The Ethereum Name Service (ENS) created 64,000.eth names on Sunday and Monday alone, with 108,000 ENS domains registered in the past week – a huge 216% increase in registrations. This brought about a notable spike in revenue.
ENS, as per data published by lead developer Nick Johnson, made $648,000 – a half a million dollar increase compared to the previous day. ENS domain names are secure domain names whereby users can map human-readable names to blockchain and non-blockchain resources like Ethereum addresses or website URLs. This is specifically for the decentralized world. It can be registered through ens.domains or bought and sold on secondary markets.
Users after creating an Ethereum wallet receive a wallet address to send their ETH assets to and from. But there is a catch – the standard addresses are too difficult to memorize and use consistently. However, the ENS domain makes it easier. It resolves the address. As such, the domain becomes the identifier for the specific address that the wallet is registered.
Data suggests that secondary sales of ENS domain names on OpenSea, the NFT marketplace, saw a massive spike. It soared over 300% in the past week. The ENS, in the past week, is the top-ranked collection on OpenSea. It saw over 6,900 ETH – worth about $7.9 million – in volume traded. This is not the first time the platform saw a surge in sales. Back in April, three and four-digit ENS domain names like 123.eth or 125.eth were trending. This caught up when Twitter users saw that such domains had a fixed supply. It also made holders members of the 10k Club. ENS saw $3 million in revenue in less than a week.