Ahead of the upcoming Ethereum Merge, the trade volume for Ethereum domain name sales have peaked at a seven-day high on OpenSea.
Spike in Ethereum Domain Trading Volume
Ethereum Name Service (ENS) domains are a distributed, open, and expandable naming system on the Ethereum blockchain that enable users to condense a lengthy list of crypto address keys into a single ENS name, such as “vitalik.eth.”
Since users only need to share their domain name, as with any other regular address, it is much simpler than copying and pasting long wallet address lines for the purpose of transferring and receiving cryptocurrency. In the form of NFTs, these domain names can be purchased, sold, and exchanged between users.
Recent data from OpenSea reveals that an ENS domain typically costs 0.3207 ETH, or $533.71. At the time of writing, the weekly volume of Ethereum domain NFTs has exceeded 2,249 ETH, surpassing that of RTFKT Clone X (1,992 ETH) and Bored Ape Yacht Club (1,777 ETH).
The average price of ENS products has increased by 167%, up to 0.3895 ETH, or $641 USD at the time of writing, as a result of the recent surge in ENS trading activity; meanwhile daily their trade volume has risen sharply from 120.7 ETH up to 1044.6 ETH.
The increase in demand for ENS domain names occurred little more than a week before the Ethereum Merge, which is anticipated to take place between September 13th and 15th.
More than 508,000 users currently possess more than 2 million ENS products on OpenSea, with 2,682 ENS domains having been sold overall.
The Most Expensive Ethereum Domain Names
The most expensive ENS domain names, according to OpenSea, are 000.eth, which was purchased for 300 ETH, and is currently being offered for 5,000 ETH, followed by opensea.eth, crypto.eth, google.eth, and nike.eth.
September’s promising start comes after an exceptional month of sales for ENS in August, which saw more than 300,000 new “.eth” registrations, and a monthly revenue of 2,744 ETH—the third-highest month since ENS’s founding in 2018.
On the Flipside
ENS names are presented as the future of decentralized, censor-free websites, and as a potential global login for everything Web 3.0 by their proponents. However, the most popular usage of ENS names nowadays is as a short, readable substitute for the 42-character standard Ethereum wallet address.
Why You Should Care
Ethereum ranks as the 2nd largest cryptocurrency according to CoinMarketCap, with a market cap of 241.99 billion. Ethereum is also one of the most popular blockchains for NFTs.
For more of the recent developments related to OpenSea and the Ethereum Merge, read: