Transactions related to the Ethereum name service have skyrocketed over the past 24 hours on OpenSea. According to data at the time of publication, the volume of ENS increased by 202% compared to the daily period. The same amount was 1128 ETH. Bored Ape Yacht Club, on the other hand, had only been able to foster transactions worth 357 ETH.
As a result, on the weekly, ENS was able to clinch the numero uno position, leaving BAYC behind. As shown below, ENS sales trended upwards of 51% on the weekly, while BAYC numbers were down 40% in the same time frame.
The gap was much larger when it came to sales figures. According to data from OpenSea, over 9406 ENS sell trades were made in the past 7 days, while the number was just 16 for BAYC. In terms of settled value, however, the amounts remained quite similar – 2413 ETH and 2126 ETH respectively. It was the same because the floor price of Ethereum Name Service [<0.01 ETH] was much lower than the Bored Ape Yacht Club [76.5 ETH].
The big picture
The month of August was rather good for the ENS. There were over 301,000 new registrations that took place through which he earned $4.7 million in protocol revenue. As a result, August was the third highest revenue generating month for Ethereum Name Service.
Additionally, ENS transactions accounted for more than 99% of cumulative OpenSea domain volume.
The increase in these numbers notably precedes the Ethereum Merge upgrade. The community is obviously excited about the said event, and the same has positively impacted ENS and its sales.
In fact, a few days ago, Vitalik Buterin conducted a survey on the fair price to pay to own a 5-letter .eth domain name for 100 years. Nearly half of the 91.1,000 voters chose the “under $100” option. The next majority set remained split between $100 and $999 and $10,000 or more. The $1,000 to $9,999 option remained the least attractive.
As a result, collectors are increasingly placing bids on Ethereum domain names linked to Ethereum’s founder. According to data from ENS Sales Bot, ‘vitalik.eth’ got a new bid of 69 WETH on OpenSea a day ago.
So, with the merger on the cards, we can expect September to be an even better month for Ethereum Name Service, provided the hype holds up.
Also read: 2 million ENS names created on Ethereum. Will the uptrend last?