More record-breaking deals appear after Ethereum Name Service gains traction on the market
A massive Ethereum spike seen over the past weekend is not only the result of a massive buying frenzy in the BAYC Metaverse, but also the massive buying volume of Ethereum Name Services. The most recent ENS-related purchase was a record deal, according to WuBlockchain.
As Ethereum blockchain explorer suggests, the domain abc.eth was exchanged for 90 ETH, or approximately $255,000, which becomes the second-highest transaction in ENS history.
The reason for raising such an amount of funds for a simple domain has to do with the speculative value of such a domain which can then be used by large companies like Alphabet. For example, domains linked to the name of large companies like apple.eth or meta.eth were already created two years ago and will most likely receive record offers as soon as the first buyers appear.
According to the explorer, the highest-priced domain in the collection is the “paradigm.eth” valued at 420 ETH. Abc.eth is now in second place as deepak.eth is in third place, valued at 75 ETH.
What is ENS and why do people use it?
Ethereum Name Service is a project that allows Ethereum users to turn their addresses into easy-to-read names similar to regular domains that turn IP addresses into websites we all know.
In the case of ENS, blockchain and non-blockchain resources act as IP addresses that users turn into names like abc.eth or johndoe.eth. Later on, they can share those addresses to receive donations or perform any other operations related to Ethereum and blockchain.
The price of the ENS token is currently at $25 and shows an increase of almost 10% in the last 24 hours.
