On the NFT market OpenSea, ENS domains have become the most popular collection. The Ethereum Name Service sold the Bored Ape Yacht Club in seven-day volume because sales have gone up by 170% in the last 24 hours.

Last week, more than 2,305 ETH, or $3.76 million, worth of ENS was traded. This is a 43% increase from the week before. The Bored Ape Yacht Club dropped by the same amount, 43%, to 2,126 ETH.

In the last week, nearly 9,000 ENS domains changed hands, but only 16 BAYC NFTs. But the lowest price for an item in an ENS collection, called the “floor price,” is less than $16 or less than 0.01 ETH, while the lowest price for a BAYC NFT is 76 ETH, which is about $124,000.

Non-fungible tokens, or NFTs, are cryptographically unique tokens that are tied to digital and physical content to prove ownership.

ENS domains can be linked to a cryptocurrency wallet. This means that instead of giving a sender a typical Ethereum address, which is a long string of characters, users can give the sender their.eth domain name to receive a transaction. You can also sell ENS domains as NFTs.

OpenSea says that more than 508,000 people own ENS NFTs and that they are traded for a total of 56.3k ETH, which is about $86.2 million.

Last month, ENS had its third best month in terms of revenue. The service created 2.17 million domain names, which made up 99% of the domain names sold on OpenSea.

“With the upcoming merge and recent market downturn, gas prices on Ethereum have dropped, making it more affordable to register an ENS,” Khori Whittaker, the executive director of ENS, told Decrypt.

Whittaker thinks that since the merge has brought more attention to Ethereum, users are probably getting ready for a world after the merge. “[Users] registering their personal ENS is a staple for every Web3 user heading into this new chapter of Ethereum’s life,” he said.

The merge, which is set to happen on September 15, will switch the Ethereum blockchain from a proof-of-work consensus algorithm to a proof-of-stake algorithm. The Ethereum Foundation says that this will cut the top blockchain for dapps, DAOs, and NFTs’ energy use by 99.5%.

Whittaker said, “ENS is the only place where users can register a .eth domain,” “Since our launch we’ve steadily grown in tandem with Ethereum.”

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