Demand for Ethereum Domain Names Surges
ETH Addresses and a Gold Bored Ape Bright Spots in a Rough Stretch for NFTs
By: yyctraderNFT Roundup
Demand for .eth addresses shows no sign of slowing down.
On Aug. 16, the Ethereum Name Service (ENS) crossed the milestone of 2M registered domains as the blockchain-based protocol recorded 378,804 purchases in July.
Monthly ENS registrations have surged in the third quarter. Source: Dune Analytics
The craze kicked off in May with the 10K Club, which consists of four-digit names from 0000.eth to 9999.eth. Collectors have since moved on to other combinations of letters and numbers, including non-English characters. Male and female first names are the flavour du jour, according to ENS.Vision.
In the latest twist, crypto exchanges KuCoin and MEXC have fractionalized baskets of ENS domains. KuCoin has issued 1M HIENS4 tokens for each 4-digit name, which are up 97% in the past 24 hours.
Gold Ape Sells For 777 ETH
The Bored Ape Yacht Club (BAYC) topped the OpenSea charts with 3,686 ETH ($6.7M) in trading volume in the last week. BAYC #5383 changed hands for 777 ETH ($1.5M) on Aug 17.
The popular NFT collection also celebrated reaching 1M Twitter followers on Aug. 17.
NFT traders seem to be enjoying sudoAMM, an Uniswap-style automated market maker for NFTs. Users can instantly buy and sell NFTs without creator fees and provide liquidity to earn fees.
Users of Sudoswap have ebbed after a steep rise. Source: Dune Analytics
Volume has been stoked by a series of meme-themed collections led by Sudo Inu.
State Of The Market
Sales volumes were up 11.6% to $201M in the week ending August 15 for a second weekly rise. The number of transactions also climbed 5.5% to 464K.
The market continues to show signs of malaise as trading volume on OpenSea hit a 13-month low on Aug.16.
Source: Dune Analytics
Most major collections saw their floor prices fall this week as traders seem to be stacking ETH ahead of the Merge.
- Bored Ape Yacht Club – Down 11% this week to 69.69 ETH
- CryptoPunks – Down 9.7% to 67.5 ETH
- Otherdeeds – Down 15% to 1.6 ETH
- Moonbirds – Down 14% to 12 ETH
- Doodles – Down 18% to 7 ETH
- Clone X – Down 14% to 6.7 ETH
- Pudgy Penguins – Up 3.7% to 2.78 ETH