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On the NFT marketplace OpenSea, ENS domains have surpassed all other collections to claim the top rank. The Ethereum Name Service sold the Bored Ape Yacht Club in a seven-day volume spike caused by a 170% increase in sales over the previous 24 hours.
A 43% week-over-week rise in ENS trade volume was recorded over the previous week, surpassing 2,305 ETH or $3.76 million. Parallel to this, the Bored Ape Yacht Club witnessed a 43% decline to 2,126 ETH.
In contrast to 16 BAYC NFTs, nearly 9,000 ENS domains have changed hands in the previous seven days. While the lowest price of a BAYC NFT is 76 ETH, or around $124,000, the ENS floor price—the lowest price for an item in a collection—is less than $16, or less than 0.01 ETH.
Non-fungible tokens, or NFTs, are cryptographically distinct tokens tied to digital and physical content to demonstrate ownership.
Users can specify their .eth domain name to accept a transaction instead of supplying a sender with a conventional Ethereum address, which is a lengthy string of letters. ENS domains can be connected to a cryptocurrency wallet. NFTs can also be purchased for ENS domains.
Over 508,000 people are the owners of ENS NFTs, with a total trading volume of 56.3k ETH, or roughly $86.2 million, according to OpenSea.
With 2.17 million domain names created on the service last month, accounting for 99% of the domain name sales volume on OpenSea, ENS announced its third biggest month of revenue.
According to Khori Whittaker, executive director of the ENS, “the impending merge and recent market collapse, gas prices on Ethereum have plummeted, making it cheaper to register an ENS.”
Whittaker thinks that since the merge has brought Ethereum more attention, users are probably preparing for life after the merge. Every Web3 user entering this new phase of Ethereum’s existence, he continued, “must register their ENS.”
According to the Ethereum Foundation, the merge, slated for September 15, will convert the Ethereum blockchain from a proof-of-work to a proof-of-stake consensus algorithm. This change is expected to reduce the energy consumption of the leading blockchain for dapps, DAOs, and NFTs by 99.95%.
Users can only register a.eth domain with ENS, according to Whittaker. “Since our launch, we’ve expanded steadily with Ethereum.”
If you have a .eth domain and are wondering how to add your image and other metadata, have a look at our video explaining this.
Watch “Generate Metadata Records for ENS Domain | OpenSea Image” on YouTube