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Ethereum name service

Why is the Transaction Volume Increasing in ETHEREUM NAME SERVICE Domain Names?

Overall NFT volume has fallen off the cliff since January, while Ethereum Name Service (ENS) domain sales surged last week.

The collection is currently the most traded Ethereum-based collection on OpenSea, surpassing the likes of both CryptoPunks and Bored Ape Yacht Club (BAYC). What’s behind the collection’s sudden rise to the top of the market?

ENS VS NFT Performance

According to OpenSea, ETHEREUM NAME SERVICE has generated 876 ETH in sales at the time of writing in the last 24 hours alone. At current prices, $1,376,196 in this transaction.

By comparison, CryptoPunks only generated 253 ETH in transactions, while BAYC generated 157 ETH in transaction volume. ENS ranks second overall on OpenSea, trailing only the “yoots mint t00b” collection with a volume of 191,000 SOL ($5,730,000) after Tuesday’s mintage event.

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While the most popular NFTs today are mostly used as speculative collections, ENS fields work a little differently. While ETHEREUM NAME SERVICE domains can be traded as NFTs, they also allow holders to add human-readable names to their cryptocurrency addresses.

This can make it easier and more natural to perform operations instead of using long strings of numbers and letters to identify another user. Given that each field is unique, certain fields – especially for popular words – are highly valuable. OpenSea data says it owns over 510,000 ENS.

Why Instant Pump?

Some of the increase in ENS volume can be attributed to longer-term trends. Collection is the first 5 collections according to the transaction volume whose volume has increased in the last 30 days. August fell as the service’s third-highest revenue month.

Khori Whittaker, managing director of ETHEREUM NAME SERVICE , said that falling ETH prices to Decrypt most likely contributed to this. ENS registration prices are in ETH; this means that the bear market makes registration cheaper in dollar terms.

However, a more recent contributor is probably Merge excitement. The excitement surrounding the upgrade may cause users to want to mark their territory on Ethereum with a domain before it’s too late.

“[Users] registering their personal ENS is a staple for every Web3 user heading into this new chapter of Ethereum’s life,” said Whittaker. “Since our launch we’ve steadily grown in tandem with Ethereum.”

ETHEREUM NAME SERVICE

About Hama Amefiz

Amefiz is a professional blockchain, cryptocurrency and tech journalist, regular contributor to newsbsc.com who is writing analysis about the latest developments in the cryptocurrency and blockchain space.

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