Prior to expiration, the offer was worth around 10 times what the domain’s last sale was.
An anonymous wallet address on OpenSea made an offer for one million USDC (a stablecoin tied to the US dollar) on Tuesday to the Ethereum Name Service, or ENS, domain Amazon.eth. But there was no response to the offer to acquire the ENS domain, and no deal was made. Despite the fact that the domain name was last sold five months ago for 33 Ether, which was equivalent to almost $100,000 at the time.
It is unknown at this point 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 linked in an effort to artificially inflate the asset’s worth (in what is known as a “wash trade”). Other bid proposals for the ENS domain currently stand at little under $6,200 USDC, according to statistics from Opense. ENS has confirmed the legitimacy of the domain name, which is registered to anonymous OpenSea user 4761BF.
ENS is a blockchain naming protocol that enables users to transfer and receive cryptocurrency and nonfungible tokens as well as save avatars and profile photos 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 fans choose unique or imaginative names for the ENS service, others have started domain-flipping.
ENS domains containing the names of well-known organizations would be registered in advance, and if the organization later decided to enter the Web 3.0 arena, it would then demand a premium fee for the domain.
Over 1.67 million.eth domains have been registered since its launch in 2017, with roughly 482,000 owners. Between July 5 and July 18, more than 154,100 registrations were made, in part because of decreasing gas prices and ongoing interest from businesses looking to enter the Web 3.0 market. The total volume of transactions for the ENS collection on OpenSea is currently at 46,200 ETH ($71.5 million).
