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Over the previous seven days, Ethereum Name Service (ENS) domain names have eclipsed Bored Ape Yacht Club (BAYC) as the most traded asset on NFT marketplace OpenSea, reportedly ahead of the Ethereum Merge.
According to OpenSea data, the weekly volume of Ethereum domain NFTs surpassed 2,249 ETH at the time of writing, surpassing RTFKT Clone X (1,992 ETH) and Bored Ape Yacht Club (1,992 ETH) (1,777 ETH).
On the Ethereum blockchain, ENS domains are a distributed, open, and extendable name system that allows users to convert a large string of keys for a crypto address into a single ENS domain such as "vitalik.eth."
This eliminates the need for consumers to copy and paste a lengthy wallet address in order to send and receive cryptocurrency, as they only need to share their domain name like any other ordinary address.
In the form of NFTs, these domain names can be bought, sold, and exchanged between users.
Because of the recent increase in ENS trading volume, the average price of ENS items has increased 167% to 0.3895 ETH ($641), while daily volume has increased from 120.7 ETH to 1044.6 ETH.
There are presently over 2 million ENS products on OpenSea, distributed among approximately 508,000 owners, with total sales of 2,682 ENS domains sold.
Some of the most expensive ENS domain names, according to OpenSea, are 000.eth, which was purchased for 300 ETH and is now for sale for 5,000 ETH, as well as opensea.eth, crypto.eth, google.eth, and nike.eth.
The robust September start follows an exceptional ENS sales month in August, which saw over 300,000 new ".eth" registrations and monthly revenue of 2,744 ETH, the third-highest month since ENS's inception in 2018.
August 2022 stats for ENS
— ens.eth (@ensdomains) September 1, 2022
- 301K new .eth registrations (total 2.17m names)
- $4.7m in protocol revenue (all goes to the @ENS_DAO)
- 2,744 ETH in revenue (3rd highest month)
- 34K new eth accounts w/ at least 1 ENS name (total 540k)
- >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT
The surge in ENS domain name demand comes little over a week before the Ethereum Merge, which is slated for about September 15.
On September 4, Vitalik Buterin tweeted to his 4.2 million followers, asking them to guess the value of a five-letter ENS domain name over a 100-year period:
What is a fair price that someone should have to pay to register and unconditionally guarantee ownership of a 5-letter .eth domain for 100 years?
— vitalik.eth (@VitalikButerin) September 4, 2022
According to the study, 49.8% of the 91,130 voters chose "Under $100," while 18.9% said "$10,000 or more" was a reasonable price.
The average price of an ENS domain, according to OpenSea, is 0.3207 ETH, or $533.71.
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