ENS domains are ranked number one in the NFT OpenSea marketplace. Driven by a 170% jump in sales in the past 24 hours, the Ethereum name service has upended the Bored Ape Yacht club in Seven day volume.
Last week, ENS trading volume exceeded 2,305 ETH, or $3.76 million, which is a 43% increase on a weekly basis. Bored Ape Yacht Club saw a corresponding drop of 43% to 2,126 ETH.
Nearly 9,000 ENS domains have been exchanged in the past seven days, compared to 16 BAYC NFTs. But the minimum price for ENS – the lowest price for an item in a set – is under $16, or less than 0.01 ETH, while the lowest price for BAYC NFT is 76 ETH, or about $124,000.
NFTs, or non-fungible tokens, are unique cryptographic tokens associated with digital and physical content, indicating ownership.
ENS domains can be linked to a cryptocurrency wallet, which means that instead of providing the sender with a typical Ethereum address — a long string of characters — users can specify their own .eth domain name to receive a transaction. ENS domains can also be sold as NFTs.
According to OpenSea, there are more than 508,000 owners of ENS NFTs with a total trading volume of 56.3 thousand ETH, which represents about $86.2 million.
Last month, ENS reported its third-highest revenue, with 2.17 million domain names created on the service, representing 99% of domain name sales volume on OpenSea.
“With the upcoming merger and recent market downturn, gas prices in Ethereum have fallen, making ENS registration more affordable,” said Khouri Whitaker, CEO of ENS. Decrypt.
Whitaker believes that as more attention is drawn to Ethereum due to the merger, users will likely prepare for the post-merger world. “[Users] Their ENS logging is a staple for every Web3 user heading into this new chapter of Ethereum’s life.”
Set to take place on September 15, the merger will transform the Ethereum blockchain from Proof of Work to Proof of Stake consensus algorithm, a move expected to reduce the power consumption of the best blockchain for dapps, DAOs and NFTs by 99.95%according to the Ethereum Foundation.
“ENS is the only place where users can register their .eth domain,” Whitaker said. “Since our launch, we have steadily grown alongside Ethereum.”
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