Friday, July 19, 2024

Why Domain Registrations on Ethereum Name Service Are Increasing.

The ENS or Ethereum Name Service is seeing a huge surge in the number of creating and registering of names. ENS developer Nick Johnson published and reveal this data. There was almost a 216% jump over just one weekend leading to a big increment in revenue. ENS is an open and distributed domain name protocol on the Ethereum blockchain.

ENS lets its users create easy usernames for decentralized websites and their wallet addresses. The Ethereum Name Service controls the renewal and issuance of domain names, built on Ethereum. These domain names are the .eth domain names and are sold as Non-Fungible Tokens or NFTs. These can also be linked to a cryptocurrency wallet.

Indicating the crazy spike, 000.eth was sold at 300 ETH ($344,000). Delphi Digital assumes that this recording-creating number has led to the activation of sales, almost as a chain reaction.

It must be noted that Open Sea also saw secondary sales spike up to as much as 300%. On Open Sea, the ENS saw more than 6,900 ETH (approx. $7.9 million) in volume traded.

There have been earlier instances of a sudden increase in the selling of ENS domain names too. People have concluded that there is only a certain limited supply of these domains. These made the domain-name holders members of the ‘10K Club’. This led to the Ethereum Name Service generating a revenue amount of $3 million within a week.

Market observers also feel that cheaper gas and ether prices have also worked as incentives for the purchasers to buy and trade ENS domain names. Also, these domain names are shorter, which are more preferred by NFT investors for their higher value.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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