On Tuesday, the Ethereum Name Service, or ENS domain Amazon.eth obtained an offer for 1 million USD Coin (USDC), a stablecoin pegged to the United States dollar, from an unknown wallet address on OpenSea. The offer to buy the ENS domain went unanswered, and no transaction took place. This is despite the last sale of the domain name being five months ago for 33 Ether (ETH), worth around $100,000 at the of writing.
It is unclear whether the owner simply was not informed of the offer or did not consider it to be near fair value, or if the bidding and domain owner accounts were connected in an attempt to boost the price of the asset i.e. referred to as a wash trading. As per the data from OpenSea, other bid proposals for the ENS domain stand at just around $6,200 in USDC. The domain name is confirmed as official by ENS and is owned by unidentified OpenSea user 4761BF.
ENS is a blockchain naming protocol that permits users to store avatars and profile images for use across devices and send or receive crypto and NFTs. To sell any .eth domain on OpenSea, users first need to connect their wallet and register an address at manager.ens.domains then list it on their OpenSea account.
ENS domains being named after well-known entities
While many crypto fanatics took up fascinating or creative names for the ENS service, others have undertaken the practice of domain-flipping. That is, enlisting ENS domains containing names of famous entities early and then later demanding a high price for the ens domain if the entity wishes to enter the Web3 space later on.
Since its start in 2017, there have been over 1.67 million .eth domain registrations across approximately 482,000 owners. In fact, more than 154,100 registrations were made between July 5 to Monday, partially due to lower gas fees and constant interest from entities seeking to join the Web3 space. To date, the ENS collection on OpenSea has noticed approximately 46,200 ETH, or $71.5 million, in total transaction volume.
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