At the beginning of the month, ENS domain 000.eth was sold for 300 Ethereum, which equates to approximately $321k. As such, the said sale marked the second largest purchase of ETH and Dollar.
Per on-chain datathe ENS name was sold by a user named EtheOS on the OpenSea marketplace, who received it in June 2020. For its part, the domain name was created on November 9, 2019 and will expire on June 10, 2026.
To keep the name after the stated expiration date, the buyer must pay for extended registration. The same is currently set at $5/year for names of 5 characters or longer, $160/year for names of 4 characters, and $640/year for names of 3 characters.
In addition to numbers, non-Roman character names in Arabic and Chinese have also received some interest of late. Recently, “٠٠٠.eth” sold for 100 ETH.
Domino effect from the purchase of 300 ETH
On the macro frame, daily ENS registrations have recently increased. On July 4, they reached over 30k new addresses. Delphi Digital’s recent analysis speculated that the increase was driven by the aforementioned large purchase.
†This spike may be due to the ENS address 000.eth bought for a record breaking 300 ETH.†
In fact, ENS registrations have a 216% increase over the past week. In addition, secondary sales of ENS domain names on OpenSea have also seen a huge spike, which is soaring 300% in the past week.
The datasets mentioned clearly indicate that the ENS domain name craze is not over yet. In fact, per crypto data aggregation platform LunarCrush, ENS’s social activity has increased at the same time. Midway through this week, listings, dominance and engagements noted increases in the 70% to 294% range.
The (ir)responsible Ethereum gas fee factor
Well, Ethereum gas price has been falling lately. At one point in May, it stood at $197. Earlier this week, however, it dropped to the $1.57 level. The same was last noticed only in December 2020, just before the NFT mania took concrete shape.
From last year to May of this year, the average gas fee for the Ethereum network was about $40. So it can be speculated that the relatively cheap single-digit fee, along with the .000 installment, managed to fuel the ENS hype. re-invigorate cohesion.
Read more: Is the Bored Ape Yacht Club a unique twist on the Ethereum Name Service story?