Playermon Report – 29th July 2022

Overview:

It is an endless play-to-earn NFT game in which everyone may explore and combat in space with their favorite space companions known as Playermons.

The CMP of PYM on 29th July is $0.003761


What is Playermon?

Playermon is a blockchain-based adventure battle game that makes use of the Polygon network and its coins, PYM and SGEM. In the game, players take on the roles of the captain of Starsailor and a bounty hunter. After a sequence of events, Playermons gain the players’ confidence and become their best friends. Because the game distributes generic Playermons to each newbie at the start of the game, players can experience Playermons for free.

In May 2021, a group of experts who were big fans of the Pokemon Trading Card Game and the Animal Crossing video games came up with Playermon. Their enthusiasm for earlier games, as well as their understanding of blockchain technology, motivated them to contemplate creating a space-themed adventure game with open-world gameplay. Players can colonize planets, earn resources, and battle other players with their Playermons.

Playermon has a two token model, PYM and SGEM, one has a fixed supply and the other has an inflationary as well as deflationary supply.

 

 

 

 

Vision and Mission of Playermon

Although the play-to-earn games were only just launched, it has seen rapid development in terms of transaction volume and total active users. It took more than ten years for cryptocurrencies like Bitcoin to become famous, but we believe gamefi will acquire traction quicker than cryptocurrency 1.0. In reality, gamefi encourages a whole new group to become cryptocurrency users.

The Playermon’s team produces a terrific game that is enjoyable to play using gaming basics. The team’s sole mission is to create a social creative metaverse that provides high engagement value among players, and through gaming, they hope the users experience the following things:-

  • Immersive storytelling provides players with exciting experiences on the battlefields.
  • Strategizing and battling against one another using their gaming prowess.
  • Colonizing planets to harvest resources in peace, and a few more
 

How is it unique?

The Playermon Team recognizes the importance of a blockchain network in the long-term sustainability of P2E games. Polygon (MATIC) combines the best of Ethereum and sovereign blockchains into an appealing feature set developed by developers, for developers. Here are some additional features on how Playermon is unique and has potential.

  • ETH Compatibility Industry dominance, established tech stack, tools, languages, standards, enterprise adoption
  • Scalable dedicated blockchains and scalable consensus algorithms.
  • Security as a service provided either by Ethereum or by a pool of professional validators
  • User Experience Comparable to Web2, “zero-gas” transactions, instant transaction finality

 

Tokenomics

Playermon has a two token model, where PYM has a fixed supply whereas SGEM is inflationary as well as deflationary in nature. As the token is unlimited in supply, the more people who play and get rewards, the more are the tokens generated at the same time. To avoid its oversupply in the game a burning process will be applied to all in-game activities and transactions. Playermons are created by utilizing in-game resources (SGems and PYM) and may be traded with other players.  Game resources and products are termed NFTs (Non-fungible Tokens) in this context, which implies they may be sold on open peer-to-peer exchanges by anybody.

 

 

PYM

It is a governance and currency token in Playermon’s ecosystem. Token holders of PYM will be able to shape and vote for the direction of the game universe. Players can purchase items to craft new items and to build and upgrade their SpaceDen.  Token holders can join the open-world planet to explore dungeons

 

 

SGEM

It is only a currency token. SGEM can be used to purchase in-game services and items.  SGEM will be used for upgrading and breeding Playermons. It will be used for crafting and upgrading items. SGEM can be used in purchasing non-NFT in-game assets. You can acquire this token as a reward for completing quests, missions and defeating opponents.

 

 

 

 

Competition Analysis

Playermon is a little different compared to other play-to-earn games, mainly because of its tokenomics which is a two token model, very few or no play-to-earn projects are functioning like Playermon. The closest competitors for Playermon would be Decentraland, SandBox, and more.

 

Decentraland:- Decentraland (MANA) describes itself as a virtual reality platform powered by the Ethereum blockchain, where users may develop, enjoy, and monetize content and apps. Users in this virtual environment buy pieces of land that they may subsequently traverse, construct on, and monetize. Decentraland is built for content creators, businesses, and individuals that are looking for a new artistic medium, business opportunity, or source of entertainment. Decentraland is also one of the growing numbers of projects to use a decentralized autonomous organization (DAO) structure for governance decisions. As a result, MANA token holders are in control of how the Decentraland world behaves, by proposing and voting on policy updates.

