On Tuesday, the Ethereum Name Service, or ENS, domain Amazon.eth received an offer for 1 million USD Coin (USDC), a stablecoin pegged to the United States dollar, from an anonymous wallet address on OpenSea. However, the request to purchase the ENS Domain was unanswered and no transaction took effect. This is despite ENS domain being sold for 33 Ether (ETH) five months prior, and the domain’s current value at $100,000.
OpenSea’s expired million-dollar Amazon.eth offer | Source: OpenSea
It was unclear at the time that this article was published whether the owner had not been informed of the offer, didn’t consider it fair value, or if the domain and bidding accounts were linked to raise the asset’s value (in what is called a washtrade). OpenSea data shows that there have been no other bids for the ENS domain. These offers are only $6,200 in USDC. OpenSea anonymous user 4761BF owns the domain name. It is officially verified by ENS.
OpenSea’s expired million-dollar Amazon.eth offer | Source: OpenSea
ENS is a protocol for naming blockchains that allows users store avatars and profile pictures across devices. It also allows them to send or receive crypto tokens (NFTs), and can also be used to send or receive nonfungible tokens. OpenSea users will need to first connect their wallet, register an address at manager.ens.domains and then list the domain on their OpenSea accounts.
Some crypto enthusiasts have chosen creative and interesting domain names to use with the ENS service. However, some others are now involved in domain-flipping. This is when prominent entities register ENS domains and demand a high price if they wish to be in the Web3 space.
Over 1.67 Million.eth domains have been registered by approximately 482,000 people since its inception back in 2017. Between July 5 and Monday, more than 154,100 domain registrations were made. This is partly due to lower gas costs and continuing interest from entities looking to enter the Web3 space. OpenSea’s ENS collection has seen approximately 46.200 ETH in cumulative transactions volume to date. This amounts to $71.5 Million.