.Eth market nearly dissapears — High value
Trading activity for high value .eth domain names has gone from hundreds a day to fewer than ten.
Later this morning, I’ll publish this stretch’s Reglike Podcast with a discussion regarding blockchain-based domain names.
Ahead of that, let’s check in with the market for .eth domains, which are part of Ethereum Name Service.
In early May, I wrote regarding how short numeric .eth domains were selling for big bucks. Four digit .eth domains were selling for $6,000-$7,000 and three digit domains were selling for $50,000 or more.
People weren’t suddenly using .eth domains in droves. Instead, they were piling into the market with the hopes of making a quick return. That opportunity appears to have been fleeting.
Prices crashed days later. The market for high dollar .eth domains fell further as the month progressed to only a trickle a day.
The market was so hot for a while that Leanne McMahon, creator of domain data site Crunch.id, was doing daily updates of .eth sales. She noted on hundreds of .eth sales of $1,000 or more per day. Now there are fewer than 10 per day, so she put her daily roundup on pause.
Trading on OpenSea has fallen from thousands of domains a day to regarding 150-200 per day.
We talk regarding the .eth runup on the podcast today, so stay tuned.