 

SandBox:- The Sandbox is a blockchain-based virtual world allowing users to create, build, buy and sell digital assets in the form of a game. The startup launched with a boom, attracting support and funding from several famous gaming industry names. These include Atari, Helix, and CryptoKitties. As the Sandbox virtual world is built on top of the Ethereum blockchain, it is secured by the proof-of-stake (PoS) consensus mechanism. The SAND token is a standard version ERC-20 token, which means owners can stake it and benefit from staking rewards.

 

 

Team, Media & Community Strength

Jisheng Tan is the co-founder of Playermon. He is a technology expert with diverse experience under his belt. His passion for blockchain technology drives him to the pinnacle of the industry. He started as a blockchain developer in Trivechain Ltd and soon founded TriveAcademy to train and advise blockchain companies in Malaysia.

 

Joseph FS Leng is the co-founder. He is the key person in coming up with the space-themed Playermons. He oversees creative development and makes important decisions in overall creative direction.

 

They have over 144K followers on Twitter within a year, this shows how strongly the gaming community feels about Playermon.

 

Conclusion

The Playermon team of developers and other supporters have invested enormous resources in making the game a success and have proven their dedication. The team tokens, gameplay tokens, and treasury tokens have been vested for ten years to ensure that the game has enough tokens to cover the cost of the endeavor, guaranteeing that it will survive. This project will begin with a Tamagotchi-like experience in which a player may feed, play, and wash his or her Playermons. It will also generate a game inside a game that employs a turn-based card gameplay mechanism. The gaming community is quite vast and more inclined toward the new digital era, and as Playermon is being inspired by Pokemon. It will have a vast exposure towards Playermon.

 

Pros:-

  • The play-to-earn models now aim to provide an added incentive for players who want to spend more time in a virtual environment without worrying about losing what they earn in the game.
  • Contributes to the growth of the gaming community. Some of the most strong and active communities in the gaming industry may be found in the most recent P2E.
  • The unique two-token model makes it exclusive and exciting to get SGEM which can’t be purchased.

Cons:-

  • It does not promote inclusiveness because expert gamers frequently win all of the contests.
  • Creates room for bad players in the space to exploit others.
  • Risks of oversaturating the NFT market.
 

 

 

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SuperRare Report – 22nd July 2022

SuperRare is an art-focused NFT platform where users can trade curated NFTs from a select group of handpicked artists

The CMP of RARE on 22nd July is $0.2667


What is SuperRare

SuperRare is a blockchain-powered social network for art makers and collectors. Digital artworks may be created and tokenized on the Ethereum network by creators. Smart contracts enable collectors to buy and sell artworks while royalties are returned to the author.

SuperRare is a leading NFT platform, with around $250 million in digital art gathered and $3 million in artist royalties paid to date.

SuperRare’s native token is RARE, which has a max supply of 1 billion out of which 100M tokens are in circulation.

 

 

 

What problems does it solve?

In the world of collectibles, people want the genuine thing and they are prepared to pay a high price for it. And where there is huge money, there is also a chance of fraud, forgeries etc. The complete history and genesis of a piece of art may be traced using the Ethereum blockchain on a distributed ledger that no one controls and that anyone can view.

SuperRare 2.0 evolved by solving three major issues: Curation and gatekeeping by a single team are not favorable to a large creative ecosystem. Artists deserve as much help as possible, yet a single team can only do so much. The NFT art ecology is fragmented, and there is no practical method to organize one’s whole collection.

 

How does it solve the problem?

On the SuperRare platform, artists produce a work of art and tokenize it, which means they associate the work with a token. The new digital art is tied to a Non-Fungible Token, not just any token (NFT). This new sort of Ethereum coin is as one-of-a-kind as the artwork itself.

Once the NFT is listed on SuperRare, it may be purchased, traded, or even HODLed as a long-term investment. Artists can either put their work up for auction-style bidding or sell it for a fixed fee. Once sold to a buyer, the NFT can be resold at any time on a number of NFT trading platforms.

SuperRare addressed this by providing SuperRare Spaces, which are independently owned SuperRare stores that may curate art and artists, advertise sales, run auctions, and earn commissions. Each Space may issue its own branded ERC-721 token and encourage artists to mint NFTs with it, either once or on a regular basis. This enables any Space to become its own autonomous crypto art gallery.

 

 

Tokenomics

RARE is the native cryptocurrency of the SuperRare. It has a fixed supply and has a max supply of 1 billion tokens, of which 100M (10%) tokens are in circulation.

