On the NFT marketplace OpenSea, ENS domains have taken the top spot as the number one collection. The Ethereum Name Service flipped the Bored Ape Yacht Club in seven-day volume, thanks to a 170% increase in sales over the last 24 hours.
ENS trade volume hit 2,305 ETH or $3.76 million in the last week, showing a 43% week-over-week gain. The Bored Ape Yacht Club experienced a 43% decline to 2,126 ETH.
In the last seven days, nearly 9,000 ENS domains changed hands, compared to 16 BAYC NFTs. However, the ENS floor price—the lowest price for an item in a collection—is less than $16, or less than 0.01 ETH, and the BAYC NFT’s lowest price is 76 ETH, or over $124,000.
Non-fungible tokens (NFTs) are cryptographically unique tokens that are linked to digital and physical content to demonstrate ownership.
In four months, the number of Ethereum names created more than doubles to 2 million.
ENS domains can be linked to a cryptocurrency wallet, which means that instead of giving a sender a conventional Ethereum address (a long string of letters), users can specify their.eth domain name to receive a transaction. ENS domains can likewise be bought and sold as NFTs.
According to OpenSea, there are over 508,000 ENS NFT owners, with a total trading volume of 56.3k ETH, or around $86.2 million.
ENS recorded its third biggest month of revenue last month, with 2.17 million domain names created on the service, accounting for 99% of OpenSea’s domain name sales volume.
The Backlash Against Ethereum Name Service Highlights Web3 Anonymity
“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 said.
Whittaker feels that with greater attention focused on Ethereum as a result of the merger, users are preparing for a post-merger scenario. “[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 September 15 merge will convert the Ethereum blockchain from a proof-of-work to a proof-of-stake consensus method, which is intended to reduce the energy consumption of the top 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.”