Connect with us
Active Currencies 15307
Market Cap $3,165,285,641,783.90
Bitcoin Share 56.48%
24h Market Cap Change $-2.11
Ethereum

ENS gains from the AI season as ChatGPT domain sells for 6 ETH

2min Read
Posted:
Avatar
editors
Ethereum Name Service [ENS] news
Avatar
editors
Posted:

Share this article

  • ChatGPT’s ENS domain sold for 139x of its initial sale.
  • Registrations remain in shambles despite an increase in 24-hour trading volume.

Despite not being a part of AI token, Ethereum Name Service [ENS] became part of the cryptocurrencies that have gained from ChatGPT’s rise. According to the sales bot of the open naming system, the chatgpt.eth domain sold for 6 ETH on OpenSea.

How much are 1,10,100 ENS worth today?

Domain sales spikes but registrations decline

Information from the NFT marketplace showed that a certain “Ishmilly” was the seller. Meanwhile, LongDuck, who previously owned the domain, bought it for 0.043 ETH. At press time, the value of the asset was close to $10,000 when compared to the market price of Ethereum.

Following the sale, ENS’ collection volume rose 46% in the last 24 hours. Although the major sale may have played a role, the spike meant that there were other assets traded under the collection. This helped ENS remain top of the domain sales standings despite a 335% volume increase from another collection.

ENS domain sales volume

Source: OpenSea

This sale also strengthened the impact ChatGPT has had on the crypto space. For example, tokens, Fetch. Ai [FET] and SingularityNET [AGIX] have recorded tremendous value increases since the AI tool gained widespread popularity.

At one point, ENS gathered so much registration that it recorded an extra one million domains in less than two months. 

However, this was in the third quarter (Q3) of 2022. But since then, the domain attention has only been Month-on-Month (MoM), according to Dune Analytics. At the time of writing, the domain registration count for February was 10,248. 

But there is a chance that it could edge closer to the ones in December 2022 and January 2023, which was a slight difference.

ENS domain registration data

Source: Dune Analytics

ENS price rises as ChatGPT is one step ahead

Further, CoinMarketCap data revealed that ENS’ token price picked up a 2.15% increase in the last 24 hours. The trading volume within the same period also increased by 20.26%. A simplification of the hike more tokens has been transacted than the day before, regardless of profit or loss accrued. 

Interestingly, it was possible that the crypto ecosystem would continue to see the effect of the increased AI adoption. This was due to the actions taken by Microsoft. 

Read Ethereum Name Service’s [ENS] Price Prediction 2023-2024

A few days back, the company invested in OpenAI, the firm who invented the ChatGPT tool. However, the technology firm went a step further by adding the tool to its search engine Bing.

Hence, this significant sale could propel a hike in ENS regulations provided the crypt community is interested.

 

Previous:
Next:

Share

Avatar
Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.