Ethereum Naming Services (ENS) have become extremely popular in the blockchain industry. As if we needed any proof of this, ENSs have topped the list of most traded assets on OpenSea.
For an asset class operating in the same marketplace that is home to such blue-chip assets as the Bored Ape Yacht Club, this is no small feat.
ENS on the Rise
This new feat was reported over the last week when these naming services saw a 170% increase in trading volume, bringing in 2,305 ETH across 9,000 domains that were sold. For comparison, the Bored Ape Club brought in only 2,126 ETH during the same period.
There are several reasons for this spike in trading volume. First, ENS addresses are quite affordable to acquire, with some costing under $20. Also, there is the utility behind them, as they allow users to create .ETH accounts and then link their wallets to them. This means that they can send and receive funds from theirname.ETH as opposed to the usual string of letters and numbers.
Clearly, these ENS addresses are fulfilling a market need and as the Ethereum merge is fast approaching, they will continue to rise even more.
“With the upcoming merge and recent market downturn, gas prices on Ethereum have dropped, making it more affordable to register an ENS,” said Khori Whittaker, ENS executive director, in a statement to Decrypt.
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Tokoni Uti has written extensively on blockchain and cryptocurrency for years. Her work has appeared on sites like BTCmanager and Blockchain Reporter. She has a degree in Corporate Communications.