On the NFT marketplace OpenSea,ENS domains have surpassed all other collectionsto claim first place.The Ethereum Name Service sold the Bored Ape Yacht Club in sevenday volume because sales have gone up by 170% in the last 24 hours.
Last week, more than 2,305 ETH or $3.76 million, theworth of ENS was traded. This is a 43% increase from the week before. The Bored Ape Yacht Club dropped by the same amount, 43%, 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 pricethe lowest price fr an item in a collection—is less than $16, or less than 0.01 ETH.
NFTs are tokens that are cryptographically distinct and linked to both digital and physical stuff to demonstrate ownership.
ENS domains can beconnected to a cryptocurrency wallet. This means that instead of giving a sender a typical Ethereum address, allowing users to give their.eth domain name to receive a transaction. You can also sell ENS domains as NFTs.
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 ever.
“With the upcoming merge and recent market downturn, gas prices on Ethereum have dropped, making it more affordable to register an ENS,” Khori Whittaker, ENS executive director, told Decrypt.
Whittaker thinks it’s likely that users are preparing for a post-merge scenario because the merge has brought greater attention to Ethereum.”[Users] registering their personal ENS is a staple for every Web3 user heading into this new chapter of Ethereum’s life,” he said.
According to the Ethereum Foundation, the merge, which is 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%.
“ENS is the only place where users can register a .eth domain,” Whittaker said. “Since our launch we’ve steadily grown in tandem with Ethereum.”
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