The RARE coin serves as the SuperRare DAO’s curation and governance token. It is a token that complies with ERC-20. On-chain governance is handled by SuperRare. The SuperRare DAO presently offers three major use cases for governance: SuperRare Spaces, artist onboarding, and treasury operations and administration.

SuperRare began airdropping RARE tokens as a prize to users who have contributed to the platform’s success, as well as producers who have produced artistic outputs over time independent of the financial worth of their real NFT sales. RARE is an ERC-20 token that has a total quantity of 1,000,000,000 coins. A community treasury receives 40% of all RARE tokens in circulation.

 

 

Competition Analysis

SuperRare doesn’t have many close competitors, the only closest competitor is Rarible which is different from SuperRare in the following ways:-

 

SuperRare vs Rarible

Rarible features a database of over 100,000 assets that can be easily filtered using their filtering mechanism. The creators aimed to build an artist-focused network that would allow loyal users to obtain governance tokens following successful transactions. Those who own these tokens will be able to vote on future platform updates.

SuperRare, like Rarible, was created for artists, but they went a step further by creating a platform with a gallery-style ambiance. Indeed, the platform is compared to the well-known art gallery Christie’s. The DeFi platform is quite picky in its artist selection, bringing only a handful to its trending platform on a monthly basis.

Rare digital artists can select a variable royalty proportion for future payments (most choose between 5-10 percent ). Those that mint on SuperRare immediately receive a 10% royalty on each NFT sold in secondary transactions.

 

Team, Media & Community strength

SuperRare doesn’t have a traditional execution team, rather it is a DAO. There is a 7-person governance body that controls and executes within the SuperRare ecosystem. They have a vast community strength as there are a lot of people who seek and collect unique art all over the world and SuperRare makes it easier for them to collect valuable art. They have over 21.3K subscribers on Telegram.

 

Conclusion

SuperRare has been able to achieve something rare in the crypto industry–real usage and activity. The network is among the top ten in weekly value traded for NFTs along with big names in the Ethereum dapp world like CryptoKitties and Gods Unchained. SuperRare appeared at Christie’s Art + Technology blockchain conference in 2018 and addressed the benefits of blockchain to conventional art collectors. Last year, they teamed with DADA.art for an event at London’s Tate Modern museum – the first time art was created in a world-class institution and then instantly made available to collectors worldwide. If they continue to collaborate with well-known and respected art institutions, the social collecting network will only grow.

 

Pros:-

  • It runs on the most popular blockchain, Ethereum. This is important because it makes SuperRare reach users from all over the world, owing to Ethereum’s adoption and popularity.

  • It runs a primary as well as a secondary market. In a primary market, you can sell your just minted NFT to collectors. As a collector, you can also buy and own first-hand NFTs.

  • SuperRare gives you flexibility and total control of your digital artworks.

  • SuperRare has enhanced UI and one-click features to enable users to mint and sell NFTs without hassles.

Cons:-

  • SuperRare runs a premium service and charges a service fee on every NFT sale.

  • It has a strict signing-up process for creators, which might take you days to get verified.

  • You cannot add or give additional “unlockable contents” as zip files on SuperRare.
 
 

 

 

 

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tezos logo

Tezos Report – 15th July 2022

Overview:

Tezos is a smart contract-based blockchain network.

The CMP of XTZ on 15th July is $1.59


What is Tezos

Tezos is a blockchain network that hosts the digital currency Tez (XTZ), often known as tezzie. Tezos, like other cryptocurrency blockchains, enables user engagement such as decentralized finance (DeFi), decentralized apps, and non-fungible token (NFT).

Tezos, unlike other blockchains, forbids hard forks or blockchain splits using a governance process that approves and executes protocol changes decided by voting proportionate to users’ economic stake in Tezos. It has a TPS of 1000 transactions

XTZ has a total supply of 922M out of which 901M tokens are in circulation, it ranks 36 with respect to market cap.

 

How is it unique?

Tezos’ governance rules set it apart from Ethereum, which lacks formal governance structures, and its determination that the blockchain cannot be forked sets it apart from other cryptocurrencies. The feature that adjusts active stakes for the generation of new tokens is also novel and is intended to promote involvement.

