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Pi Network has drawn attention with its auction-like event for domain names. Due to the intense interest in .pi extensions, over 200,000 bids were placed shortly after the launch. The event was organized to allow users to claim rights over 95,000 domains.
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According to statements, the policy document released by the Pi Core Team indicates that the revenue generated will be reinvested into the ecosystem through developer programs and Pi events. More than 40,000 different bidders are participating in the domain name competition. Popular domain names, similar to those seen in ENS, simplify complex wallet addresses. Many projects have initiated products to create domain names like hesapadresi.pi to generate revenue and strengthen the community’s sense of belonging. However, the Pi team has also stated that they are selling domain names that can function as internet addresses.
The price of Pi Coin has fallen below one dollar due to token unlocking and intense selling pressure. Daily trading volume decreased by 29.21%, with the price at $0.8862. This altcoin, which has decreased by 70% from its all-time high of $2.98, has presented delayed but substantial short-selling opportunities.
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In official statements regarding the network, the Pi Core Team highlighted the increasing demand from participants. The announcement emphasized that the interest in .pi domain names strengthens blockchain-based ownership in applications, businesses, and online services within the ecosystem.
Pi Core Team: “Demand showcases a broad ecosystem ranging from applications to enterprises.”
Bids for a single domain have reached up to 30,000 Pi, with total active bids nearing approximately 3 million Pi. There is strong demand from large companies, with bids being placed for .pi domains by names like Amazon and Samsung. Of course, these bids come from community members hoping for profitable resales.
It is noted that while domain names compatible with the Pi Browser are not guaranteed to support traditional browsers, there will be applications exempt from the auction process through automatic domain allocation.
The Pi Network event highlights the interest in domain names and the fluctuations in the price of Pi Currency that impact the ecosystem. Market expectations suggest that potential listing news on platforms like Upbit could provide support. Close monitoring of these developments could be crucial for participants.
