By
Mayowa Adebajo
April 16th, 2024
The peak achieved by Ethereum domain NFTs in the weekly volume list went as high as 2,249 ETH.
Ethereum Name Service (ENS) domain names have even crossed Bored Apes Yacht Club to become the highest volume traded asset on the famous American-online Non-Fungible Token (NFT) marketplace OpenSea.
The last seven days have been a dream run for ENS domain names as they have topped the charts as the most exchanged NFT, owing to the upcoming (and much-talked) Ethereum merge.
According to the data presented by OpenSea, the peak achieved by Ethereum domain NFTs in the weekly volume list went as high as 2,249 ETH. Other NFTs such as RTFKT Clone X and Bored Ape Yacht Club were placed at 1,992 ETH and 1,777 ETH respectively.
Ethereum Name Service is essentially a distributed, open, and extendable system based on the Blockchain. The ENS’s prime job is to map human-readable names to machine-readable identifiers like Ethereum addresses etc. The domains essentially enable users to transform an entire string of keys for a crypto address into individual ENS domains. This eases the complications of selecting and pasting an extensive wallet address to share and receive crypto since now the customers would only require a domain name similar to a regular address. The domain names can be traded among users as NFTs.
The latest skyrocketing of ENS trading volume has witnessed a spike of around a hundred and sixty-seven percent at 0.3895 ETH ($641), whereas the everyday volume has been raised from 120.7 ETH to 1044.6 ETH. Presently, there are more than 2 Mn ENS products on OpenSea, distributed amongst approximately five hundred thousand users, with an aggregate sales of 2,682 ENS domains. Almost nine thousand ENS domains switched owners in the past seven days, compared to only sixteen BAYC NFTs. However, there is another way to look at it too. ENS domain names are priced way less than BAYC, and hence, are way more accessible to a larger population. For example, the lowest price for an ENS domain is kept at $16. In comparison to this, BAYC’s floor price is a staggering $124,000.
Some of the most pricey domain names are 000.eth. These domain names, which were essentially purchased at three hundred ETH, are now being sold at a whopping price of five thousand ETH.
According to Khori Whittaker, executive director at ENS, the up-and-coming merger along with the latest market downtrend, and fuel prices going down, has allowed people to invest in the digital marketplace.
While the merge is scheduled for September 15, it is all set to bring about a revolution with its transition from a proof of work to a proof of stake consensus algorithm. This is estimated to reduce the energy consumption of the topmost blockchains for DAOs and NFTs.