On the NFT marketplace OpenSea, the domain has taken the top spot as the number one collection. The Ethereum Name Service flipped the Bored Ape Yacht Club in seven-day volume, thanks to a 170% increase in sales over the previous 24 hours.
The trading volume exceeded 2,305 ETH or $3.76 million in the previous week, showing a 43% week-over-week increase. The price of the Bored Ape Yacht Club fell 43% to 2,126 ETH.
In the last seven days, nearly 9,000 domains changed hands, compared to 16 BAYC NFTs. However, the floor price—the lowest possible price for an asset in a collection—is less than $16, or less than 0.01 ETH, while the BAYC NFT's lowest price is 76 ETH, or approximately $124,000.
ENS can be linked to a cryptocurrency wallet. Instead of delivering a specific Ethereum address—a long collection of characters—users can specify their .eth domain name to receive a transaction. NFTs can also be purchased for ENS domains.
According to OpenSea, over 508,000 people own ENS NFTs, with a total trading volume of 56.3k ETH, or approximately $86.2 million.
ENS reported its third highest month of revenue last month, with 2.17 million domains created on the service, accounting for 99% of the marketplace’s domain name sales volume.
Whittaker believes that users are preparing for a post-merger world with more attention focused on the platform due to the merger. "Users registering their personal ENS is a must for every Web3 user embarking on this new chapter in the life of Ethereum," he said.
According to the Ethereum Foundation, the September 15 merge will convert the blockchain from a proof-of-work to a proof-of-stake consensus algorithm, which is expected to decrease the energy consumption of the top blockchain for dApps, DAOs, and NFTs by 99.95%.
"The only place where users can register a.eth domain is at ENS," Whittaker explained. "Since our inception, we've grown in lockstep with Ethereum."