Reports have also noted that the presence of other crypto-related domain names offering .sol (Solana), .bitcoin, and .zil (Zilliqa) domains, have increased in the market.
ENS Domains has in a recent report disclosed that the Ethereum name service domain registrations have hit an all-time high with ownerships of over 1.8 million names. According to the report, July alone saw over 378,000 new registrations. ENS Domains also stated that it saw about 5,400 ETH (around $8.8 million) in revenue in July, the highest ever recorded in a single month. Also, 48k new Ethereum accounts with at least one ENS name were recorded. In addition, there were over 99% of domain sales on OpenSea in July.
Ethereum is currently preparing for the “merge” next month to move its consensus algorithm from the Proof of Work to the Proof of Stake. This is said to have contributed partly to the increase in activity. According to Khori Whittaker, Executive Director of True Names Limited, the company behind ENS Domains, the July surge in Ethereum name service domain registrations is more Organic.
“There is an extremely active and passionate ecosystem of ENS advocates, and they are independently and organically creating sub-communities and spreading the word about what’s possible with ENS domains,” he said.
He believes it would not have been possible without the Independent developers’ effort in creating marketplaces and other ENS-related apps. He also observes that whenever the gas fee of Ethereum drops, domain activities spike.
Recently, there has been an increase in non-English speaking communities in the ENS ecosystem. These include Arabic and Spanish-speaking communities which could have also caused the surge in activities.
Reports have also noted that the presence of other crypto-related domain names offering .sol (Solana), .bitcoin, and .zil (Zilliqa) domains, etc have increased in the market. It can be recalled that legendary actor Anthony Hopkins edited his name to include a .eth domain on his official Twitter account. It is important to note that ENS domains can be linked to one’s crypto wallet, and can be used to receive a transaction instead of the long Ethereum address. Sometimes, the .eth domain names can be sold as Non-Fungible Tokens.
“People are searching for quality projects and quality protocols with staying power. There are many interesting and fun projects out there in Web3, and the Ethereum Name Service certainly is one of the most prominent,” Whittaker added.
Excellent John K. Kumi is a cryptocurrency and fintech enthusiast, operations manager of a fintech platform, writer, researcher, and a huge fan of creative writing. With an Economics background, he finds much interest in the invisible factors that causes price change in anything measured with valuation. He has been in the crypto/blockchain space in the last five (5) years. He mostly watches football highlights and movies in his free time.
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