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As the date for the highly-anticipated Merge Upgrade draws near, the Ethereum Name Service (ENS) has become a trending topic as enthusiasts scramble to position themselves adequately.
According to data from DappRadar, Ethereum Name Service is currently number 1 among the top non-fungible token (NFT) collections, with a 24-hour trading volume of over $2.44 million.
DappRadar further revealed that the number of trades on ENS has increased by 45% in the last 24 hours, while the number of sales has jumped by a massive 67%. Ethereum Name Service also topped trending charts above Bored Ape Yacht Club, which recently marked a new record high in value. At the same time, ENS topped the seven-day volume charts for NFT collections on OpenSea, the largest NFT marketplace.
The upcoming Merge Upgrade, scheduled for September 14, has had a noticeable effect on secondary sales, which have jumped by a whopping 137%.
What is ENS, and What is It All About?
Ethereum Name Service is an open, distributed, and extensible naming system that interacts directly with the Ether blockchain. ENS works more like the much-familiar domain name system (DNS), which we use in web browsers.
As is with DNS, ENS maps human-readable addresses, for example, “name.eth,” to a machine-readable address, such as a lengthy hexadecimal string. These customized or personalized address nomenclatures allow users to manage their crypto funds by providing a human-friendly interface.
Earlier this year in May, registration for ENS domains recorded a new all-time hike. However, by July, registrations for .eth domains saw another 200% spike in July. As secondary sales jump ahead of the Merge, it’s obvious sellers are trying to capitalize on the ongoing hype, while buyers are looking to flip their ENS domains later in the future for bigger profits.
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