: Ethereum domain names
The Ethereum Name Service (ENS domain names have surpassed Bored Ape Yacht Club, (BAYC), as the most traded asset on market OpenSea in the past seven days — possibly ahead of the Ethereum Merge.
ENS domains allow users to convert a long string containing keys for a crypto address into a single ENS Domain such as “vitalik.eth”.
This reduces the effort of copying and pasting long wallet addresses to send and receive crypto. Users simply need to share their domain names as any other address.
These domain names are available for sale, purchase and trade between users using NFTs.
Recent spikes in ENS trading volume have seen the average price for ENS items rise 167% to 0.3895 ETH (or $641 at the time). Daily volume has risen from 120.7 ETH up to 1044.6 ETH.
OpenSea now has more than 2 million ENS items, spread among over 508,000 owners. Total sales are currently at 2,682 ENSdomains.
OpenSea reports that 000.eth is one of the most valuable ENS domain names. It was purchased for 300 ETH and is now on sale for 5,000 ETH.
After an August record-breaking ENS sales month, September saw over 300,000 new “.eth” registrations, and a monthly revenue of 2,744 ETH. This was the third-highest month since ENS was established in 2018.
August 2022 statistics for ENS
– 301K new.eth registrations (total 2.17m name)
$4.7m in revenue from protocol (all proceeds go to the @ENS_DAO).
– 2,744 Ethereum in Revenue (3rd Highest Month)
34K new eth accounts with at least one ENS name (total of 540k).
– >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT
— ens.eth (@ensdomains)
September 1, 2022
This spike in ENS domain demand occurred just a few weeks before the scheduled date for the Ethereum Merge, which is scheduled to take place around September 15.
Related: Ethereum Name Service registrations rise by 200% amid lower gas prices
Vitalik Buterin, a 4.2 million-strong follower, asked Sunday what price tag a five letter ENS domain name should have over a 100 year period.
What price should someone pay to secure 100-year ownership of a 5-letter domain?
— vitalik.eth (@VitalikButerin)
September 4, 2022
According to the poll, 49.8% of the 91.130 respondents voted for “Under $100,” while 18.9% voted that “$10,000 or More” was a fair price.
OpenSea reports that the average cost of an ENS domain costs 0.3207 ETH or $533.71.