⚓️ PWC buys their ENS
gm. happy Friday and sorry for the late edition of today’s newsletter.
I had a doctor’s appointment which put me behind (but I still probably feel better right now than everyone who went to NFT NYC).
as Ape Fest came to a close on Thursday (with Eminem and Snoop Dogg headlining), the founders of Bored Apes were able to get back to business on Friday, finally responding to some pretty crazy acquisitions (as covered here).
while seemingly no one reads my threads, people were obviously very engaged with what GordonGoner had to say in his (I’m not salty, you’re salty).
as you can read, they deny it vehimiately and articulately. while I can guarantee you’ll still have those who believe Yuga is actually a secret, neo-Nazi organization, the vast majority of us can put that narrative to rest and continue on our NFT journeys without being accused of such things too.
I got love for the Cool Cats the most, but my second favorite NFT project is *likely* ENS domains (as dorky as that sounds).
on Friday, an expired domain, pwc.eth, was bought by the Big 4 Accounting firm for 69.45 ETH (nice).
it’s a drop in the bucket for PWC…and to the person that let that one expire? woof.
the way that ENS works is that expired domains have a window where the owner can re-claim it. however, once that period is over, anyone, and I mean anyone, can swoop it…but there’s a caveat.
when it expires, it starts with an absurd premium attached to it. it gets lower and lower each hour until the premium disappears (dutch auction style if you will) and you can snag it for the going rate of a normal ENS domain.
in theory, this gives those flushed with caaaash *Jean Ralphio voice* an advantage as they can pay the premium to acquire the high-quality, expired domains.
that’s exactly what PWC did here (though they waited a good amount of time before actually pulling the trigger considering we know how much money they have).
we will see more companies do this with their ENS domains over the next few years. hopefully, those who get the fat payouts isn’t ENS, but instead a degen like one of us.
to accompany their ApeFest appearance, Snoop and Eminem then dropped a music video with the Apes prominently featured too! as you can imagine though, Reddit and “real” hip-hop fans are upset about their idols using NFTs and Ape IP.
Solana announced they will be releasing the first Web3 phone…whatever that means. this joke about it had me rolling though, so I’ll send you off with a laugh today. enjoy the weekend.