OpenSea Purchases its Eponymous Ethereum Name Service Address For $165,000

OpenSea purchases ENS address ‘opensea.eth’ for $165,000 despite recently laying-off 20% of its staff.

Leading NFT marketplace OpenSea has purchased its eponymous Ethereum Name Service (ENS) address u2018opensea.ethu2019 for more than 99.9 ETH (or around $165,000), making it the ninth most expensive asset of its kind.u00a0

As of the time of writing, the total transaction volume of ENS sales has reached $104.75 million, with the transaction volume in the past 24 hours totaling around $336,500. Such staggering figure is partially down to the surge in demand that the asset has faced in 2022, as well as the more recent hype for the asset that coincides with Ethereumu2019s all-important u2018Mergeu2019.u00a0

For those following the ongoings of OpenSea, the hefty purchase may seem counterintuitive given the fact that the company recently laid off 20% of its staff in preparation of a u2018prolonged downturnu2019. That being said, and as with the premise of eponymous or highly sought-after ENS domain names, the purchase can be seen as a long term investment that helps cement the NFT platform as a big-hitter within the Web3 space.u00a0

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