Ethereum Name Service (ENS) domain has topped OpenSea’s seven-day trade volume chart ahead of the forthcoming Merge.
Over the past seven days, the most traded asset on NFT marketplace OpenSea has been Ethereum Name Service (ENS) domain names, apparently ahead of the Ethereum Merge.
OpenSea records show that at the time of writing, the weekly volume of the Ethereum domain NFTs exceeded 2,249 ETH, surpassing RTFKT Clone X (1,992 ETH) and Bored Ape Yacht Club (1,777 ETH).
On the Ethereum blockchain, ENS domain is a distributed, open, and extendable naming system that let users turn a lengthy list of crypto address keys into a single ENS domain, such as “vitalik.eth.”
In order to transfer and receive cryptocurrency, users no longer need to copy and paste a long wallet address; instead, they simply share their domain name, just like they would any other address.
Users can buy, sell, and trade these domain names among themselves using NFTs.
The average price of ENS products has increased 167% to 0.3895 ETH ($641) after the recent surge in ENS trading activity, while daily volume has increased from 120.7 ETH to 1044.6 ETH.
More than 508,000 owners currently hold more than 2 million ENS products on OpenSea, and 2,682 ENS domains have been sold overall.
The most expensive ENS domain names, according to OpenSea, are 000.eth, which was purchased for 300 ETH and is currently being offered for sale for 5,000 ETH, along with opensea.eth, crypto.eth, google.eth, and nike.eth.
The ENS sales month of August was excellent, with more than 300,000 new “.eth” registrations and monthly revenue of 2,744 ETH, the third-highest month since ENS’s founding in 2018. The solid start in September continues that impressive sales month.
The increase in demand for ENS domain names occurs a little over a week before the Ethereum Merge, which is slated for about September 15.
Vitalik Buterin tweeted on September 4 asking his 4.2 million followers what price a five-letter ENS domain name should fetch over a century:
According to the study, 49.8% of the 91,130 respondents chose “Under $100,” while 18.9% of respondents believed “$10,000 or more” might be regarded as a reasonable price.
The typical cost of an ENS domain, according to OpenSea, is 0.3207 ETH, or $533.71.
