The Ethereum Name Service (ENS) will allow users to purchase .eth domains with fiat currency through MoonPay, removing the technical barriers of setting up a crypto wallet and paying with ether.
MoonPay is a cryptocurrency payment service provider that allows users to pay by debit card (Debit Card) or credit card (Credit Card), Apple Pay and Google Pay. Plus, it “accepts 43 local currencies and is available in over 160 countries.”
According to ENS founder and lead developer Nick Johnson, the option to pay for domains using MoonPay will be available directly on the ENS website.
“We want to make it easier for people to participate in the Web3 ecosystem. You have a little catch-22 trouble because you need ENS domains to put money into your wallet, you need money to register ENS domains.”
Before MoonPay’s approach, available alternatives hadn’t worked, Johnson said. These usually involve embedding a plugin within the app that allows users to buy cryptocurrency, which is then sent to their wallets.
Johnson sees two problems with this.
“One is you have to have a wallet. It happens indirectly. What users are trying to do is set up a domain name and start using it. They don’t want money. They want the name.”
domain.eth is a form of numerical ID that improves “human readability,” Johnson explained. Instead of a long public address with random numbers and letters, a user’s wallet appears as a simple name.
Obfuscated crypto addresses can sometimes lead to loss of user funds.
Decentralized domain name services have grown in recent years. At press time, over 667,000 holders have purchased a total of over 2.7 million Ethereum Name Service digital tokens. As of January 12, 2023, ENS’s main competitor, Unstoppable Domains, had registered “more than 3 million Web3 domains”.
Unstoppable Domains entered into a similar partnership with MoonPay in July 2022, enabling similar easy payments on ENS.
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According to BlockWorks
