Ethereum Name Service (ENS) domain names have overtaken Bored Ape Yacht Club (BAYC) as the most traded asset on the OpenSea non-fungible token (NFT) market in the last seven days – apparently before the Ethereum merger .
According to data from OpenSea, the weekly volume of Ethereum domain NFTs eclipse 2,249 Ether (ETH) at the time of writing, beating RTFKT Clone X at 1,992 ETH and Bored Ape Yacht Club at 1,777 ETH.
ENS Domains are a distributed, open, and extensible naming system on the Ethereum blockchain that allows users to transform a long chain of keys for a cryptographic address into a single ENS domain such as “vitalik.eth”.
This simplifies the complexity of copying and pasting a long wallet address to send and receive crypto, as users only need to share their domain name like any other regular address.
These domain names can be bought, sold and traded between users in the form of NFTs.
The recent spike in ENS trading volume saw the average price of ENS items increase by 167% to 0.3895 ETH, or $641 at the time of writing, while daily volume fell from 120.7 ETH to 1044, 6 ETH.
There are now over 2 million ENS items on OpenSea distributed among over 508,000 owners, with total sales now standing at 2,682 ENS domains sold.
According to OpenSea, some of the most expensive ENS domain names are 000.eth, which was bought for 300 ETH and is on sale for 5,000 ETH, as well as opensea.eth, crypto.eth, google.eth, and nike.eth .
The strong start to September follows an impressive month of ENS sales in August, which saw over 300,000 new “.eth” registrations and monthly sales of 2,744 ETH, the third highest month since the launch. creation of the ENS in 2018.
August 2022 statistics for ENS
– 301,000 new .eth registrations (total of 2.17 million names)
– $4.7 million in protocol revenue (all goes to @ENS_DAO)
– 2,744 ETH in revenue (3rd highest month)
– 34K new eth accounts with at least 1 ENS name (total 540k)
– >99% of OpenSea domain volume pic.twitter.com/utU8i4cBMT
— ens.eth (@ensdomains) September 1, 2022
The peak in demand for ENS domain names comes just over a week before the scheduled Ethereum merger date, which is scheduled for around September 15th.
Related: Ethereum Name Service Registrations Surge 200% Amid Lower Gas Fees
On Sunday, Vitalik Buterin asked his 4.2 million followers how much a five-letter ENS domain name should cost over a 100-year period:
What is the fair price someone should pay to register and unconditionally guarantee ownership of a 5-letter .eth domain for 100 years?
— vitalik.eth (@VitalikButerin) September 4, 2022
The poll found that 49.8% of 91,130 voters chose “less than $100”, while 18.9% of voters thought “$10,000 or more” could be considered a fair price.
According to OpenSea, the average price of an ENS domain is 0.3207 ETH, or $533.71.