Despite not being an AI token, Ethereum Name Service [ENS] is one of the cryptocurrencies that benefited from the popularity of ChatGPT. The chatGPT domain sold for 6 ETH on OpenSea, according to the open naming system’s sales bot.
The vendor was identified as “Ishmilly” according to information obtained from the NFT marketplace. LongDuck, who previously held the domain, purchased it for 0.043 ETH. When compared to the market price of Ethereum at the time of publication, the asset was worth close to $10,000.
In the 24 hours after the sale, ENS’ collection volume increased by 46%. Although the large sale may have had a role, the surge indicated that additional items were exchanged under the collection. Despite a 335% volume rise from another collection, this enabled ENS maintain its lead in the domain sales rankings.
This sale further increased ChatGPT’s influence in the cryptocurrency market. Tokens, Fetch. Ai [FET], and SingularityNET [AGIX], for example, have seen enormous value rises since the AI tool achieved broad usage.
ENS acquired so many registrations at one time that it registered an extra one million domains in less than two months.
This was, however, in the third quarter (Q3) of 2022. However, according to Dune Analytics, domain attention has only been Month-on-Month (MoM) since then. The domain registration count for February was 10,248 at the time of writing.
However, it is possible that it will be closer to the ones in December 2022 and January 2023, which had a little difference.
Furthermore, CoinMarketCap statistics shows that the ENS token price increased by 2.15% in the previous 24 hours. During the same time period, the trade volume climbed by 20.26%. As a result of the raise, more tokens have been exchanged than the previous day, independent of profit or loss.
Surprisingly, it was feasible that the growing AI use would continue to have an impact on the crypto environment. This was because to Microsoft’s activities.
The corporation recently invested in OpenAI, the startup that created the ChatGPT technology. However, the technology company went one step further by including the tool inside its search engine Bing.
As a result, if the crypto community is interested, this major transaction might spark an increase in ENS restrictions.
Disclaimer: The information provided is not trading advice, Bitcoinworld.co.in holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.