ENS Sales Soar as Web3 Preps for Ethereum’s Merge

Ethereum Name Service (ENS) domain sales hit record highs as the cryptocurrency and NFT communities gear up for the long-awaited Ethereum merger. Over 1.8 million ENS domain names are now owned, with over 378,000 domain names acquired in July alone, due to the surge in demand for Web3 assets.

next, statistics Issued by ENS Domains, it generated $6.8 million in protocol revenue (all going to the ENS Domain DAO) and 54,000 ETH in July revenue (this is the highest number ever recorded in a single month). ), and 48,000 new Ethereum accounts with at least one ENS domain name (to bring the overall total to 508,000).Moreover, such activities 99% of domain sales OpenSea volume.

The consensus behind why such a bullish move is taking place in the ENS domain name market is that the Ethereum community (and those wishing to join) are willing to create virtual identities within the ecosystem before the Ethereum integration takes place. It means that you are trying to optimize the At a high level, this event marks the switch of blockchains from proof-of-work algorithms to proof-of-stake algorithms.

Furthermore, according to Cori Whitakerexecutive director of True Names Limited, the company behind ENS Domains, who among other things creates dedicated marketplaces, apps, and groups (such as Discord’s groups), would not have been able to do this without the efforts of an independent party. Market conditions like .ENS to domain names were impossible.

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