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Shopify launches suite of blockchain commerce tools for merchants

Shopify NFT merchants can now use the tokegating tools to dictate which token holders can and cannot gain access to exclusive products, NFT drops and benefits.

Crypto-friendly e-commerce giant Shopify has launched a suite of blockchain commerce tools to enhance the user experience of their web3-focused stores hosted by the platform.

Announcing the move via Twitter on Feb. 9, Shopify blockchain team designer @ryancreatescopy noted that “we've launched some fresh tools to help you buidl tokengating apps for Shopify merchants.”

In particular, expanded crypto wallet connect features and “tokengating” application programming interface (API) tools have been highlighted. The latter has been in early access beta access mode since June 2022 and was previously only available to a select number of merchants.

With tokegating, all applicable Shopify merchants can now set up their stores to dictate which token holders can and cannot gain access to exclusive products, NFT drops and benefits.

The tool verifies user eligibility via their connected wallet, and is being touted as a handy way for NFT Merchants to reward certain users or add exclusivity to specific products.

tokegating example: Shopify

In terms of expanded crypto wallet support, Shopify has integrated with the Sign-In with Ethereum SIWE protocol led by the Ethereum Name Service (ENS) and the Ethereum Foundation.

SIWE essentially enables secure user sign-ins and authentication of Ethereum accounts and ENS Domains without giving away private identifiers to third parties such as names, phone numbers and residential addresses.

The topic of private user information has been a sour spot for Shopify in the past. In April 2022, a group of disgruntled users filed a class-action lawsuit against the firm and hardware wallet provider Ledger concerning a hefty leak of user data that stemmed from the duo back in 2020.

Related: Ethereum's Shapella transition is ‘on the horizon’

ENS Labs community advocate @sadaf.eth highlighted the SIWE integration with Shopify via Twitter on Feb. 9, and linked to developer documents explaining how to build the tool into Shopify stores, much to the delight of some from the Ethereum community.

“The statementGenerator prop allows you to customize the statement displayed in a Sign-In with Ethereum message. The function receives the address of the wallet that has connected, allowing you to expand and customize your message statements to better suit your brand,” the document reads.

At this stage, once a merchant hooks up the SIWE feature on Shopify wallet connect, it appears that users will be able to click a “sign-in with Ethereum” button to connect their addresses via SIWE’s partnered intermediaries such as Coinbase, Fortmatic, WalletConnect, Portis and Torus.

Stablecoin Market Grew by $555 Million in October – Which Tokens Are Leading the Pack?

Snoop Dogg, Steve Aoki, Logan Paul, and Beeple Dusted by OFAC-Banned Tornado Cash Transactions

Snoop Dogg, Steve Aoki, Logan Paul, and Beeple Dusted by OFAC-Banned Tornado Cash TransactionsFollowing the U.S. Treasury Department’s Office of Foreign Asset Control (OFAC) banning Tornado Cash and a number of associated Ethereum-based addresses, an anonymous Tornado Cash user has dusted a swathe of well known wallets tied to ENS domain names. Onchain data shows that a number of celebrities and organizations received 0.1 ether from the platform. […]

Stablecoin Market Grew by $555 Million in October – Which Tokens Are Leading the Pack?

Ethereum Name Service registrations surge by 200% amid lower gas fees

ENS domain registrations went from 11,042 to 29,727, as the domain “000.eth” was bought for 300 ETH.

Ethereum domains showed an increase in demand as Ethereum Name Service (ENS) registration totaled 126,141 registrations in just one week. 

The ENS Dashboard, a data tracker created by developer Nick Johnson, showed that registrations went from 11,042 to 29,727, showing an increase of over 200% over the weekend. This happened amid the second-largest .eth domain sale when “000.eth” was bought on Sunday at 300 Ether (ETH), which is worth around $320,000 at the time of sale.

Because of the purchase, ENS’s daily revenue jumped up to $684,174 when the sale was completed. Following this, the registrations for .eth domains peaked at 34,357 on Monday as hype over the sale reached its climax. This pushed ENS to the top of the 7-day nonfungible token (NFT) collection sales chart at information tracker Dapp Radar.

Social media activity surrounding ENS has also reached new highs. According to crypto social tracking platform Lunar Crush, engagements with the keyword increased by 108.4% within seven days.

The surge in demand for ENS domains also happened as Ethereum's average gas fees fell to $1.57, a number that was only seen back in 2020.

Related: The concept and future of decentralized Web3 domain names

On July 1, the Gray Glacier hard fork that delays the difficulty bomb on Ethereum went live last Thursday. According to Ethereum Foundation's Tim Beiko, the fork was a success, and all nodes were in sync. Following this, the Sepolia testnet will also be undergoing a merge trial in the coming days as the Ethereum network prepares to move to a proof-of-stake consensus.

On the same day as the fork, Ether’s price fell by 5%, putting 1 ETH at $1,044. This follows a four-day losing streak for the asset as Ether-focused investment products showed almost $140 million in outflows in the month of June.

Stablecoin Market Grew by $555 Million in October – Which Tokens Are Leading the Pack?