Cryptocurrencies

Why is Ethereum Name Service Rising So Fast Today?


The Ethereum Name Service (ENS) dominated the non-fungible token (NFT) market on Monday with an impressive turnover of over $4.27 million according to data from CryptoSlam. Although ENS is not directly categorized as an NFT collection, it uses NFT technology to convert Ethereum addresses into human-readable formats.

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ENS: Unique NFTs for domain names

When users register an ENS domain, they receive a unique NFT corresponding to their domain name. These NFTs, like other NFTs, can be transferred or sold. This concept has led to significant activity on the Ethereum blockchain, with ENS leading the daily sales.

Other notable collections

In second place was the $PIZZA BRC-20 NFTs, with $2.18 million in sales on the Bitcoin blockchain. Guild of Guardians Avatars, on the Immutable network, took third place with total revenue of $1.24 million. Other notable collections included Blast’s Fantasy Top ($987,910), Genesis Fanta Field on Solana ($635,539), and DMarket on the Mythos Network ($583,411).

Bored Ape Yacht Club remains popular

Bored Ape Yacht Club, Yuga Labs’ flagship NFT and number two on the all-time sales chart, finished in seventh place on Monday with sales of $470,907. The Polygon-based OKX NFT Creation collection followed in eighth place with sales of $414,817.

Blockchains in the spotlight

Ethereum, led by ENS, led all blockchains in daily sales with $8.45 million on Monday, up from the previous day’s $4.51 million. The Bitcoin blockchain saw a daily sales volume of $4.11 million, down from $11.03 million on June 9. Solana recorded revenue of $2.68 million, while Polygon had higher transaction volume with total revenue of $2.44 million. Immutable and the Blast blockchain reported $1.56 million and $988,646 in sales, respectively.

Conclusion

The dominance of the Ethereum Name Service in daily NFT sales underscore the growing popularity and utility of NFTs beyond traditional digital collectibles. With significant activity on both the Ethereum and Bitcoin blockchains, the NFT market continues to evolve and provide new opportunities for creators and collectors.


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