Staking is widespread across blockchains, but Tezos offers a unique take on it. Participants can participate in network governance by “baking,” in which they essentially stake 8,000 XTZ. Bakers are then tasked with voting on suggested changes to the blockchain’s code over the course of 23 days in a four-step process. Proposals that gain the vast majority of votes are tested for 48 hours on a testnet before being fully implemented.

Large cryptocurrency exchanges like Binance and Coinbase have also announced support for Tezos staking, which means users may get rewards based on the amount of XTZ they own. This is not a characteristic that is commonly seen.

 

 

Tokenomics

 

XTZ is the native cryptocurrency of the Tezos. It has a total supply of around 922M tokens, of which 901M (97%) tokens are in circulation.  

The Tezos network relies heavily on the XTZ coin, which may be used for storing, spending, sending, and baking.

Users obtain the opportunity to vote on network enhancements by owning and baking XTZ, with each vote proportionate to the amount of XTZ coin they bake.

Tezos awards XTZ to participants depending on the number of tokens they bake, with bakers earning a tiny fraction of the reward paid to those who delegate their XTZ.

XTZ is an inflationary asset with a fixed issuance rate of around 5.51% and an uncapped token supply.

 

 

The XTZ allotted to the Foundation and Dynamic Ledger Solutions (DLS) have a four-year vesting structure with monthly cliffs. Half of the Foundation’s XTZ is held in a vesting smart contract, with the other half reserved for DLS if specific milestones are fulfilled. When those milestones are fulfilled, the tokens will be transferred to a DLS vesting smart contract. Until then, the Foundation will utilize portion of the reserved tokens as part of the deposit required for baking.

 

 

Competition Analysis

Tezos vs Ethereum

Tezos is a self-improving blockchain network that includes an on-chain system for proposing, selecting, testing, and implementing protocol updates without requiring a hard fork. Ethereum offers a few significant benefits over Tezos. The first of these is decentralisation. Ethereum is frequently regarded as the second most decentralised cryptocurrency, after only Bitcoin.

Tezos offers long-term stability. Anyone building on Tezos may be certain that the network will not divide, as happened with Ethereum with Ethereum Classic

Ethereum has faced severe network congestion. On certain days, Ethereum had so much load that sending even a basic transaction may cost as much as $5 or $10.

More complicated transactions may cost $50 to $100 or more. This is a negative scenario since it renders Ethereum inaccessible to the average individual. While certain scaling solutions may be released on Ethereum, it is unclear whether these solutions will solve the problem instantly.

Recognizing an opportunity, Tezos recently launched the “Delphi” improvement, which lowered the amount of gas required for smart contract execution. Tezos says that in many circumstances, the gas fees may be decreased by up to 75%.

Tezos vs Cardano

Tezos has a single layer for transaction settlement as well as computing, whereas Cardano has two distinct levels. The Cardano Settlement Layer is intended to record the transaction’s final value or outcome.

Cardano Computation Layer, on the other hand, is where transactions, such as smart contract execution, contract calls, and other activities, are handled. Compared to other blockchain networks, this technique gives Cardano more flexibility.

Tezos features a single layer that handles both calculations and settlements. It is created with a modular architecture to enable the same amount of flexibility as two levels of operations.

With respect to TPS, Tezos is way faster than Cardano, Tezos has a TPS of 1000 whereas Cardano has a TPS of 250.

 

 

 

Team, Media & Community strength

Kathleen Breitman is the CEO of Dynamic Ledger Solutions, a company that created the first version of Tezos, a blockchain-based smart contract platform with an on-chain governance mechanism to coordinate and push upgrades to its network.

Tezos was created by Arthur Breitman. He formerly worked as a research engineer at Google X and Waymo. He began his career as a quantitative analyst for Goldman Sachs and Morgan Stanley.

They have over 459.7K followers on Twitter. Tezos is an open-source asset and application platform supported by a worldwide community of validators, researchers, and builders. It was established in 2014 and is based in Luxembourg.    

  

Conclusion

Tezos is a multifunctional blockchain created to put user engagement and governance at the forefront of the Web 3.0 revolution. The Tezos blockchain enables the construction and implementation of smart contracts. Tezos’ technology enables its blockchain to be readily modified to include new features.

Pros:-

  • Uses an eco-friendly proof-of-stake consensus mechanism.

  • Bakers can propose and vote on changes to the Tezos protocol through a formalized system.

  • Tezos is a programmable blockchain that allows for the creation of smart contracts and NFTs.

Cons:-

  • Tezos faces stiff competition from the established smart contracting platforms like Ethereum, Cardano and more.

