While #NFT liquidity is drying up and market sentiment is low, #ENS domains have seen a surge in transaction volume under such dire circumstances. Why?
1) @1confirmation cofounder Nick Tomaino changed his Twitter name to 1492.eth last month and explained why #ENS is the perfect #NFT collection:
Widely accessible minting that offers creative freedom to anyone who wants in; Exclusive collections (10k club) within that command a big premium; Useful beyond speculation (can be a wallet addy or website).
This represents an emerging community consensus---- #PFP serves as the avatar and #ENS serves as the name, both of which are a kind of symbol of individual identity on social media.
2) Domain name have been one of the most valuable digital assets in the history of the Internet. In 1999, Sky Dayton and Jake Winebaum bought Business.com for a whopping $7.5 million and sold it in 2007 for $345 million.
As the web3 version of DNS, many people hope to replicate this success by hodling .eth. An anonymous buyer recently bid $1 million for the #ENS domain "Amazon.eth", after "Samsung.eth" and "Starbucks.eth" are also sold for 60 ETH.
3) By mapping a human-readable domain name to an #Ethereum address, #ENS creates an accessible network for users, paving the way for #web3 mass adoption. But #ENS domains are separated from #NFT market, which indicates that more and more speculators are swarming into it.
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