Ethereum Name Service (ENS) domains have surpassed Bored Ape Yacht Club (BAYC) because the most traded asset on nonfungible token (NFT) marketplace OpenSea during the last 7 days — apparently in front of the Ethereum Merge.
Based on OpenSea data, the weekly amount of the Ethereum domain NFTs eclipsed 2,249 Ether (ETH) during the time of writing, beating out RTFKT Clone X at 1,992 ETH and Bored Ape Yacht Club at 1,777 ETH.
ENS domains really are a distributed, open and expanding naming system around the Ethereum blockchain that enables users to show a lengthy string of keys for any crypto address right into a single ENS domain for example “vitalik.eth.”
This simplifies the complexness of copying and pasting a extended wallet address to receive and send crypto, as users only have to share their website name like every other ordinary address.
These domains can be purchased, offered and traded between users by means of NFTs.
The current spike in ENS buying and selling volume has witnessed the typical cost of ENS products increase 167% to .3895 ETH, or $641 during the time of writing, while daily volume has risen from 120.7 ETH to 1044.6 ETH.
Nowadays there are over two million ENS products on OpenSea spread among greater than 508,000 proprietors, with total sales now sitting at 2,682 ENS domains offered.
Based on OpenSea, probably the most costly ENS domains are 000.eth, that was bought for 300 ETH and it is on purchase for five,000 ETH, together with opensea.eth, crypto.eth, google.eth and nike.eth.
The strong begin in September follows a remarkable ENS sales month in August, which saw greater than 300,000 new “.eth” registrations and monthly revenue of two,744 ETH, the 3rd-greatest month since ENS began in 2018.
August 2022 stats for ENS
– 301K new .eth registrations (total 2.17m names)
– $4.7m in protocol revenue (all would go to the @ENS_DAO)
– 2,744 ETH in revenue (3rd greatest month)
– 34K new eth accounts w/ a minimum of 1 ENS name (total 540k)
– >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT— ens.eth (@ensdomains) September 1, 2022
The spike in ENS website name demand comes just a little more than a week prior to the scheduled date from the Ethereum Merge, that is scheduled for approximately Sept. 15.
Related: Ethereum Name Service registrations surge by 200% among lower gas charges
On Sunday, Vitalik Buterin requested his 4.two million supporters what cost tag a 5-letter ENS website name should hold more than a 100-year period:
Exactly what is a fair cost that somebody should need to pay to join up and unconditionally guarantee possession of the 5-letter .eth domain for a century?
— vitalik.eth (@VitalikButerin) September 4, 2022
The poll discovered that 49.8% from the 91,130 voters opted for “Under $100,” while 18.9% of voters thought “$10,000 or more” could be described as a fair cost.
Based on OpenSea, the typical cost of the ENS domain is .3207 ETH, or $533.71.
