Trading volume for domain names for Web3 websites has overtaken digital art pieces from the famous Bored Ape Yacht Club (BAYC) and Mutant Ape Yacht Club (MAYC) NFT collections.
With ENS overtaking OpenSea’s top spot, it has the most trading volume on Ethereum (ETH). Notably, this means that ENS has surpassed popular NFT collections including BAYC, CloneX, and Moonbirds.
Amazingly, the trading volume for ENS names on OpenSea in the last past 7 days reached 3,762 ETH (USD 6.6m). This is a considerable amount of revenue, considering that BAYC’s 2,417 ETH (USD 4.2m) and Otherdeed’s 2,920 ETH (USD 5.1m), both had much lower trading volumes.
Top 5 Ethereum NFT projects by trading volume on OpenSea:
The biggest players in the Web3 domain name space are ENS and Unstoppable Domains.
For example, ENSallows users to register domains that exist on the Ethereum blockchain. The domains have programmable functions and can interact with decentralized applications, or dApps, on the Ethereum blockchain. These domains’ naming convention is set to “name.eth”, while UR names can take different forms including “name.crypto” and “name.nft”
According to Sandra Carter, “NFT domains can become your single name for Web 3 that allows you to own your digital identity.”
As data becomes more ubiquitous, it’ll become possible for you to carry your reputation around in all your favorite apps without giving up control of your data.
Web3 domain names have become popular because people think they will be worth more if companies decide to use them in the future.
In the past week, Ethereum’s own utility token, ENS has gained more than 12%.