Meanwhile, Richard Chen, general partner at NFT fund firm 1confirmation, listed ENS as one of the three underrated products he looked forward to in 2023.via the Shower Thoughts Substack, Chen highlighted that ENS was the “biggest NFT elephant in the room.”
Additionally, he referred to ENS having its own version of PFPs as one vital factor that could toss its upward performance in 2023. Chen opined, “ENS also has their own version of PFPs in the form of 3 and 4 digit ENS names. Known as the 999 Club and 10k Club, I predict these will be some of the most desirable forms of on-chain identity in the next year.”
Furthermore, ENS also gained a good share of the overall NFT marketplace in 2022. Chen also considered generative arts and MEV apps and wallets as the other two that had the potential to thrive in the new year. Notwithstanding, interest in ENS domain registrationsOn-chain data revealed that Chen could have raised some valid points regarding its undervalued or overvalued status.
This was because the 20 EMA could not contain the strength of the 50 EMA . Since the former lagged, it was likely that ENS would flatten or reverses to a price dump in the short term.Subscribe to get it daily in your inbox.