Investors and NFT enthusiasts are scrambling over a newly released batch of 10,000 ENS domain NFTs. From 0000 to 9999, the NFT collection relished in value, spawning a frenzy inside their new community. The 10,000 ENS names sold out for $200 each in under six hours and are now trading on secondary markets for more than $1,500.
The Battle For The 4-Digit ENS
In the past 24 hours, the number of traders purchasing ENS domains surged more than 183% to almost 9,000, while sales jumped 198% to 22,153.
Over the last two days, a flurry of people registering and purchasing newly released four-digit Ethereum Name Service (ENS) web domains has caused a substantial spike in trading volume. In the last 48 hours, more than 28,000 ENS names were registered to push ENS NFT trading volume up 334%. A recent Dune Analytics dashboard for ENS shows us that the spike began around April 21, when registrations jumped from around 2,700 to more than 7000 by April 24.
Surprisingly, PFPs aren’t the only way to build a community in the Web3 space. For example, a Twitter page called 10kClub invited all the holders of four-digit ENS names to join an exclusive Discord. Since its creation, the Discords is now home to over 3,000 ENS holders. As the community continues to develop, it will be intriguing to see how the community grows and fosters new ideas.
In Web3, verification is everything, and subdomains can potentially help NFT projects do away with NFT theft by the “right-click save” skeptics. As an image can be faked, a domain cannot. As collection fraud continues to spike, a new verification method might be what the industry needs.