OpenSea Weekly Chart Records Ethereum Domains Getting More Hype
September 06 2022 - 8:02PM
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With the increased adoption and attention to non-fungible tokens,
several platforms like OpenSea emerged as trading hubs. As a
result, people needed suitable grounds to interact and transact
with the numerous NFTs available in the space. Hence, some
platforms have been trying to bridge the gap and serve potential
investors of collectibles. OpenSea is an NFT marketplace where many
investors buy, sell and trade majorly NFT collections. The platform
is a decentralized marketplace built on the Ethereum blockchain.
Since its launch in 2017, OpenSea has meteorically risen as one of
the largest platforms to trade and transact NFT collections.
Related Reading: Ethereum Nears Another Milestone Ahead Of Merge,
Rally Incoming? However, having been around for some years, it has
become an old stager regarding NFT selling, buying, trading, and
other related transactions. OpenSea focused on the Ethereum network
for most of its NFT collections in the past. As a result, Ethereum
is the first and most prominent home for most popular NFTs. But
later on, OpenSea became a cross-chain marketplace that included
NFT trading from other networks like Solana, Polygon, and others.
In a recent report, OpenSea’s weekly chart recorded more Ethereum
Name Service (ENS) domain names. In addition, the data for ENS
exceeded Bored Ape Yacht Club (BAYC) as the most traded token on
OpenSea over the past week. This sudden feat for Ethereum is
happening just some days before the long-awaited Merge. ENS Domain
Names Take The Lead In OpenSea Marketplace The data from OpenSea
indicated that the weekly trading volume of the Ethereum domain
NFTs hit 2,249 ETHS at the press time. This volume surpasses BAYC
and RTFKT Clone X, which are 1,777 ETH and 1992 ETH, respectively.
Also, the OpenSea data indicated that more than 2 million ENS items
are on its marketplace. The breakdown shows that total sales of
2,682 ENS domains with over 508,000 owners were recorded. From the
new increase in ENS trading volume, the average price of the ENS
items surged to 0.3895 ETH, worth $641. This depicts an increase of
about 167%. Also, the daily volume spiked to 1,044.6 ETH from 120.7
ETH. OpenSea related that an ENS domain average price is 0.3207 ETH
worth $533.71. Additionally, the platform indicated some of the
most expensive ENS domain names as 000.eth, crypto,eth,
opensea.eth, nike.eth, and google.eth. The top is 000.eth,
purchased for 300ETH, and is up for sale for 5,000 ETH.
Significance Of ENS Domains Names The ENS domains are the Ethereum
blockchain’s distributed and open naming system. Users can get a
single domain like the ‘vitalik.eth’ with the system. They must
turn their keys to a crypto address to achieve that. It is possible
to sell, buy and trade the ENS domain names among users. The
process for such transactions is completed in the form of NFTs in
an NFT marketplace. Related Reading: The September Curse: Why
Bitcoin Price May Touch $10,000 With the naming system that creates
single domain names, it’s easy for users to copy and paste their
initially lengthy wallet addresses. Hence, they could conveniently
send or receive crypto tokens since they must share their domain
name like other traditional addresses. Featured image from Pexels,
chart from TradingView.com
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