Ethereum domain name designates the best NFTs as the most traded asset on OpenSea
by James · September 5, 2022
ENS domains have taken first place as the number one collection on the NFT marketplace OpenSea. Driven by a 170% jump in sales over the past 24 hours, Ethereum Name Service turned Bored Ape Yacht Club on seven days of volume.
In the last week, ENS trading volume passed 2,305 ETH or $3.76 million, representing a 43% week-over-week increase. Bored Ape Yacht Club saw a parallel decline of 43% to 2126 ETH.
That dopamine from registering an ENS domain >
— rich (140u.eth) (@NoKapRich) 5 September 2022
Nearly 9,000 ENS domains changed hands in the past seven days, compared to 16 BAYC NFTs. But the ENS floor price – the lowest price for an item in a collection – is less than $16, or less than 0.01 ETH, while the lowest price of a BAYC NFT is 76 ETH or about $124,000.
NFTs, or non-fungible tokens, are cryptographically unique tokens linked to digital and physical content, which show proof of ownership.
ENS domains can be connected to a cryptocurrency wallet, meaning that instead of giving a sender a typical Ethereum address—a long string of characters—users can specify their .eth domain name to receive a transaction. ENS domains can also be sold as NFTs.
According to OpenSea, there are over 508,000 owners of ENS NFTs with a total trading volume of 56.3k ETH, representing around $86.2 million.
Last month, ENS reported its third highest month of revenue, with 2.17 million domain names created on the service, accounting for 99% of domain name sales volume on OpenSea.
“With the upcoming merger and the recent market downturn, Ethereum gas prices have fallen, making it more affordable to register an ENS,” said Khori Whittaker, ENS CEO. Decrypt.
Whittaker believes that with more attention on Ethereum due to the merger, it is likely that users are preparing for a post-merger world. “[Users] Registering their personal ENS is a staple for every Web3 user entering this new chapter in Ethereum’s life,” he said.
Scheduled for September 15, the merger will switch the Ethereum blockchain from a proof-of-work to a proof-of-stake consensus algorithm, a move expected to reduce the energy consumption of the top blockchain for dapps, DAOs and NFTs by 99 .95%, according to the Ethereum Foundation.
“ENS is the only place where users can register a .eth domain,” Whittaker said. “Since our launch, we’ve grown steadily in step with Ethereum.”
