As the merger draws near, ENS domains sees a spike in sales that propels them to the top.
ENS domains are now the most popular collection on OpenSea’s NFT marketplace. The Ethereum Name Service has flipped the Bored Ape Yacht Club in, driven by a 170% increase in sales in the last 24 hours.
The ENS trading volume surpassed 2,305 ETH, or $3.76million, in the week just ended. This represents a 43% increase week-over week. The Bored Ape Yacht Club also saw a 43% decline to 2,126 Ethereum.
In the past seven days, nearly 9,000 domains have changed hands. This compares to 16 BAYC NTs. The ENS floor price, which is the lowest price an item can be sold for in a collection, is less than $16, or 0.01ETH. A BAYC NFT’s lowest price is 76ETH or approximately \$124,000.
Non-fungible tokens (NFTs) are cryptographically distinct tokens that can be linked to digital or physical content and provide proof of ownership.
Ethereum domains and crypto wallets
ENS domains can also be linked to a cryptocurrency wallet. This means that instead of sending a sender an Ethereum address (a long string of characters), users can simply specify their.eth domain to receive a transaction. NFTs can also be purchased from ENS domains.
OpenSea reports that there are more than 508,000 ENS NFT owners with a trading volume of 56.3k ETH. This amounts to approximately $86.2 million.
Last month, ENS reported its 3rd highest month revenue with 2.17 million domains created on the service. This account for 99% of OpenSea’s domain name sales volume.
“With the upcoming merger and recent market downturns, gas prices for Ethereum have fallen, making it more affordable, to register an ENS,” Khori Whittaker, ENS executive Director, said Decrypt.
Whittaker believes that, with the increased attention to Ethereum due to the merger, it’s probable that users are preparing for a post-merge world. He said that registering an ENS personal is a must-have for all Web3 users as they enter the new chapter in Ethereum’s history.
Ethereum merge date
The Ethereum Foundation has scheduled the merge for September 15. This will change the Ethereum blockchain’s proof of work to a proof of stake consensus algorithm. This move is expected to reduce the Ethereum blockchain’s energy consumption by 99.95%.
Whittaker stated that ENS is the only place users can register a .eth domain. “Since our launch, we’ve steadily grown with Ethereum.”
