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Ethereum Name Service (ENS) domains have seen a sharp rise in interest over the last six months. New registrations hit 437,000 in September alone. On secondary markets such as OpenSea, the domains are being traded for millions of dollars.
Why the sudden interest? We try to answer this question by looking at the top five ENS domain sales of all time.
According to data compiled by ENS Domains, registrations climbed 57% in September from 301,000 the previous month. Since May, the number of ENS domain names registered has more than doubled to 2.6 million. Before, it took the protocol five years to reach one million.
Peer-to-peer non-fungible token marketplace OpenSea accounted for 97% of ENS domain volume, generating $5.5 million in revenue for the protocol. Revenue is up 17% from a month earlier, in August.
What are ENS domains?
You could think of an ENS domain as your personal website in web2 (e.g johndoe.com). Only this time, it’s in web3 (johndoe.eth). Web3 is the idea of an Internet that is decentralized and powered by blockchain technologies and token-based economics.
Built on the Ethereum blockchain, ENS domains are a type of custom crypto wallets that contain recognizable names or numbers within them. They simplify the typical Ethereum address, which is just a long list of alphanumeric characters, allowing users to send and receive funds more easily.
ENS domains can also be used for website addresses and apps and can be sold as NFTs. The native name suffix for the domains is .eth. Users can register domain names on the Ethereum Name Service website for a fee of between $5 and $640 in ETH.
The fee is based on the number of characters within the domain name – five, four, three, etc. The fewer the characters, the more expensive the name. ENS is an open-source decentralized autonomous organization (DAO) that has run the domain namin
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