ENS domain owner “Amazon.eth” spurns USDC shopping offer on Opensea

On Tuesday, the Ethereum Name Service or ENS domain “Amazon.eth” received an offer of 1 million USDC (a stablecoin pegged to the US dollar) from an anonymous wallet address on OpenSea. However, the offer to buy the ENS domain went unanswered and no transaction took place. And that’s despite the fact that the domain name was last sold five months ago for 33 Ether (worth about $100,000 at the time).

The expired millionaire offer for Amazon.eth in OpenSea | Source: OpenSea

At the time of publication, it’s not clear if the owner simply wasn’t aware of the offer or didn’t consider it near its fair value, or if the accounts of the bidder and the domain owner were linked in an attempt to skyrocket the asset’s price drive (in a so-called “wash trade”). Other offers for the ENS domain are around 6,200 USDC, according to data from Opensea. The domain name has been verified as official by ENS and belongs to anonymous OpenSea user 4761BF.

ENS domain owner “Amazon.eth” spurns USDC shopping offer on Opensea
ENS domain owner “Amazon.eth” spurns USDC shopping offer on Opensea

The expired millionaire offer for Amazon.eth in OpenSea | Source: OpenSea

ENS is a blockchain naming protocol that allows users to store avatars and profile pictures for cross-device use, and to send or receive crypto and non-fungible tokens. To sell an .eth domain on OpenSea, users would first need to connect their wallet and register an address in manager.ens.domains and then list it in their OpenSea account.

While many cryptocurrency enthusiasts have adopted interesting or creative names for the ENS service, others have started switching domains. That is, previously registering ENS domains containing names of prominent entities and then charging a high price for the domain if that entity later wants to enter the Web 3.0 space.

Since its inception in 2017, there have been more than 1.67 million registrations of .eth domains among approximately 482,000 owners. More than 154,100 registrations were recently made between July 5th and 18th, in part due to lower gas prices and continued interest from companies looking to enter the Web 3.0 space. To date, the ENS raise on OpenSea has seen a cumulative transaction volume of approximately 46,200 ETH ($71.5 million).

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