Here Is Why ENS Price Has Been Soaring!! With more than 5,400 ETH in revenue in just the past month, ENS has seen massive increase in sales and popularity.
ENS’ Rise In Popularity
This year, Ethereum Name Service, also known as ENS, saw a huge rise in both popularity and sales as many in the community rushed to buy their own ENS domain. It’s surge in sales volume rose especially in June and July, where ENS’ floor price was even able to surpass Mutant Ape Yacht Club (MAYC)’s floor price at one point.
July 2022 stats for ENS
– 378K new .eth registrations (total 1.86m names)
– $6.8m in protocol revenue (all goes to the DAO)
– 5,400 ETH in revenue (highest ever month)
– 48K new eth accounts w/ at least 1 ENS name (total 508k)
– >99% of OpenSea domain vol pic.twitter.com/TdD16FOX2d
— ens.eth (@ensdomains) August 1, 2022
ENS’ Twitter account also released statistics and data from its sales this July where it showed huge numbers like never before. In just one month ENS was able to accumulate 5,400 ETH in revenue, the highest it ever has, and it reported a total of 378 thousand new .eth domain registrations.
There have also been a number of huge ENS sales this past year, such as the domain Amazon.eth receiving a bid of $1 million as well as OpenSea themselves buying the domain Opensea.eth for around $165,000.
Ethereum Name Service also reported that this July, its domains made more than 99% of OpenSea’s domain volume in total.
One of the biggest reasons why ENS could have seen such a big rise this year is possibly because of the Ethereum merge from a Proof-of-Work consensus to a Proof-of-Stake consensus taking place this September.
The ETH merge itself is an incredibly big deal for the community, with promises of being able to reduce Ethereum’s energy consumption by 99% and further promises of possibly lowering gas fees and maximizing transfer rates later on.
With the improvement of the Ethereum blockchain, many in the community are seeing a bright future for ETH and so, seem to have rushed to buy ENS domains this year in order to optimize their virtual identity and place in the Ethereum blockchain before it continues to grow more popular in the future.