Due to the surge in purchases, the Ethereum Name Service (ENS) domain has climbed to the top of the list maintained by OpenSea that is comprised of the most popular NFT collectibles.
The ENS domain is now in second position, after the y00ts collection, but it has the highest amount of ether in the OpenSea NFT market. The Ethereum Name Service successfully flipped the Bored Ape Yacht Club in seven-day volume, which was driven by a 150% increase in sales over the previous twenty-four hours.
During the course of the previous week, the trading volume of ENS exceeded 2,550 ETH, which is equivalent to $4.2 million. This is a 60% week-over-week growth. The amount of ETH held by the Bored Ape Yacht Club decreased by 35%, reaching 2,202.
Last month, ENS announced its third-highest month of income, with 2.17 million domains generated on the service. This represented 99% of domain name sales on OpenSea, and it also marked the achievement of attaining the milestone of more than 2 million domain name registrations in total.
The executive director of the ENS, Khori Whittaker, made the following statement:
“Gas costs on Ethereum have plummeted, making it more economical to register an ENS. This is due to the imminent merging as well as the current dip in the market.”
Whittaker believes that people are likely planning for a post-merger future because to the increased attention that has been put on Ethereum as a direct result of The Merge.
“Users registering their own personal ENS is a staple for every Web3 user entering into this next chapter of Ethereum’s existence,” he added. “This new chapter in Ethereum’s life will be ushered in by Web3.”
According to the Ethereum Foundation, the merge scheduled for September 15 will convert the Ethereum blockchain from a proof-of-work to a proof-of-stake consensus method. This change is designed to cut the energy consumption of the leading blockchain for decentralized applications (dApps), decentralized autonomous organizations (DAOs), and non-fungible tokens (NFTs) by 99.95 percent. Whittaker added:
“The only site where people may register a domain ending in.eth is the Ethereum Name Service (ENS). Since our inception, we have expanded at a rate that is consistent with Ethereum’s.”