Off-maintenance projects often create a niche and take time to establish themselves. Then it is only a matter of time before their name and fame rise. Ethereum Name Service is one such project. Investors and NFT enthusiasts competed for the newly launched 10,000 ENS domain NFT deployments. From 0000 to 9999, the NFT collection enjoys value and has created a frenzied response in a new community.
In the months in progress, the naming service platform has grown significantly. ENS’ registration/renewal revenue hit an all-time high in May so far at $8,028,631. Registration fees accounted for around 80%, mostly borne by “regular users” rather than “Squatters” with 5 or more ENS domain names.
As a domain registration service, ENS earns revenue in two ways: when a user registers an Ethereum address and when a user renews this address. Not surprisingly, enrollments are skyrocketing in recent years as numbers are included in the services provided by ENS.
ENS from this month obtained It has surged about 100% in the last 24 hours. In fact, in just one week, it soared to around 4400%, according to data from OpenSea. ENS also achieved an impressive ‘1M ENS’ name milestone.
April also played an important role here. Statistics broke the record high of $1.2 million on April 26. And on April 27, another $1.1 million in revenue came in. It’s actually a huge spike for a protocol that has never made more than $1 million in revenue per day.
Well, thanks to these advances, revenue streams have remained impressive overall.
Despite the market cap issues, total returns remained overall positive. But what about the price? Well, the price of the airdropped tokens wasn’t very enthusiastic.
Under this platform, ENS is priced at $12.7 at press time. That’s a drop of nearly 50% from its May 2nd high of $24.8.