216% up; Is it the Ethereum Name Service season again?

Lavina Daryanani
Source: NFT News Pro

At the beginning of the month, ENS domain 000.eth was sold for 300 Ethereum, roughly summing up to $321k. As such, the said sale marked the second-largest ETH and Dollar purchase.

Per on-chain data, the ENS name was sold by a user called EtheOS on the OpenSea marketplace who received it in June 2020. The domain name, on its part, was created on 9 November 2019 and is set to expire on 10 June 2026.

To keep the name beyond the said expiry date, the buyer will need to pay for extended registration. The same is currently set at $5/year for names 5 characters or longer, $160/year for names 4 characters in length, and $640/year for names 3 characters in length.

Alongside numericals, Non-Roman character names in Arabic and Chinese, have also seen some interest of late. Recently, “٠٠٠.eth” was sold for selling for 100 ETH.

Domino effect of the 300 ETH purchase

On the macro-frame, the daily ENS registrations have spiked recently. They reached over 30k new addresses on 4 July. Delphi Digital’s recent analysis speculated that the rise was triggered by the aforementioned large purchase.

This spike could be due to the ENS address 000.eth being bought for a record-breaking 300 ETH.

Source: Twitter

In fact, ENS registrations have noted a 216% incline just over the past week. Additionally, secondary sales of ENS domain names on OpenSea have also seen a massive spike, soaring over 300% in the past week.

The said datasets clearly indicate that the ENS domain name craze isn’t over yet. In fact, per crypto data aggregating platform LunarCrush, the social activity of ENS has also simultaneously spiked. Midway through this week, the mentions, dominance, and engagements noted hikes in the 70% to 294% bracket.

The (un)accounted Ethereum gas fee factor

Well, Ethereum’s gas price has been falling of late. At one point in May, it stood at $197. Earlier this week, however, it dropped to a level as low as $1.57. The same was last noted only back in December 2020, right before the NFT-mania took concrete shape.

From last year until May this year, the average Ethereum network gas fee stood around $40. Thus, it can be speculatively attributed that the relatively cheap single-digit fee, along with the .000 episode, managed to re-ignite the ENS hype in conjunction.

Source: bitinfocharts.com

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