Amazon.eth ENS Domain Owner Disregards 1M USDC Offer on OpenSea
Following the registration surge that Ethereum Name Service (ENS) domains have experienced in the first week of July, with 64,000 .eth names created indicating a rise in interest in Ethereum domains, an anonymous wallet address on OpenSea offered 1 million USD Coin (USDC), a stablecoin tied to the US dollar, to the Ethereum Name Service, or ENS, domain Amazon.eth on Tuesday.
The offer to purchase the ENS domain was ignored, and no transaction took place. This is despite the fact that the domain name was last sold five months ago for 33 Ether (ETH), which was worth about $100,000 at the time of purchase.
It is unclear if the owner was simply unaware of the offer, did not think it was close to fair value, or whether the bidding and domain owner accounts were connected in an effort to increase the asset's price (in what is known as a wash trade). Other bid bids for the ENS domain currently stand at little under 5 ETH, according to statistics from OpenSea.
ENS is a blockchain naming protocol that enables users to transfer and receive cryptocurrency and non-fungible tokens (NFTs) as well as save avatars and profile pictures for usage across devices. Users would first need to link their wallet and register an address at manager.ens.domains before listing a .eth domain for sale on OpenSea.
While many cryptocurrency enthusiasts picked unique or creative names for the ENS service, others have started domain-flipping. This entails registering ENS domains in advance that contain the names of well-known organizations, and then later charging a premium fee for the domain in the event that the organization in question decides to enter the Web3 space.
Over 1.67 million .eth domains have been registered since ENS launched in 2017, with roughly 482,000 owners. Between July 5 and Monday, more than 154,100 registrations were made, in part due to decreasing gas prices and ongoing interest from businesses looking to enter the Web3 market. The total volume of transactions for the ENS collection on OpenSea is around 46,700 ETH, or $71 million.