ENS trading volume up 334% in 24 hours
Investors and NFT enthusiasts are scrambling to buy a newly released batch of 10,000 newly released four-digit Ethereum Name Service (ENS) web domains. As a result, the ENS domains sold out for US$ 200 each in under six hours and are currently trading on secondary markets for more than US$ 1,500.
From 0000 to 9,999, the domain collection skyrocketed in value and a new community formed to rally behind it, Meanwhile, a 10k Club on Discord already has 3200 ENS domain members.
In the past 24 hours, the number of merchants buying ENS domain NFTs increased by more than 183% to almost 9,000. Sales rose by 198% to 22,153. This suggests that each person bought two ENS domain NFTs as they raced to secure their four-digit Web3 identity.
About The Ethereum Name Service
The Ethereum Name Service (ENS) has opened up applications for all the remaining three character .eth addresses, and other domains .xyz, .luxe, .kred and .art on their website. The new domain will replace user’s current long crypto addresses on MetaMask and simplify the transaction processes.
According to a recent Dune Analytics dashboard for ENS, this decentralizing product, launched in 2017, has skyrocketed in popularity over the past few months from around April 21 to April 24. During this time, registrations leaped from 2,700 to more than 7,000.
In Web3, identity and verification are vital, and domains can help NFT projects deter thefts by “right-click save” NFT skeptics. As an image can be saved but a domain/ website cannot. This new brand of verification technology may be what Web3 needs.