ENS domains have topped OpenSea’s seven-day trade volume chart ahead of the forthcoming Merge.
Over the past seven days, the most traded asset on nonfungible token (NFT) exchange OpenSea has been Ethereum Name Service (ENS) domain names, reportedly ahead of the Ethereum Merge.
OpenSea statistics indicates that at the time of writing, the weekly volume of the Ethereum domain NFTs exceeded 2,249 Ether (ETH), surpassing RTFKT Clone X’s 1,992 ETH and Bored Ape Yacht Club’s 1,777 ETH.
On the Ethereum blockchain, ENS domains are 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, or $641 at the time of writing, as a result of the recent surge in ENS trading activity, while daily volume has increased from 120.7 ETH to 1044.6 ETH.
More than 508,000 users currently possess 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.
September’s promising start comes after an exceptional sales month for ENS in August, which saw more than 300,000 new “.eth” registrations and monthly revenue of 2,744 ETH, the third-highest month since ENS’s founding in 2018.
August 2022 stats for ENS
– 301K new .eth registrations (total 2.17m names)
– $4.7m in protocol revenue (all goes to the @ENS_DAO)
– 2,744 ETH in revenue (3rd highest month)
– 34K new eth accounts w/ at least 1 ENS name (total 540k)
– >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT
— ens.eth (@ensdomains) September 1, 2022
The increase in demand for ENS domain names occurs little over a week before the Ethereum Merge, which is slated for about September 15.
Vitalik Buterin posed the following question to his 4.2 million followers on Sunday: “What price should a five-letter ENS domain name carry over a 100-year period?”
What is a fair price that someone should have to pay to register and unconditionally guarantee ownership of a 5-letter .eth domain for 100 years?
— vitalik.eth (@VitalikButerin) September 4, 2022
According to the poll, 49.8% of the 91,130 respondents chose “Under $100,” while 18.9% of respondents said “$10,000 or more” may be a reasonable price.
The typical cost of an ENS domain, according to OpenSea, is 0.3207 ETH, or $533.71.