Ethereum Domain Names Top NFTs Most Traded Asset on OpenSea

ENS domains took the top spot as the number one collection in the OpenSea NFT marketplace. Driven by a 170% increase in sales in the last 24 hours, the Ethereum name service has overturned the Bored Ape Yacht Club in seven-day volume.

Over the past week, ENS trading volume topped 2,305 ETH or $3.76 million, representing a 43% week-over-week increase. The Bored Ape Yacht Club saw a parallel decline of 43% to 2,126 ETH.

Nearly 9,000 ENS domains changed hands in the past seven days, compared to 16 NFT BAYC. But the ENS floor price – the lowest price for an item in a collection – is below $16, or less than 0.01 ETH, while the lowest price for a BAYC NFT is 76 ETH or approximately $124,000.

NFTs, or non-fungible tokens, are cryptographically unique tokens tied to digital and physical content, showing proof of ownership.

ENS domains can be linked to a cryptocurrency wallet, which means that instead of providing a sender with a typical Ethereum address – a long string of characters – users can specify their .eth domain name to receive a transaction. ENS domains can also be sold as NFTs.

According to OpenSea, there are over 508,000 ENS NFT owners with a total trading volume of 56.3k ETH, representing approximately $86.2 million.

Last month, ENS posted its third-highest revenue month, with 2.17 million domain names created on the service, accounting for 99% of domain name sales volume on OpenSea.

“With the upcoming merger and the recent market downturn, gas prices on Ethereum have dropped making it more affordable to register an ENS,” said ENS Executive Director Khori Whittaker. Decrypt.

Whittaker thinks that with more attention on Ethereum due to the merger, it’s likely that users are preparing for a post-merger world. “[Users] Registering their personal ENS is a must for every Web3 user entering this new chapter of Ethereum life,” he said.

Scheduled for September 15, the merger will move the Ethereum blockchain from a proof-of-work to a proof-of-stake consensus algorithm, a move that is expected to reduce the power consumption of the best blockchain for dapps, DAOs and NFTs in 99.95%according to the Ethereum Foundation.

“ENS is the only place users can register an .eth domain,” Whittaker said. “Since our launch, we have grown steadily in tandem with Ethereum.”

Stay up to date with crypto news, get daily updates in your inbox.