Ethereum Name Service’s spectacular performance sends BAYC packing

After over 9,400 sales on OpenSea in the last seven days, Ethereum Name Service [ENS] domains grabbed the top NFT spot. According to the data shown on the NFT marketplace, ENS domains have had a 202% increase in trading volume over the last 24 hours.

In the past week, it’s a cumulative 52% uptick worth 2,424 Ethereum [ETH]. This exceptional performance led “blue-chip” NFT, Bored Ape Yacht Club [BAYC], to remain in the second position.

Source: OpenSea

The question on most people’s minds is how this collection, with an average of $16 as its floor price, beat the collection whose lowest floor price was worth $126,760. Interestingly, the answer to this question is not far-fetched.

Relentless

Recall that ENS hit two million domain registration after just hitting one million four months before. Now, the NFT has been building momentum since hitting the milestone.

As of 1 September, ENS publicly released its registration updates for August. According to the team, it recorded its third highest month in revenue, totaling 2,744 ETH.

August 2022 stats for ENS

– 301K new .eth registrations (total 2.17m names)
– $4.7m in protocol revenue (all goes to the @ENS_DAO)
– 2,744 ETH in revenue (3rd highest month)
– 34K new eth accounts w/ at least 1 ENS name (total 540k)
– >99% of OpenSea domain vol pic.twitter.com/utU8i4cBMT

— ens.eth (@ensdomains) September 1, 2022

So it may not be surprising that ENS produced 1,131 ETH in trading volume over the past day. Sales also went up to 3,015 within the same period on OpenSea.

Compared to ENS, BAYC did not perform poorly in the last 24 hours, as it recorded a 169% increase in volume on the NFT platform.

Although the previous seven days’ performance was a 40% decline, BAYC recorded 1.871 ETH in trading volume. Beyond the activities on OpenSea, DappRadar revealed that there had been 5,531 overall traders involved in the $2.33 million ENS transaction from 5 September till press time.

Source: DappRadar

Ethereum season?

In light of this landmark, ETH and its “counterparts” seem to have built upon it with price increases. At press time, the ENS native token was up 7.90% while trading at $14.40.

ETH was also not left out as the altcoin king picked up a 6.01% increase, according to CoinMarketCap. Additionally, the biggest beneficiary was none other than Ethereum Classic [ETC]. While others were scrambling for minor upticks, ETC had recorded a double-digit price rise at $40.39.

While these increases could be attributed to the crypto market recovery in the last 24 hours, ENS on-chain metrics seem primarily positive.

Based on Santiment data, the ENS volume had increased almost 100%, with its value at $60.43 million. With the Ethereum Merge almost here, the possibility of the ENS collection maintaining the top position could have reasonable grounds.

Source: Santiment