The Ethereum Name Service (ENS), domain names, has surpassed Bored Ape Yacht Club’s (BAYC), as the most traded asset on OpenSea NFT marketplace OpenSea in the past seven days — possibly ahead of the Ethereum Merge.
OpenSea data shows that the weekly volume for Ethereum domain NFTs surpassed 2,249 ETH as of the time of writing. This beat out RTFKT Clone X (1.992 ETH) or Bored Ape Yacht Club (1.777 ETH).
ENS domains allow users to convert a long string containing keys for a crypto address into a single ENS Domain such as “vitalik.eth.”
This reduces the effort of copying and pasting long wallet addresses to send and receive crypto. Users simply need to share their domain names as any other address or identification details.
These domain names are available for sale, purchase and trade between users using NFTs.
Recent spikes in ENS trading volume have seen the average price for ENS items rise 167%, from 0.1454 ETH up to 0.3895 ETH ($641); daily volume has risen from 120.7 ETH down to 1044.6 ETH.
OpenSea now has more than 2 million ENS products, distributed amongst 508,000 owners. Total sales are currently at 2,682 ENSdomains.
OpenSea 60-Day Average Price Variation for ENS Source: OpenSea.
OpenSea reports that 000.eth is one of the most valuable ENS domain names. It was purchased for 300 ETH and is now on sale for 5,000 ETH.
After an August that saw over 300,000 new “.eth” registrations and a monthly revenue of 2,744 ETH (the third-highest monthly income since ENS was established in 2018), September’s strong start is a continuation of ENS’s impressive sales month.
August 2022 stats for ENS – 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
— ens.eth, September 1, 2022 (@ensdomains).
This spike in ENS domain demand occurs around a week prior to the scheduled date for the Ethereum Merge, which will be held Sept. 15.
Related: Ethereum Name Service registrations rise by 200% amid lower gas prices
Vitalik Buterin, a tweeter of 4.2 million followers, asked for a price quote on a five-letter ENS domain. This was to be used over a 100 year period.
What price should someone pay to secure 100-year ownership of a 5-letter domain?
— vitalik.eth (@VitalikButerin) September 4, 2022
According to the poll, 49.8% of the 91.130 respondents voted for “Under $100”, while 18.9% voted that “$10,000 or More” could be considered fair over a 100 year period.
OpenSea reports that the average cost of an ENS domain costs 0.3207 ETH.