What is the latest hype around the NFT market? Bored monkey? Mutant apes? Actually it is not so. Now, the latest ETH craze involves four-digit numbers.
Four-digit Ethereum Name Service (ENS) domains have become a hot property. Domain name sales on OpenSea increased by almost 2,300% as investors seek in the very famous “10k club”.
Sending out invites soon?
ENS NFT recently saw a surge in volume as investors dive in to buy three and four digit domains. In fact, this craze caused daily trading volume to exceed Bored Ape Yacht Club (BAYC) on NFT marketplace OpenC on 28 April. However, at press time, BAYC exceeded the figures recorded, thanks to widespread-following and speculation about its Metaverse project.
Nonetheless, the last week of this month saw some skyrocketing views, as seen in the 30-day graph below. ENS NFT trading volume is up 191.59% in the last 24 hours and 2,012% over the past week.
Similarly, the current floor price of the three-digit domain is around 6.5 ETH ($18,850). Whereas for the four-digit domain it quickly rose to 0.5 ETH ($1,450).
Ethereum Name Service (ENS) is a domain name provider for Ethereum Blockchain. A DAO, or ENS controlled by a decentralized autonomous organization, which uses governance tokens to make collective decisions. It had a close relationship with the Ethereum Foundation and has been around since 2017.
Many celebrities and public figures such as Jimmy Fallon (fallon.eth), Paris Hilton (parishilton.eth), Trey Songz (treysongz.eth), Coinbase CEO Brian Armstrong (barmstrong.eth) currently use their Twitter usernames as their own. Use ENS names. and Ethereum founder Vitalik Buterin (vitalik.eth).
One of the biggest sales ever was a 555.eth NFT purchased for $158,000 worth of Ether (ETH).
555.eth bought on OpenSea for 55.5 ETH #domain $ENS https://t.co/nGGw30COGQ
— Ens Sales Bot (@EnsSales) April 28, 2022
Overall, such traction has led to ENS domain sales reaching their highest level on record. According to data from Scarce.guide, the sale of ENS names reached 1,785 on April 27. The funny thing is that in just a couple of years, the view was completely different.
According to data from Lead ENS Developers nick.ethENS grew from April 22 to April 27, to $3 million from April 14 to April 21, taking in approximately $700,000.
Do you understand here?
Why are some people paying hundreds of thousands of dollars for a name?
Perhaps the realization—that there are only 10,000 four-digit combinations—carried up prices into the thousands of dollars. After all, owners of ENS domains with four digits or less gain entry In an elusive private discord channel. The 10k Club described itself as
“A web3 social club for ENS holders 0-9999. No roadmap. Just the first 10k numbers on the Ethereum blockchain.”
But not everyone rides on the same bandwagon. NFT collector and content creator Jennifer Sutto did not vote,
I don’t know who needs to hear it but you don’t need to buy any number ens name… 4 digits selling for many ETH won’t be ok imo
— jennifromblockchain.eth (@jennifer_sutto) April 27, 2022