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Ethereum Names Services (ENS) recorded the highest weekly trading volume over the NFT marketplace OpenSea. The instance took place during the first week of September 2022. The timing of ENS trading volume accelerating towards the top position is not strange given The Merge is around the corner.
ENS are Ethereum-based domain name services that allow the creation of simple names for typical alphanumeric wallet addresses and such entities. It eliminates the complexities of using hard-to-remember wallet addresses in order to initiate transactions. The protocol turns these addresses into simple domain names that end with ‘.eth’.
The ENS domain names can be traded like non-fungible tokens (NFTs) on NFT marketplaces like OpenSea. Its leading the trading volume makes sense given its utilities and real-life use cases. Meanwhile, they also surpassed the Bored Ape Yacht Club (BAYC) and RTKFT Clone like NFT collections in terms of the weekly trading volume.
Utilities and use cases are one factor that makes ENS enjoy the privilege, but the reason behind the surge could be different. Many believe this is a sure effect of the upcoming launch of The Merge. It’s the highly anticipated upgrade on the Ethereum network, following which the network would transition from proof-of-work to proof-of-stakes.
Currently, the average price of ENS items available on OpenSea is quite minimal, around 0.3207 ETH. However, it is their quantity that creates the difference. There are more than two million ENS items available over the NFT marketplace and belong to different 508K holders.
At the time of writing, the weekly trading volume of ENS NFTs is around 2,484.66 ETH, according to the data available on OpenSea. In the meantime, Bored Ape’s trading volume is at 2,125.72 ETH, and RTFKT Clone is at 2,009.98 ETH.
Ethereum Name Services was started in 2018 and gradually got popular. Interestingly, the August month of 2022 has seen 300K new registrations and generated about 2,744 ETH in revenue. Currently 000.eth is the ENS item with the highest price of 300 ETH and available on sale for 5,000 ETH.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
