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 hot cakes 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 enables 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 merge. ENS is the only platform where users can create a .eth domain, the reason often attributed for its steady growth.