Ethereum Domain Names' Trading Volume Unaffected Amid Bearish Market

Ethereum Name Service (ENS), a distributed, open and extensible naming system on the Ethereum Network, has seen its domain transaction volumes shoot up by 217% on the biggest NFT marketplace, OpenSea.

The transaction volume has jumped by 217% in the last 24 hours, 48% in the last seven days and 11% in the last 30 days, according to the data from OpenSea. On the contrary, the volume for Yuga Labs' well-known NFT collection, Bored Ape Yacht Club (BAYC), has dropped by 40% in the last seven days.

Furthermore, the ENS trading volume breached the 2,305 ETH or the $3.76 million mark, which represented a 43% week-over-week increase, a Decrypt reported Tuesday. On the other hand, the Bored Ape Yacht Club noted a parallel drop of 43% to 2,126 ETH.

Around 9,000 ENS domains have been traded in the last seven days, while only 16 BAYC NFTs changed hands within the same period. However, the lowest ENS floor price is below $16 or less than 0.01 ETH, while the lowest price for BAYC is around 76 ETH or about $124,000.

ENS domains are a kind of NFTs that represent crypto addresses to which people can send digital assets. Some examples of ENS domains are Alice.eth, Nike.eth and any number of combinations.

The OpenSea data confirms that there are around 508,000 owners of ENS NFTs with a total trading volume of 56,300 ETH, representing around $86.2 million.

"With the upcoming merge and recent market downturn, gas prices on Ethereum have dropped, making it more affordable to register an ENS," Khori Whittaker, ENS executive director, said, as per Decrypt.

Previous reports indicated that Nike's Web 3 arm, RTFKT, purchased a new ENS called dotswoosh.eth for a price of 19.72 ETH.

"[Users] registering their personal ENS is a staple for every Web3 user heading into this new chapter of Ethereum's life," the executive director added.

Whittaker also shared that the Ethereum Name Service has "steadily grown in tandem with Ethereum."