A few days before the launch of the Ethereum Merge upgrade, the various services and products related to the blockchain are on the rise. This is particularly the case for decentralized domain names offered by Ethereum Name Service. The latter have thus become the most traded NFTs on the OpenSea marketplace over the past week. More details later.
Ethereum Name Service Shows Weekly Trading Volume Up 43%
NFTs from the Bored Ape Yatch Club collection are no longer OpenSea stars since the platform’s weekly stats were released. They have indeed lost this status in favor of Ethereum Name Service (ENS) domain names. The latter, which come in the form of NFTs, have in particular recorded a trade volume greater than 2,305 ETH, or more than $3.75 million. This represents a 43% increase in one week for ENS domain names, which thus become the most sought-after assets on OpenSea.
These chasers are RTFKT Clone X and Bored Ape Yacht Club with 1,992 ETH and 1,777 ETH in trading volume respectively over the same period. As a result of this feat, the average price of ENS domain names has jumped 167% to settle at 0.3895 ETH. As a reminder, Ethereum Name Service allows users to generate easier to remember address names to perform transactions. The craze for the latter has recently gained momentum with the upcoming transition of the Ethereum blockchain to a proof-of-work consensus mechanism.
Despite the renewed interest in Ethereum Name Service NFTs in the context of the blockchain upgrade, their mass adoption is still far from a reality. However, this performance testifies to the influence that the event which is scheduled for mid-September will have on the blockchain and the projects it hosts.
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