Ethereum Name Service NFTs are the top 5 most traded NFTs on Opensea with over $11 million in trading volume in the last 30 days.
The surge in trading volume comes before the highly anticipated Ethereum merge and recent Ethereum price surges.
As of August 2022, 2.17 million Ethereum Name Service NFTs have been created. Ethereum Name Service NFTs make up most of Opensea's domain volume.
What is Ethereum Name Service?
From September 7 to September 12, Ethereum Name Service’s 7-day volume reached over $4.3 million with a 7-day average price of 0.1983 ETH which would currently be around $346.
Ethereum Name Service NFTs are internet domains that can be bought with Ethereum on the Ethereum Name Service website or through NFT marketplaces. The domains known generally as ENS domains can be registered as web domains ending in .eth.
Many ENS followers believe the .eth domains will become highly sought after website domains in future. Investors and speculators believe the internet is moving from a web2 world into a new decentralised web3 era.
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Earlier this year, ENS domains made up of numbers from 1 -10,000 went viral as traders spent thousands on numerical domains. So far, the highest numerical domain is 8888.eth sold in June for 38 ETH, now worth over £50,000.
Due to the growing popularity of ENS domains, an NFT market explicitly made for ENS domains was created. ENS.Vision allows ENS domain holders to list their ENS NFTs for sale on a dedicated NFT market instead of the usual Ethereum-based Opensea.
ENS.Vision’s front page displays data about recent top ENS sales and the most traded ENS categories such as the aforementioned 10k Club, 100k Club, 999 Club and even a club for Arabic numerals known as the Arabic 999 Club.
Only time will tell if Ethereum name services' popularity continues and if .eth domains will soon become common domain names.
Learn more about NFTs and the latest upcoming NFT projects in 2022.