OpenSea was one of many trading hubs that emerged from the growing adoption and interest in non-fungible tokens. People needed a place to transact and interact with all the NFTs in this space. Some platforms are trying to help potential investors in collectibles by bridging the gap.
OpenSea allows NFT investors to buy, trade and trade large NFT collections. It is a blockchain-based, decentralized marketplace. OpenSea was founded in 2017 and has grown rapidly to become one of the leading platforms for transacting NFT collection trades.
It has existed for many years and is now an established stager in NFT trading, buying, and selling.
OpenSea focuses on Ethereum for the majority of its NFT collection in the past. That is why Ethereum is now the premier home of most NFTs. OpenSea was later made a cross-chain platform that allowed NFT trading on other networks such as Polygon and Solana.
In a recent report, OpenSea’s weekly chart recorded more Ethereum Name Service (ENS) domain names. Also, ENS data outpaced Bored Ape Yacht Club (“BAYC”) as the most-traded token on OpenSea during the week. The sudden success of Ethereum comes just days before the eagerly awaited Merge.
OpenSea Marketplace Leads With ENS Domain Names
OpenSea data indicated that Ethereum domain NFTs’ weekly trading volume reached 2,249 EthereumS as of press time. This volume is higher than that of BAYC or RTFKT Clone X which average 1,777 ETH each and 1992 ETH respectively.
OpenSea also has data indicatedIts marketplace has more than 2,000,000 ENS products. It shows that there were 2,682 ENS domains and more than 508,000 owners.
Due to an increase in ENS trading volumes, the average price per item jumped to 0.3895 ETH. This is worth $641. The increase is approximately 167%. From 120.7 Ethereum, the daily volume increased to 1,044.6ETH. OpenSea reported that the average price of an ENS domain is 0.3207 ETH, which amounts to $533.71.
In addition, the platform indicatedSome of the most costly ENS domain names include 000.eth and crypto.eth. The highest is 000.eth. This domain was bought for 300ETH.
Significance of ENS Domain Names
The ENS domains are the Ethereum blockchain’s distributed and open naming system. Users can get a single domain like the ‘vitalik.eth’ with the system. To do this, they must convert their keys into a crypto address.
Users can sell, trade and buy ENS domain names. This is done using NFTs, which are available on an NFT marketplace.
With the naming system that creates single domain names, it’s easy for users to copy and paste their initially lengthy wallet addresses. Because they need to share their domain names like traditional addresses, they can send and/or receive crypto tokens.
Featured image by Pexels. Chart from TradingView.com