Ethereum Name Service Domains Is The Most Transacted NFT On Ethereum

The spike in sales brought the Ethereum Name Service (ENS) domain to the top of the OpenSea list of the most popular NFT collectibles.

ENS domain has taken 2nd place after y00ts collection but as number one Ether collection in OpenSea NFT market. Driven by a 150% jump in sales over the past 24 hours, the Ethereum Name Service flipped the Bored Ape Yacht Club in seven-day volume.

In the past week, ENS trading volume surpassed 2,550 ETH or $4.2 million, representing a 60% week-over-week increase. The Bored Ape Yacht Club saw a parallel 35% drop to 2,202 ETH.

Last month, ENS reported its third-highest month of revenue, with 2.17 million domains created on the service, representing 99% of domain name sales on OpenSea, as well as reaching the milestone of more than 2 million domain name registrations overall.

Khori Whittaker, ENS executive director, said:

“With the upcoming merge and recent market downturn, gas prices on Ethereum have dropped, making it more affordable to register an ENS.”

Whittaker feels that with increased attention focused on Ethereum due to The Merge, people are likely 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, intended to reduce the energy consumption of the top blockchain for dapps, DAOs, and NFTs by 99.95%. Whittaker added:

“ENS is the only place where users can register a .eth domain. Since our launch we’ve steadily grown in tandem with Ethereum.”

DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.

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