As the crypto and NFT community prepares itself for Ethereum’s highly anticipated merge, Ethereum Name Services (ENS) domain sales have hit an all-time high. The surge in demand for the Web3 assets has meant that over 1.8 million ENS domain names are now owned, with over 378,000 being acquired in the month of July alone.
In turn, and as per the stats issued by ENS Domains, this has generated $6.8 million in protocol revenue (all of which is going to the ENS Domain DAO), 54,000 ETH in revenue for July (which is the highest figure to be recorded for a single month), and 48,000 new Ethereum accounts with at least 1 ENS domain name (to make the overall total 508,000). In addition, such activity accounted for over 99% of domain sales volume on OpenSea.
The consensus behind why such bullishness is taking place within the ENS domain name market is that the Ethereum community (and those wishing to join) are seeking to optimize their virtual identity within the ecosystem before Ethereum’s merge takes place. In broad terms, the event will see the blockchain switch from a proof-of-work algorithm to one of proof-of-stake.
In addition, according to Khori Whittaker, the Executive Director of the company behind ENS Domains, True Names Limited, such market conditions wouldn’t be possible without the efforts of the independent parties who are creating marketplaces, apps, and groups (such as ones on Discord) that are specifically dedicated to ENS domain names.