Crypto Beginner

Users snap up ENS domain names ahead of merge

ENS domain

It appears anything that has something to do with Ethereum commands a premium these days. Ahead of the merge, ENS domain names are selling like hotcakes on the world’s largest NFT marketplace OpenSea. Over the last seven days, the weekly trading volume of ENS domain names has surpassed 3,210 ETH, ahead of RTFKT Clone X’s trading volume at 2,034 ETH and Bored Ape Yacht Club’s at 1,210 ETH.

In the last seven days, over 12,000 ENS domain names have changed hands and there are no signs of a slowdown.

Ethereum Name Service (ENS) domains are secure domain names for the decentralized world that enable human-readable names to blockchain and non-blockchain resources like ETH wallet addresses.

Currently, there are over 2.1 million ENS domain names available for exchange on OpenSea and the floor price is less than 0.01ETH, equivalent to less than $16. Despite the low floor price, the average selling price of ENS domain names on OpenSea is 0.3207 ETH, or $533.71.

In recent months, ENS has witnessed a huge demand for ENS domain names, recording the highest-ever revenue growth for three months in a row. In August, 2.17 million ENS domain names were created, which added 2,744 ETH, or about $4.3 million in revenue. It also accounted for more than 99% of the domain sales volume on OpenSea.

The huge spike in the ENS domain creation and trading comes a week before the merge, which has attracted increased investor attention. Experts expect the number to increase even higher soon after the merger. ENS is the only platform where users can create a .eth domain, the reason often attributed to its steady growth.

FAQs

What happens to expired ENS names?

It’s important to note that ENS policies and procedures can change, and you should refer to the official ENS website or other trusted sources for the most up-to-date information regarding the handling of expired ENS names. Additionally, some ENS names may be subject to specific rules or restrictions, such as premium names or names associated with trademarks, and these may have different expiration and auction processes.

Why are people buying ENS domains?

It’s worth noting that ENS domain names are not limited to .eth domains. The ENS system can be used with top-level domains (TLDs) and namespaces, allowing for greater flexibility and customization.

As the decentralized web continues to grow and evolve, the use cases and demand for ENS domains may expand, making them valuable assets in the blockchain and cryptocurrency.

Can ENS domains be transferred?

It’s essential to use trusted and secure methods to facilitate the transfer of ENS domains to prevent any potential issues or disputes. Additionally, ensure that the transfer is executed through a wallet or service that supports ENS operations. The exact steps and requirements may vary depending on the wallet or interface you use.

Remember that some ENS domains may have restrictions or specific rules imposed by their owners, which could affect the transfer process. It’s a good practice to check the individual domain’s details and rules before attempting a transfer.

How are ENS domains resolved?

ENS domains can be used for various purposes, including simplifying cryptocurrency transactions, hosting decentralized websites, and linking to decentralized applications (DApps). The ENS system makes it easier for users to interact with the Ethereum blockchain and decentralized web by using human-readable names instead of complex hexadecimal addresses or content hashes.

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