ethereum, you can get an idea of what could replicate itself on Solana in given market conditions.
Decentraplace helps you tracks sales of over 0.1 Eth
Decentraplace helps you tracks sales of over 0.1 Eth
Ens Sales bot too:
By noting what is on the rage on the mother blockchain, it can give you an idea of what to expect in the other, cetirus paribus that is.
Tricky, and risky, but those who knew when 4 digit ENS were selling as high as $4k, used it as a metric to ape an SNS for cheap...
Tricky, and risky, but those who knew when 4 digit ENS were selling as high as $4k, used it as a metric to ape an SNS for cheap...
are currently sitting on good profits with the prevailing hype. So who knows? One of the ways you can play it.
• Buying $FIDA, main utility token of @bonfida
Again, tricky, but one of the utilities of the $FIDA token is it's what you pay to register these Domain names.
The psychology is
Demand for Names = Demand for $FIDA = Increase in $FIDA price.
Like the Degods, Dust situation.
Again, tricky, but one of the utilities of the $FIDA token is it's what you pay to register these Domain names.
The psychology is
Demand for Names = Demand for $FIDA = Increase in $FIDA price.
Like the Degods, Dust situation.
This is a long term play should you wish to hold. But it's another way you can profit from the name service without actually owning one.
• Observation: simply just general market gazing, look at the first people to tweet about name services, study what caused recent fomo, see what these people are doing, curate your TL so you can find the next alpha they're working on.
Simply, by observation.
Simply, by observation.
Any of these 3 are my ways of playing.
And btw, you can get your own ENS by simply going to naming.bonfida.org in your Phantom or Sollet, searching for an available name & purchasing w $FIDA.
And btw, you can get your own ENS by simply going to naming.bonfida.org in your Phantom or Sollet, searching for an available name & purchasing w $FIDA.
And that's it, if you liked this thread, scroll up & give the first tweet a Retweet, give @TheEwansEffect a follow &, turn on PNs for the next, I sometimes tweet things that either make people money, lose it, or both.
Other threads on DeFi can be found in my pinned tweet.
Other threads on DeFi can be found in my pinned tweet.
Then one on NFT profitability on hype & NFT security:
Stay Jiggy & profitable.
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