Ethereum Name Service-related transactions have significantly blown up over the past 24 hours on OpenSea. Per data at press time, ENS’s volume was up by 202% on the daily time frame. The same amounted to 1128 ETH. Bored Ape Yacht Club, on the other hand, had only been able foster transactions worth 357 ETH.
As a result, on the weekly, ENS had been able to clinch the numero uno position, leaving BAYC behind. As illustrated below, the ENS’s sales noted an upward inclination of 51% on the weekly, while BAYC’s number had diminished by 40% in the same time frame.
The disparity was much wider with respect to sales figures. Per data from OpenSea, over 9406 ENS sales transactions were carried out over the past 7-days, while the number stood at merely 16 for BAYC. In terms of value settled, however, the amounts remained quite similar—2413 ETH and 2126 ETH respectively. The same was because Ethereum Name Service’s floor price [<0.01 ETH] was way lower relative to Bored Ape Yacht Club's [76.5 ETH].
The big picture
The month of August was fairly good for ENS. There were over 301k new registrations that had taken place via which it had earned $4.7 million in protocol revenue. As a result, August was the third highest revenue-generating month for Ethereum Name Service.
Furthermore, ENS transactions accounted for more than 99% of the cumulative OpenSea domain volume.
The rise in the said numbers notably comes ahead of Ethereum’s Merge upgrade. The community is evidently excited about the said event, and the same has rubbed off positively on ENS and its sales.
In fact, a couple of days back, Vitalik Buterin conducted a poll about the fair price to pay to own a 5-letter .eth domain name for 100 years. Almost half of the 91.1k voters had chosen the ‘under $100’ option. The next majority set remained divided between $100-$999, and $10000 or more. The $1000-$9999 option remained to be the least appealing one.
As a result, collectors have been increasingly placing bids on Ethereum domain names relating to the Ethereum founder. Per data from ENS Sales Bot, ‘vitalik.eth’ had gotten a new bid of 69 WETH on OpenSea a day back.
So, with the Merge on the cards, September can be expected to be an even better month for Ethereum Name Service, provided the hype sustains.
Also Read: 2 million ENS names created on Ethereum. Will the uptrend last?