With the increased adoption and attention to non-fungible tokens, several platforms like OpenSea emerged as trading hubs. As a result, people needed suitable grounds to interact and transact with the numerous NFTs available in the space. Hence, some platforms have been trying to bridge the gap and serve potential investors of collectibles.
OpenSea is an NFT marketplace where many investors buy, sell and trade majorly NFT collections. The platform is a decentralized marketplace built on the Ethereum blockchain. Since its launch in 2017, OpenSea has meteorically risen as one of the largest platforms to trade and transact NFT collections.
However, having been around for some years, it has become an old stager regarding NFT selling, buying, trading, and other related transactions.
OpenSea focused on the Ethereum network for most of its NFT collections in the past. As a result, Ethereum is the first and most prominent home for most popular NFTs. But later on, OpenSea became a cross-chain marketplace that included NFT trading from other networks like Solana, Polygon, and others.
In a recent report, OpenSea’s weekly chart recorded more Ethereum Name Service (ENS) domain names. In addition, the data for ENS exceeded Bored Ape Yacht Club (BAYC) as the most traded token on OpenSea over the past week. This sudden feat for Ethereum is happening just some days before the long-awaited Merge.
ENS Domain Names Take The Lead In OpenSea Marketplace
The data from OpenSea indicated that the weekly trading volume of the Ethereum domain NFTs hit 2,249 ETHS at the press time. This volume surpasses BAYC and RTFKT Clone X, which are 1,777 ETH and 1992 ETH, respectively.
Also, the OpenSea data indicated that more than 2 million ENS items are on its marketplace. The breakdown shows that total sales of 2,682 ENS domains with over 508,000 owners were recorded.
From the new increase in ENS trading volume, the average price of the ENS items surged to 0.3895 ETH, worth $641. This depicts an increase of about 167%. Also, the daily volume spiked to 1,044.6 ETH from 120.7 ETH. OpenSea related that an ENS domain average price is 0.3207 ETH worth $533.71.
Additionally, the platform indicated some of the most expensive ENS domain names as 000.eth, crypto,eth, opensea.eth, nike.eth, and google.eth. The top is 000.eth, purchased for 300ETH, and is up for sale for 5,000 ETH.
Significance Of ENS Domains Names
The ENS domains are the Ethereum blockchain’s distributed and open naming system. Users can get a single domain like the ‘vitalik.eth’ with the system. They must turn their keys to a crypto address to achieve that.
Ethereum price tanks on the chart l Source: ETHUSDT on Tradingview.com
It is possible to sell, buy and trade the ENS domain names among users. The process for such transactions is completed in the form of NFTs in an NFT marketplace.
With the naming system that creates single domain names, it’s easy for users to copy and paste their initially lengthy wallet addresses. Hence, they could conveniently send or receive crypto tokens since they must share their domain name like other traditional addresses.
Featured image from Pexels, chart from TradingView.com