Non-mainstream projects, more often than not, take their time to carve out a niche and establish themselves. Then, it is just a matter of time to elevate his name and fame. The Ethereum Name Service is one such project. Investors and NFT enthusiasts scramble over the newly released batch of 10,000 ENS domain NFTs. From 0000 to 9999, the NFT collection rejoiced in value, creating a frenzy within its new community.
The ongoing month saw a significant growth in the naming service platform. ENS registration/renewal revenue reached a record high of $8,028,631 so far in May. Registration fees accounted for about 80%, most of them contributed by “ordinary users”, not “squatters” with more than five ENS domain names.
ENS, being a domain registration service, generates revenue in two ways – when users register an Ethereum address and when users renew this address. Unsurprisingly, registrations have been skyrocketing, with the number joining ENS offerings recently.
Since the beginning of this month, the ENS has increased by almost 100% in the last 24 hours. In fact, in just a week’s time, according to data from OpenSea, it increased by almost 4400%. In addition, the ENS reached an impressive milestone named ‘1M ENS’.
Additionally, April also played an integral role here. The figures hit a record high of $1.2 million on April 26. And, then on April 27th, another $1.1 million was generated in revenue. In fact, a huge spike for a protocol that hasn’t recorded a single day of revenue exceeding $1 million.
Well, thanks to these developments, the revenue stream maintained an impressive figure throughout.
Despite volatility in market cap, overall revenues managed to maintain a positive picture. But what about the price? Well, the price of the airdropped token did not show that much enthusiasm.
According to this platform, ENS is priced at $12.7 at press time – about 50% lower than the May 2 high of $24.8.