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ENS Domains reports that the number of Ethereum Name Service domains has topped 1.8 million, with 378,000 new .eth registrations in July alone.
The increase in registrations occurs as the Ethereum community prepares for the planned next month, which will transition the leading blockchain for dapps, DAOs, and NFTs from a proof-of-work consensus algorithm to a proof-of-stake consensus algorithm.
In the tweet reporting the record number of registrations, ENS Domains stated that it witnessed 5,400 ETH in revenue (about $8.8 million) and 48,000 new Ethereum accounts utilizing at least one ENS name as well as more than 99 percent of the domain sales volume on OpenSea last month.
While the merger may have contributed to the spike in activity, Khori Whittaker, Executive Director of True Names Limited, the firm behind ENS Domains, feels the growth is more natural.
“There is an incredibly active and enthusiastic ecosystem of ENS proponents, and they are building sub-communities and spreading the word about what is possible with ENS domains,” Whittaker wrote in an email to Decrypt.
Whittaker asserts that the increase in registrations would not have occurred without the efforts of independent developers in the ecosystem who have created marketplaces and other ENS-related apps and organizations such as the “999 club.” “among others, the “10k club,” the “TLC club,” and the “100k club.”
According to Whittaker, the decrease in Ethereum transaction gas prices also contributed to the increase. “We’ve observed that domain registration activity increases as petrol prices fall,” he added.
According to Whittaker, the firm has also observed a rise in non-English speaking groups, such as Arabic and Spanish speaking communities, in the ENS ecosystem.
The Ethereum Name Service or ENS oversees the issue and renewal of Ethereum-based .eth domain names. These domains may be sold as non-fungible tokens, also known as NFTs, which are cryptographically unique tokens connected to digital (and occasionally physical) content and serve as ownership evidence.
Additionally, ENS domains can link to a user’s bitcoin wallet. Instead of providing a lengthy Ethereum address to receive a transaction, users may use their .eth domain name.
Other vendors of crypto-related domain names have also entered the market, selling domains such as.sol (Solana),.bitcoin, and.zil (Zilliqa). These domain extensions have also become popular methods to demonstrate Web3 affiliation.
In June, iconic actor Anthony Hopkins added a.eth domain to his official Twitter account. He solicited advice from other Web3 celebs Snoop Dogg, Jimmy Fallon, and Reese Witherspoon on which NFT Hopkins should purchase first.
People are looking for enduring quality initiatives and processes, according to Whittaker. “There are several intriguing and entertaining Web3 initiatives, and the Ethereum Name Service is unquestionably one of the most notable.”
