Non-mainstream projects, more often than not, take their own time to create a niche and establish themselves. Then, it just becomes a matter of time for their name and fame to heighten. Ethereum Name Service is one such project. Investors and NFT enthusiasts scrambled over a newly released batch of 10,000 ENS domain NFTs. From 0000 to 9999, the NFT collection relished in value, spawning a frenzy inside their new community.
Income stream
The current month has seen a significant increase in the naming service platform. ENS registration/renewal revenue hit a record high of $8,028,631 so far in May. Registration fees were about 80%, most of them provided by “ordinary users”, not “squatters” with more than five ENS domain names.
ENS, being a domain registration service, earns revenue in two ways – when users register an Ethereum address and when users renew this address. Unsurprisingly, with numbers included in ENS’s offering recently, registrations are skyrocketing.
As of this month, ENS has increased by around 100% in the past 24 hours. In fact, in just one week, it shot up to around 4400% according to data from OpenSea. In addition, the ENS has passed the impressive milestone of “1M ENS” names.
Additionally, April also played an integral role here. Stats reached a record high on 26 April at $1.2 million. And, then on 27 April, another $1.1 million in revenue got generated. Indeed, a massive spike for a protocol that hasn’t recorded a single day of revenue over $1 million.
Well, thanks to these developments, the revenue stream has maintained an impressive figure throughout.
Despite hiccups in the market cap, the total revenue managed to maintain a positive picture throughout. But what about the price? Well, the price of the airdropped token didn’t quite show the same enthusiasm.
According to this platform, ENS at press time is priced at $12.7 – down nearly 50% from its May 2 high of $24.8.
