Although Bored Ape is the second most traded NFT collection to date, in the last week it has been overshadowed by the large sales volume generated by Ethereum Name Service (ENS) and Clone X, from RTFKT.
Ethereum domain names and RTFKT's exclusive virtual clothing are competing with the largest NFT collections on the market, including Bored Ape Yacht Club.
Yuga Labs' Bored Apes collection currently ranks third in the ranking of NFT activity recorded on the Ethereum blockchain in the last week. And that's according to data from Opensea, Ethereum's domain name platform, Ethereum Name Service (ENS) has generated a sales volume of 2.702 ETH; about $4,23 million at the time of writing this article. For its part, RTFKT has generated a sales volume of 2.240 ETH (about $3,5 million), in the same period, with its exclusive clothing line for Clone X Forging 2022 avatars.
The sales volumes achieved this week by ENS and RTFKT are closely competing with each other. However, they have managed to displace the second largest crypto collection of NFTs in the blockchain ecosystem, whose sales volume has been 1.934 ETH (about $3,04 million), in the last 7 days.
In terms of weekly sales volume, Otherside, also from Yuga Labs, and Clone X Takashi Murakami, rank fourth and fifth respectively among the most traded NFT collections this week.
ENS and Clone X stand out amid a bear market
Ethereum Name Service and Clone X Forging are standing out in a market hit by a strong crypto winter, which has generated a massive sell-off in cryptocurrencies.
However, crypto blogger Colin Wu explained that the current boom we are seeing in Ethereum domain names has to do with these being one of the most valuable assets that have ever existed in the entire history of the Web and that they are helping to build the new decentralized Internet.
“Digital domain names are eager to replicate in Web3 the success they had in the history of Web2”, Wu said in his publication.
So far, More than 540.000 users have registered a total of 2,17 million ENS domain names on the Ethereum blockchain, which shows how these decentralized domains are taking over. Ethereum Name Service reported last month that only 1 million of the ENS domain names created since its launch had been registered in the past 3,5 months.
While some consider domain names on Ethereum to be mere speculation, the curious thing about this NFT collection is that its overall average value is 0,01 ETH, which is equivalent to about $15,7 at the current market price of Ethereum (ETH).
The Clone X Forging 2022 NFTs are the latest collection to be released by RTFKT, which was acquired by Nike last year. The NFTs in this collection are currently selling at a minimum price of 0,03 ETH, or around $47,2.
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