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ENS sales surge as Web3 prepares for Ethereum integration

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As the crypto and NFT community braces itself for Ethereum’s highly anticipated merger, Ethereum Name Services (ENS) domain sales have reached an all-time high. Increased demand for Web3 assets means that more than 1.8 million ENS domain names are now owned, with more than 378,000 acquired in July alone.

In turn, and accordingly Statistics Issued by ENS Domain, it generated $6.8 million in protocol revenue (all of which goes to the ENS Domain DAO), 54,000 ETH revenue in July (the highest figure ever recorded for a single month), and 48,000 new Ethereum with at least 1 ENS domain name. account (to make a total of 508,000). In addition, such activities are responsible for over 99% of domain sales OpenSea’s vol.

The consensus behind why such bullishness is happening in the ENS domain name market is that the Ethereum community (and those who wish to join) are looking to optimize their virtual identity within the ecosystem before Ethereum integrates. In broad terms, the event will see the blockchain change from a proof-of-work algorithm to one of proof-of-stake.

Furthermore, according to Corey WhittakerThe executive director of the company behind ENS domains, True Names Limited, said such market conditions would not be possible without the efforts of independent parties who are creating marketplaces, apps and groups (such as those on Discord) that are specifically dedicated to it. ENS for domain names.

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*All investment/financial opinions published by NFT Plaza are derived from the personal research and experience of our site moderators and are intended as educational material only. Individuals should do thorough research on any product before making any type of investment.



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