  • Tezos is not seeing widespread commercial adoption

  • Tezos is now regarded as an immature network by blockchain developers since it is difficult to forecast what its transaction fees and speeds will be if the platform becomes more widely used.

 

 

 

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Paris_Saint-Germain_F.C..svg

Paris Saint-Germain Fan Token

Research summary:

Paris Saint-Germain Fan Token is essentially a token that allows the sports club to connect with its fans and help increase their overall brand awareness. We will focus on how the project works, what value it adds, and review its pros and cons.

The CMP is $6.22 as of 8th July 2022 

What is the Paris Saint-Germain Fan Token all about?

There are many categories within the crypto industry and some of them are quite popular. There are stablecoins, privacy-based tokens, governance tokens, store of value based tokens and there is Fan token.

Fan tokens are not as popular as the rest of them, however it is a growing niche and has a of future potential. This is proven by the fact that Cristiano Ronaldo, one of the greatest Football player of all time, has entered the cryptocurrency space.

Until now the sports industry has been limited to the NFT space, it has started to view FAN tokens as another alternative route of connecting and engaging with their fans, finding new ones and making money.

Fan tokens are quite honest about what it offers and does not claim to change the world neither does it claim to be the currency that is superior to the fiat currency. It represents voting power over minor (not major) decisions regarding the Sports Club/ Sports League it represents. The power of Fan tokens was recognized during the pandemic, when most of the sports clubs took a revenue hit as they could not have thousands of people in their stadiums.

PSG, a successful football club based in France, decided to issue their Fan tokens and decided to engage with their existing fan base. They also took advantage of the bull market and got exposure to millions of people who were not aware of the club.

It is currently ranked at #597 (based on Mcap) in the cryptocurrency market. There is a maximum supply of 20 million PSG tokens out of which 3.1 million (16%) are in circulation. PSG is currently listed on Binance, Gate.io, and FTX.

What is the utility of the $PSG?

The world of football, especially in Europe is multibillion-dollar industry. The Clubs jersey itself tends to generate $100 million+ revenue for the club. This indicates that there are fans who are willing to pay just to be part of the team (by wearing the jersey) and this is precisely what PSG has capitalized with the help of Fan tokens.

Owning a PSG token allows you to influence the decisions for the minor decisions for the club. This came in the form of

  • Choosing the message on the captain’s armband
  • Choosing the BEST Goal of the season
  • Choosing the BEST defensive play of the season
  • Choosing the BEST skill of the season
  • Choosing cover of the game they were featured on.

While PSG has mentioned that the token would buy you influence, it would it only be for minor decisions. The token holders won’t be able to decide the game strategy, the club manager, the salary of the players and what players to add in the squad.

The holders also get the chance to meet their favourite players and access to exclusive merchandise.

Is the cost of $6.22 worth the utility mentioned above? Could be possible, as their most popular merchandise is the club jersey which is worth $120 and there is no utility attached to that piece of clothing except for sentimental value.  

Based on the utility mentioned above, the value of the token could rise if more rewards are added to their list of utility. Here is a hypothetical utility, the token holders get to create the club jersey and the community can vote on which becomes the official version. The fans of the clubs might buy more tokens to get more influence on the matter.

It also has the risk of falling significantly, if the rewards are deemed not worth the current price. This is likely as the decisions that the token holders had influence on was not only minor but also insignificant. The Merchandise and the chance to meet the players is a chance. Only a minority will get the chance benefit while the rest wont.

Competition analysis.

As mentioned above $PSG tokens has peers but there not necessary competition. They will only compete to get the attention from the crypto industry, but that exists outside the world of cryptocurrency as well.

Here is some of the peers to $PSG’s fan token

Alpine F1 Team Fan Token has a market capital of $27 million

FC Barcelona Fan Token has a market capital of $16 million

UFC Fan Token has a market capital of $2 million

Media, and community strength.

Although the market capital of the PSG’s Fan token ($19 million) is not even close to the actual value of the football club ($3.2 billion), the media and community strength is also an outlier and most likely beats most of the crypto projects in the world. However, there isn’t any strong correlation between community strength and the price of the token for this Fan token.

PSG has multiple twitter accounts with millions of followers on each of them. The highest following followed account has close to 12 million followers. 

Conclusion

Pros: PSG fan token is simple to understand and has potential to becomes the next “hot cake” in terms of merchandise for the multibillion-dollar football club. The utility is also quite simple to understand.

