Ethereum Name Service (ENS) domain names have taken over Bored Ape Yacht Club (BAYC) as reportedly the most traded asset on non-fungible token (NFT) marketplace OpenSea over the past week, which came before the Ethereum Merge, as reported by Cointelegraph.
According to Cointelegraph, going by OpenSea’s data, the weekly volume of Ethereum domain NFTs registered 2,249 Ether (ETH) at the time of the publication’s writing, which went ahead RTFXT Clone X at 1,992 ETH and Bored Ape Yacht Club at 1,777 ETH. ENS domains are created to be open, distributable and expandable in nature, to allow users get access to keys for a cryptocurrency address into a single ENS domain such as vitalik.eth. This process intends to simplify the complexities around copying and pasting a lengthy wallet address to conduct cryptocurrency-based transactions, as users are required to share their domain name.
On the basis of information by Cointelegraph, the domain names can be bought, sold and traded between users in the form of NFTs. Recently, the rise in ENS trading volume has seen the average price of ENS items increase 167% to 0.3895 ETH or $641 at the time of the publication’s writing, while daily volume rose from 120.7 ETH to 1,044.6 ETH. Currently, there are now over two million ENS items on OpenSea spread among more than 508,000 owners, with total sales being 2,682 ENS domains sold.
Moreover, Cointelegraph noted that as per OpenSea’s data, some of the costly ENS domain names include 000.eth, which was purchased for 300 ETH and is on a sale for 5,000 ETH, along with opensea.eth, crypto.eth, google.eth and nike.eth. The sales in September follows ENS sales for the month of August, which witnessed more than 300,000 new .eth registrations and monthly revenue of 2,744 ETH.
(With insights from Cointelegraph)