Amazon.eth ENS domain owner disregards 1M USDC buyout offer on OpenSea

On Tuesday, the Ethereum Name Service, or ENS, domain Amazon.eth received an offer for 1 million USD Coin (USDC), a stablecoin pegged to the United States dollar, from an anonymous wallet address on OpenSea. The offer to buy the ENS domain went unanswered, however, and no transaction took place. This is despite the last sale of the domain name being five months ago for 33 Ether (ETH), worth around $100,000 at the of writing.

The expired million-dollar offer for Amazon.eth on OpenSea | Source: OpenSea

It is unclear at the time of publication whether the owner simply was not informed of the offer, did not consider it to be near fair value or if the bidding and domain owner accounts were linked in an attempt to boost the price of the asset (in what is known as a wash trade). According to data from OpenSea, other bid offers for the ENS domain stand at just around $6,200 in USDC. The domain name is verified as official by ENS and is owned by anonymous OpenSea user 4761BF.

The expired million-dollar offer for Amazon.eth on OpenSea | Source: OpenSea

ENS is a blockchain naming protocol that allows users to store avatars and profile images for use across devices and send or receive crypto and nonfungible tokens (NFTs). To sell a .eth domain on OpenSea, users would first need to connect their wallet and register an address at manager.ens.domains then list it on their OpenSea account.

While many crypto enthusiasts took up interesting or creative names for the ENS service, others have embarked on the practice of domain-flipping. That is, registering ENS domains containing names of prominent entities beforehand and then later demanding a high price for the domain should the said entity wishes to enter the Web3 space later on.

Since its inception in 2017, there have been over 1.67 million .eth domain registrations across approximately 482,000 owners. More than 154,100 registrations were made recently between July 5 to Monday, partly due to lower gas fees and continued interest from entities seeking to enter the Web3 space. To date, the ENS collection on OpenSea has witnessed approximately 46,200 ETH, or $71.5 million, in cumulative transaction volume.