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Cryptoslam data shows ENS Sales has done 0ver 130% in the last 30 days
04 October 10:53
[TL;DR]
🔹 ENS has made over 100% increase in sales within the past few days.
🔹 With ENS domains, Crypto traders can shorten their wallet addresses to specific names ending in (dot)eth.
🔹 ENS claims it generated over 99% of the domain sales volume on OpenSea marketplace.
🔹 The Ethereum Merge upgrade markedly affected ENS sales, which skyrocketed within the merge period.
🔹 The ENS controls the issuance of .eth domain names built on Ethereum, sold as NFTs, and can also be linked to one’s crypto wallet.
🔹 The value of ENS might reach $17.43 by October 2, 2022, but the current price per ENS is $14.815
ENS Sales is over 130% rise in the last 30 days
The Ethereum Network Service(ENS) has been actively trending within the period of anticipating the Ethereum Merge. since then, its sales have witnessed a surge.
Current data from Cryptoslam reveals that ENS sales increased by over 100% in the last 30 days, with sales of $13,901,335 this September which is over a half percent increase compared to the previous month.
Cryptoslam data also shows a hike from 5,548 unique buyers to 10,401 unique buyers in September and total transactions from 20,182 in August to 37,333 in September.
Source: Cryptoslam
What is ENS?
ENS, or Ethereum Name Service, is a decentralized, open, and extensible naming system that interacts directly with the Ethereum network and works similarly to the DNS(Domain Name Service) used in web browsers.
ENS controls the issuance and renewal of (dot)eth domain names built on the Ethereum blockchain. Instead of providing a long Ethereum address, users can connect their (dot)eth domain name to their digital wallets to receive a transaction.
Source: ENS.domains
ENS sales have risen in 2022Since its launch in 2017, a significant increase has been noticed in 2022. In July, ENS recorded about $3.9 million in net income; it hit $6.8 million in August and is on track to surpass this sale this September.
On September 1, ens .eth made a tweet acknowledging August as its third highest month in revenue with revenue of about 2,744 ETH. However, recent data from Cryptoslam shows the sales have peaked at over 100% this September.
ENS currently ranks as one of the top 5 NFT Collections by Volume at Cryptoslam, with over 59.2K holders, 2.1m names, and over 138% in September despite the poor performance of other NFT collectibles.
Why ENS Sales Are Popping Off
The surge in ENS sales seems to have begun after the domain 000.eth was purchased for 300 ETH in July this year, and according to data from DappRadar, this sale was the largest ever measured in both ETH and USD.
The ability of ENS domains to serve as URLs for decentralized websites may be another factor contributing to the surge in sales. Despite several restrictions on (dot)eth websites, owners can develop an HTML webpage that users can access using their ENS domain.
ENS domains is a valuable asset and can be employed in many things like; hosting free Website, payments, and creating User profile Naming infrastructure, among others. With ENS, users can store multiple addresses and receive various crypto tokens and NFTs.
Also, according to ENS executive director Khori Whittaker, the reduction in gas prices of Ethereum before the merge made it cheaper to register an ENS. This led to a surge in ENS sales during this time.
Bottom Line
Although the Ethereum Name Service has gained prominence in the past 30 days, its sales will undoubtedly increase further as soon as the NFT & Crypto market recovers from the current setback.
The value of ENS is anticipated to increase by 11.04% and reach $17.43 by October 2, 2022, according to the most recent price estimated at Coincodex. However, the current price per ENS is $14.815.
Author: M. Olatunji, Gate.io Researcher
* This article represents only the views of the observers and does not constitute any investment suggestions.
*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all other cases, legal action will be taken due to copyright infringement.
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