ENS NFT collection has registered a massive surge to leapfrog BAYC as the most sought-after on OpenSea. According to records, it achieved this feat due to the staggering rise of 170% over the last 24 hours. The NFT is leading the BAYC in daily and weekly volumes.
ENS NFTs record a 43% rise in a week
In the last seven days, the ENS NFT collection registered volume above 2300 ETH, worth more than $3 million. On the other hand, BAYC was able to register a drop to stay at a little over 2,100 ETH. Concerning their gains and losses, the ENS saw a sharp increase of 43% from last week, while the BAYC dropped the same percentage in the same time frame.
Over the last seven days, there have been about 9,000 ENS that has been transacted compared to 16 of the BAYC that has exchanged hands at the same time. However, there is still a massive distance between the price of both NFT collections. While the ENS goes for $16 on average, the BAYC sells for about $124,000. NFTs have generated quite a stir in the market as traders continue to rack up precious digital items for sale.
ENS onboarded 2 million users last month
ENS domains are categorically tied to crypto wallets. This means that instead of sending the usual long string of alphanumeric characters as a wallet address, users can add .eth at the back of any name they want. Asides from that, they also act as NFTs. In a recent statistics update by OpenSea, more than 500,000 holders of ENS NFTs are on the platform. The total trading volume has been recorded as above 56,000 ETH, which translates to more than $86 million. The ENS domain name saw a massive climb last month, with more than 2.17 million users creating their domain names.
This single act was responsible for almost all the domain name sales registered on the marketplace. With Ethereum preparing for the Merge, there has been a steep drop in gas fees on Ethereum. This way, it is easier to register an ENS as its price is now meager. According to an executive, more people are expected to embrace the ENS service, which has the same growth as Ethereum in the coming years. While most people don’t know what to expect after the Merge, analysts believe things would become good.
