Ethereum Name Service [ENS] is one of the cryptocurrencies that benefited from ChatGPT’s popularity despite not being an AI token. The chatgpt.eth domain sold on OpenSea for 6 ETH, according to the sales bot of the open naming system.
Domain sales are increasing, while registrations are decreasing
According to data collected from the NFT marketplace, the seller was identified as “Ishmilly.” The previous owner of the domain, LongDuck, purchased it for 0.043 ETH. In comparison to the Ethereum market price at the time of publication, the value of the asset was close to $10,000.
Within twenty-four hours of the sale, ENS’s collection volume climbed by 46%. Although the massive sale may have played an effect, the increase suggests that additional objects were traded under the collection. Despite a 335% increase in volume from a different collection, this allowed ENS to maintain its top position in the domain sales rankings.
This transaction enhanced ChatGPT’s standing in the cryptocurrency market. Tokens, Fetch. Ai [FET], and SingularityNET [AGIX], for instance, have experienced significant value increases since the AI tool’s broad adoption.
In less than two months, ENS registered an additional million domains after acquiring a large number of registrations at once.
However, this occurred during the third quarter (Q3) of 2022. According to Dune Analytics, however, domain interest has only increased Month-on-Month (MoM) since then. At the time of writing, the number of domain registrations in February was 10,248.
Nonetheless, it is expected that it will be closer to the ones in December 2022 and January 2023, which only differed by a small amount.
The cost of ENS increases as ChatGPT grows
CoinMarketCap data indicates that the price of ENS tokens has climbed by 2.15 percent over the past 24 hours. At the same time, the volume of trade increased by 20.26 percent. As a result of the increase, more tokens were traded than on the previous day, regardless of profit or loss.
Surprisingly, it is possible that the expanding usage of AI will continue to affect the crypto ecosystem. This was due to the acts of Microsoft.
Recently, the organization invested in OpenAI, the company that developed ChatGPT technology. However, the technology business went a step farther by integrating the function into Bing.
Consequently, if the crypto community is interested, this significant sale could lead to a tightening of ENS limits.
Content Source: ambcrypto.com