Amid the upcoming “merger”, Ethereum Name Service (ENS) has surpassed Bored Ape Yacht Club (BAYC) to become the best-traded asset on the OpenSea market over the past seven days.
According to OpenSea data, ENS NFT weekly volume topped 2,249 ETH, ahead of RTFKT Clone X at 1,992 ETH and Bored Ape Yacht Club at 1,777 ETH.
ENS domains are an Ethereum-based open address naming system that allows users to turn a long address string into a short address such as “vitalik.eth”.
The increase in ENS volume saw the average price of ENS increase by 167% to 0.3895 ETH and daily volume increased from 120.7 ETH to 1044.6 ETH.
At the moment, about 508,000 OpenSea users have over 2 million ENS items. And some of the most expensive ENS domain names are 000.eth, which was bought for 300 ETH and sold for 5,000 ETH, along with opensea.eth, crypto.eth, google.eth, and nike.eth.
The new milestone for ENS follows a spike in sales in August when 300,000 new “.eth” registrations were recorded, and a week before the Ethereum network “Merge” event.
Ethereum founder Vitalik Buterin asked his Twitter followers how much they would pay to own a five-character domain name for 100 years. The survey showed that 49.8% of 91,130 respondents chose “less than $100” and 18.9% considered “$10,000 or more” a fair price.