- ChatGPT’s ENS domain sold for 139x of its initial sale.
- Registrations remain in shambles despite an increase in 24-hour trading volume.
Despite not being a part of AI token, Ethereum Name Service [ENS] became part of the cryptocurrencies that have gained from ChatGPT’s rise. According to the sales bot of the open naming system, the chatgpt.eth domain sold for 6 ETH on OpenSea.
chatgpt.eth bought for 6.00 WETH (9,981.84 USD) on Opensea #ENS #Web3Names #EnsNames https://t.co/CBSEHnwZp1 pic.twitter.com/249hOwJVu7
— ENS Sales Bot 🤖 (@EnsSalesBot) February 7, 2023
How much are 1,10,100 ENS worth today?
Domain sales spikes but registrations decline
Information from the NFT marketplace showed that a certain “Ishmilly” was the seller. Meanwhile, LongDuck, who previously owned the domain, bought it for 0.043 ETH. At press time, the value of the asset was close to $10,000 when compared to the market price of Ethereum.
Following the sale, ENS’ collection volume rose 46% in the last 24 hours. Although the major sale may have played a role, the spike meant that there were other assets traded under the collection. This helped ENS remain top of the domain sales standings despite a 335% volume increase from another collection.
Source: OpenSea
This sale also strengthened the impact ChatGPT has had on the crypto space. For example, tokens, Fetch. Ai [FET] and SingularityNET [AGIX] have recorded tremendous value increases since the AI tool gained widespread popularity.
At one point, ENS gathered so much registration that it recorded an extra one million domains in less than two months.
However, this was in the third quarter (Q3) of 2022. But since then, the domain attention has only been Month-on-Month (MoM), according to Dune Analytics. At the time of writing, the domain registration count for February was 10,248.
But there is a chance that it could edge closer to the ones in December 2022 and January 2023, which was a slight difference.
Source: Dune Analytics
ENS price rises as ChatGPT is one step ahead
Further, CoinMarketCap data revealed that ENS’ token price picked up a 2.15% increase in the last 24 hours. The trading volume within the same period also increased by 20.26%. A simplification of the hike more tokens has been transacted than the day before, regardless of profit or loss accrued.
Interestingly, it was possible that the crypto ecosystem would continue to see the effect of the increased AI adoption. This was due to the actions taken by Microsoft.
Read Ethereum Name Service’s [ENS] Price Prediction 2023-2024
A few days back, the company invested in OpenAI, the firm who invented the ChatGPT tool. However, the technology firm went a step further by adding the tool to its search engine Bing.
Learn more at https://t.co/5vRuyZ1kV3
— Microsoft (@Microsoft) February 7, 2023
Hence, this significant sale could propel a hike in ENS regulations provided the crypt community is interested.