NFTs are the latest craze in domains with three or four characters Name Service (ENS). Their prices have risen to record heights.

After ENS released a restricted.eth domain NFT collection, the demand spiked and many collectors rushed for one.

The Ethereum Name Service (ENS) is a domain name provider for the Ethereum blockchain offering names with the “.eth” suffix, which can be used as a simple, more user-friendly alternative to traditional Ethereum wallet addresses. Traditional crypto wallet addresses come with long sequences of numbers and letters.

Anyone can choose a domain name that they want to mint as an NFT and use it for Ether coins. There are only 10,000 choices for short names (e.g., the defi.eth and nft.eth).

ENS asserts that it is the largest integrated standard for blockchain naming. The project currently has 825K unique domains in.eth that are owned by 349K people.

BAYC’s Sales Volume Outpaces BAYC

Due to the scarcity of the ENS domain names, there was a surge in demand. This week’s sales on the NFT open marketplace for ENS domains have risen by more than 4000%.

Sales reached an all-time record of 1,785 on Wednesday, whereas the same volume was just 45 a week earlier.

On just the OpenSea marketplace, ENS’s weekly volume increased by more than 2,800%, far surpassing the legendary Bored Apes Yacht Club (BAYC) collection, whose sale volume climbed 40% over the same period.

This unexpected spike drove the total value for ENS domain NFTs sales to 756.83 ETH (or almost $2.2million USD) in a matter of weeks. The domain sales figures have decreased by 32% in the last 24 hours, according to the current writing. The current average floor price of the three to four digit ENS domain names on Opensea starts at 0.009 ETH, which converts to around $26 USD as of the asset’s $2,890 price at press time.

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