Cons: Token is primarily a tool to monetize their community and to find new fans. Fan tokens cannot be considered as an investment but there is a scope of speculation in the short term. The current utility is worth the cost for a minority within their fan base, while the majority of the fanbase + new fans might not find it attractive.

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ENS Research Report

Research summary:

ENS is an open source blockchain based naming protocol that started in 2017. It was part of the Ethereum foundation that decided to split ways at the end of the prior bull run.  We will focus on how the project works, what value it adds, and review its pros and cons.

The CMP is $8.25 as of 1st July 2022 

What is ENS and how does it add value?

When it comes to Ethereum and Web 3 applications, there has always been a barrier for new users. New users often find these platforms quite complicated and technical. If the prices of their coins weren’t so volatile, this industry might not be where it is now as it would not have a lot of eyeballs.  



To use the Ethereum network or any Web 3 application based on Ethereum, you need to have an Ethereum address. An Ethereum address is equivalent to a Gmail account or a Facebook account when it comes to signing up or logging into a website. You can also receive or send any Ethereum based tokens, NFTs and Ethereum itself for a certain gas fee to these addresses.

Here is Vitalik Buterin’s (One of the founders of Ethereum) Ethereum address.  



0xd8dA6BF26964aF9D7eEd9e03E53415D37aA96045

Given that the blockchain is completely transparent, we know that the address currently holds 3,203 Ethereum + $3 million worth of Altcoins.



The aspect of having a 30+ character address is often unappealing and this is where ENS comes into the picture. Let’s say that I am the founder of Shiba Inu and I want to send some of my tokens to Vitalik. To do this I will need to input his address. The chances of a mistake are quite high and it is quite difficult to remember what the address is. This is definitely true for new people coming into this ecosystem.

ENS assigns a name to an address, so instead of typing in 0xd8dA6BF26964aF9D7eEd9e03E53415D37aA96045 to send money to Vitalik, you can just send it to Vitalik.Eth



Imagine if you had to type in a bunch of numbers to reach a website instead of youtube.com, the adoption of the internet would have been extremely slower than what it is today.  

Perhaps a better comparison would be to look at email ids. Email ids are extremely essential to the existing internet. You need it to send and receive communications and it is THE IDENTITY required to use any website that requires a login. If the email ids would have been 0xa8346ngslnmeawp80174Ac91fkLAD1@gmail.com instead of this vitalik@gmail.com. Internet’s adoption would be decades behind.

Does this have a future?

If Ethereum is going to be the foundation of Web3 applications (which is the future of the internet), it will require naming protocols to simplify the world of web3 applications.

Just like how Domain names simplified the internet, similarly ENS would simplify Web3. There are already 1.12 million names already integrated.


Is this service Free?

The Ethereum name service does not provide its services for free. They charge for the address name and the cost moves up along with the duration of the purchase.

It will cost me $500 to register a name for 100 years.



What is the utility of the ENS token and who are the competitors?

ENS is the native token to the decentralized platform and it acts as a governance token. Token holders have the power to propose powers and voting powers. It has a maximum supply of 100 million ENS tokens out of which 20% is in circulation.

ENS was widely popular as 25% of its circulating supply was airdropped and the prices instead of crashing kept on going towards the upside.



It has 57,996 token holders and the top account holders are exchanges.

ENS is not alone in this space and has competition. The biggest competition is the Unstoppable domains.

Team, Media, and community strength.

ENS is a DAO that is represented by a non-profit ENS foundation that is based in the Cayman Islands. It is however managed by the overall ENS token holders.

ENS has a strong community strength. They have 189.7k Twitter followers and they have an active medium channel. Their media strength is also quite strong as most of the celebrities buy an ENS domain after buying an NFT.  

Conclusion

Pros: ENS is working on one of the most basic solutions that are likely to eliminate barriers to entry. It has cemented itself as a 1st mover within this industry. ENS is the 1st thing that pops into people’s minds when people talk about crypto domain names. The token holders aren’t extremely concentrated compared to other decentralized applications.

Cons:  ENS has locked itself to the Ethereum network and a person cannot buy a domain name, rather you can only rent it for a certain duration. During the bear markets, ENS’s growth is dependent on the growth and adoption of Web 3.0. This might stall or fall during such a time period as prices (Which is the main driver to bring people into the crypto space) take a hit.

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