Ethereum Domain Names Surge on OpenSea

Ethereum Name Service (ENS) domain names has risen to the top spot of non-fungible token (NFT) collections on the number one marketplace OpenSea. Over the past 24 hours, ENS domain sales have catapulted by 105%, more than doubling the blue-chip Bored Ape Yacht Club (BAYC) collection in seven-day trading volume.

ENS domain names link directly to crypto wallets. This enables users to replace long Ethereum addresses with their ENS domain to receive transactions easily. Each ENS domain can also be sold as a non-fungible token (NFT).

ENS domain trading volume over the past week eclipsed 2,500 ETH, or around $4.2 million at the time of writing. The total week-over-week increase was 62%. At the same time, the BAYC collection saw a drop in 44% to 2,005 ETH.

Over the last seven days, about 9,000 ENS domains were traded, as opposed to only 16 BAYC NFTs. However, it’s worth noting that there are significant differences in the floor price of each collection. The ENS floor price is around $15, or less than .01 ETH. The lowest price you can purchase a BAYC NFT is currently 76.2 ETH, or around $126,000 at the time of writing.

Currently on OpenSea, there are over 6.5K owners of ENS NFTs with a total trading volume of 659.3K ETH. Last month, ENS accounted for 99 percent of the domain sales volume on OpenSea, with over 2.1 million domain names created on the service.

Some are attributing the boost in sales to Ethereum’s merge, which is expected between September 13th and 15th and will transform the blockchain from a proof-of-work to a proof-of-stake consensus mechanism. The move could lower Ethereum’s energy consumption by as much as 99.95 percent, significantly reducing transaction costs for users.

Khori Whittaker, executive director of ENS, said that as it becomes more affordable to register an ENS domain name, owning one will become a “staple for every Web3 user.”

Big Names Buying ENS Domain Names

The surge in sales of ENS domains is new, but interest in ENS domains has been around for some time. At Rarity Sniper, we’ve reported on several big brands and celebrities purchasing ENS domains in recent months. Here are some of the top stories.

A few months ago Nike-owned RTFKT Studios bought the ENS domain “dotswoosh.eth.” RTFKT reportedly spent 19.7 ETH on the domain, or around $35,000 at the time. With the purchase, RTFKT now has ten ENS addresses, all of which are related to Nike or RTFKT projects.

Next, American actor Anthony Hopkins reportedly purchased the ENS domain name AHopkins.eth. Hopkins uses the address on his Twitter profile and has reached out to other Web3 enthusiasts including Snoop Dogg, Jimmy Fallon, and Reese Witherspoon for advice on acquiring NFT art.

Lastly, about six months ago, the German footwear and apparel company Puma bought the domain name “puma.eth.” After the move, Puma’s Twitter account jumped to 13th-most followed out of accounts with ENS domains.

Time will tell if the surge in ENS domain names will continue. But if Ethereum’s merge proves to significantly reduce gas fees and the world continues to adopt Web3, then there could be a bright future ahead for Ethereum Name Services and Ethereum domain names in general.