Share the picture of a big shot in the circle of friends.

At present, many people in the ENS community can no longer hold on and have to sell their shares. When ENS was airdropped at the end of 2021, many active users (especially those who had hoarded a large number of .eth domain names in the early stage) received ENS tokens worth hundreds of thousands of US dollars, and even more than one million. There are stories of interns around me who have become wealthy because of ENS.

The myth of getting rich quickly and the early hype are indeed very strong. Users with .eth on Twitter once became a symbol of degen and high-end web3 players, and many KOLs switched to .eth IDs (including me).

It was once so exaggerated that each chain was issuing its own DNS. I also hyped .bnb, .sol, .lens and Unstoppable Domains.

The tears of the times🥲.

Although ENS can be regarded as having practical functions, such as providing wallet mapping and Web3 identity identification, there are actually not many applications that have been put into practice. With the current numerous platforms for labeling chains, it has gradually become only a function of pretending on Twitter, and fewer and fewer people are willing to pay a high premium to buy it.

This is after the .com bubble burst in 2000. Is there anyone still speculating on domain names? Yes, like .ai was very cheap before, because .ai is actually a very small country, no one used it before, but it has been hyped up recently because of AI.

When the .com bubble was at its peak, many related domain name companies and communication service companies IPOed. When the bubble burst, a large number of communication companies went bankrupt, and programmers went bankrupt and lost their jobs and went back to work as lawyers and accountants.

But after the .eth bubble burst, is there anyone still speculating on ens? In fact, there are still some left, although they are also dying, and many big guys have lost hundreds of millions and left.

What about .bnb, .sol and Unstoppable Domains? What is left?

I still think that the .com bubble and ens bubble are very valuable economics and communication courses for me.

The .com model has inherent flaws: a large number of companies have the same business plan in the same field, which is to monopolize through network effects, but there will only be one winner in each sector, so most companies with the same business plan will fail, but countless .com projects are raising money in IPO every day, leaving a mess.

In short, don't reinvent the wheel.

The cryptocurrency world is full of reinventing the wheel. In the boom period, we should recognize it and embrace it, but when there are a lot of news about getting rich and resigning all in, this is irrational prosperity, and it's time for us to leave.