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April 30, 2022

Ethereum domain name was sold as an NFT for $160,000

A three-number Ethereum Name Service (ENS) domain called 555.eth was just sold for 55.5 ETH, which is worth more than $160,000. It is presently the most expensive ENS domain name ever sold.

ENS domains allow users to represent traditional addresses such as wallet addresses, hashes, website URLs, and so on in a simpler format using the.eth alias. ENS domain names can be purchased and minted directly from the ENS platform or through secondary trading on exchange platforms such as OpenSea.

The domain, 555.eth, was purportedly purchased by a Chinese collector who claimed to have purchased the domain for fun during the continuing rush for numeric ENS domains.

The new data come amid a frenzy that has overtaken the NFT community in recent weeks. Many investors are betting on the value of numeric Ethereum domain names spanning from 0-9999.eth in the future.

NFT collectors who own four-digit ENS domain names join the so-called “10k club,” which is characterized as a “social group for ENS holders 0-9999.” The trend has resulted in an increase in secondary trade volume for ENS domains during the last week. The trade volume reached an all-time high of $2.8 million on April 28 alone.

This month has witnessed an enormous surge in the number of newly registered domains. Over 139,000 addresses were registered in April, according to Dune, a huge rise from the 66,900 addresses registered in January.

Meanwhile, the rise in demand for ENS domain names has impacted the project’s primary asset, ENS. Despite current market circumstances, the governance token has remained optimistic in recent days. At the time of writing, the token is trading around $16.35, representing a 20% rise in the previous week.

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