Ethereum Name Service (ENS) leads the NFT market with a 192.07% increase in total trading volume over the past seven days to $9.38 million. Cumulative total sales of 20.49K, an increase of 48.74%. On September 8th, ENS domain volume surpassed $2.6 million, the highest volume in a month and the top NFT market volume.
Over 893,000 unique owners have purchased ENS names. This is popularized by top cryptocurrency and NFT figureheads and influencers adding her ENS (.eth) name to her Twitter.
On the other hand, the price of the ENS Index token is end domain It was initiated by MEXC and increased by 312% as ENS domains increased.
MEXC divides 4-digit ENS domain NFT into 26,000,000 end domain Index Tokens (1,000,000 ENSDOMAIN per NFT). The ENSDOMAIN Index provides users with the opportunity to trade high-quality prime NFTs at low cost. If a user owns a sufficient percentage of the index, they can exchange their index holdings for any of the 26 ENS Domains NFTs. MEXC will expand the collection from time to time according to market demand, and MEXC’s total position will not exceed 10%.
MEXC is CEX’s first NFT index token backed by high-quality NFTs purchased by MEXC. NFTs are “off-chain fragmented” to increase liquidity without breaking the ERC-721 protocol.
MEXC will purchase selected NFT artworks, split them into 1,000,000 tokens per NFT, and list the corresponding NFT indices. A user can acquire a certain share of the NFT index and enjoy the related rights of his NFT at the same time by simply trading like a spot. This greatly reduces user participation requirements and investment risks.
3-5 digit ENS games on the rise
Let’s return to the rise of ENS domains and examine the logic behind their epidemic.
Among ENS domain deals, the most popular domains are 3-5 digit domains. Some of his 3-digit domains sell for over 60 ETH, while a 5-digit domain name costs around 0.06 ETH.
“000.eth” has traded at 300 ETH in the last 90 days, making it the second most expensive ENS domain transaction record. The most expensive domain in history is ‘paradigm.eth’ with a trading price of 420 ETH.
Other 3- to 5-digit domains also caused significant spikes in transaction volume. ENS domains have a minimum length of 3 digits and are therefore more expensive. ‘022.eth’ was sold for 69 ETH and ‘073.eth’ was sold. In contrast, 5-digit domains are much cheaper and have higher volumes. “52708.eth” and “54734.eth” sold around 0.06 ETH.
why is it so hot
The total number of 3-digit and 4-digit END domains is 11k. The rarity that comes with the hype of collecting number sets has inspired a sense of FOMO in the marketplace, and since the craze for 3- and 4-digit END domains began, collectors have found that he has over 10,000 possible combinations. he is rushing to own one. This set an all-time record for ENS domain sales with a minimum price of 3 ETH for 4-digit ENS. This minted every possible 3- and 4-digit ENS in the past week. ENS floor prices continue to rise, but it’s time to determine how well the epidemic holds its place in the space.
Unlike other NFTs, the supply is locked. If the best time to enter the market is missed, users will either buy high or wait. Numeric ENS domains have excellent scalability. If the user misses his 3 digits, he has 4 digits and even he has 5 digits. In addition, it can be extended to 3 or 4 characters. Such gameplay can maximize FOMO emotions, so it will continue to attract attention.
From web2 to web3, the value of ENS
In the early days of Web2, URLs were always long strings of numbers like 132.583.23.7.
An easy-to-remember domain name was developed to promote the website, similar to Web3’s ENS domain. ENS domain names are meant to solve the needs of Web3 users, with domains that are easier to remember and more distinctive are more valuable. .
Compared to traditional domain names in the past, ENS domain names have different uses.
– Receiving address, ENS domain can receive various crypto assets
– Enhance NFT. ENS domains can not only prove your identity, but you can also DIY. Since people can create and trade their own names, the ENS domain will have her NFT creation and trading attributes.
- identity representative. An ENS domain can not only store your personal data, but it can also be your calling card for all your digital resources.
- build a community. People with the same attributes form community DAOs such as the 10k club.
Where will the price go as one of the most successful Ethereum applications?
As Vitalik Buterin said in an interview: “Ethereum domain name service ENS is the most successful non-financial Ethereum application and can basically be compared to a decentralized phone book.”
Due to the surge in ENS domains, the price of the ENS token has also increased, hitting a 125% high in the last two months. Compared to NFT, the token has slightly increased in price. His FOMO on the ENS domain doesn’t affect the token price that much. However, with the development of ENS domains and their usage scenarios, ENS tokens sooner or later reflect their value.
ENS is supported by the Ethereum Foundation. Long Ethereum addresses are hard to remember and difficult to trade. However, ENS domains can provide a better experience in the Web3 world. Additionally, ENS domains do not charge usage fees and are completely uncontrolled by a centralized entity. These ENS tokens have a low price, but their future value depends on mainnet development.
At the time of Web3’s development, some “necessary” products are gradually gaining attention, like the ENS domain. People are starting to look at what can create “uniqueness” in the Web3 world. Uniqueness and identity are the most important attributes in the NFT world. Many BAYC holders believe that they should have the same domain as their BAYC number. Therefore, they all have registered ENS domains, which is responsible for the huge trading volume. Treat it rationally and understand the trends behind it.
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