In the AI season, the ChatGPT domain sells for 6 ETH, bolstering ENS.
Despite not being an AI token, Ethereum Name Service [ENS] is one of the cryptocurrencies that benefited from ChatGPT’s success. According to the sales bot of the open naming system, the chatgpt.eth domain sold on OpenSea for 6 ETH.
Despite a decline in registrations, domain sales are rising
The vendor was identified as “Ishmilly” based on information gathered from the NFT marketplace. LongDuck, the previous owner, paid 0.043 ETH for the domain. The asset’s worth was close to $10,000 in contrast to the Ethereum market price at the time of publication.
Following the sale, ENS’s collection volume increased by 46% in just twenty-four hours. Although the large auction may have had some impact, the increase shows that more items from the collection were traded. This enabled ENS to keep its top spot in the domain sales rankings despite a 335% rise in volume from a different collection.
In the AI season, the ChatGPT domain sells for 6 ETH, bolstering ENS.
The reputation of ChatGPT in the bitcoin market was improved by this transaction. Since the AI tool’s widespread use, tokens like Fetch. Ai [FET] and SingularityNET [AGIX] have seen notable value gains.
After collecting a huge number of registrations at once, ENS added a million new domains in less than two months.
Nevertheless, this took place in the third quarter (Q3) of 2022. But since then, domain interest has only grown Month-on-Month (MoM), according to Dune Analytics. 10,248 new domains had been registered as of this writing in February.
However, it is anticipated that it will be more similar to the ones in December 2022 and January 2023, which barely varied little.
In the AI season, the ChatGPT domain sells for 6 ETH, bolstering ENS.
As ChatGPT expands, ENS costs rise.
According to CoinMarketCap data, the cost of ENS coins has increased by 2.15 percent in the last day. The amount of trade also increased by 20.26% at the same time. Due to the increase, more tokens were traded than the day before, whether they were profitable or not.
Surprisingly, it’s possible that the crypto environment will continue to be impacted by the growing use of AI. This resulted from Microsoft’s actions.
The company recently made an investment in OpenAI, which created the ChatGPT technology. The IT industry, however, took things a step further by including the feature into Bing.
Therefore, if the crypto community is interested, this sizable sale might result in a reduction in ENS limitations.