Quick take:
- Ethereum has reported a monthly revenue of $4.7 million from ENS domain services.
- The company’s encouraging August numbers come just before the highly anticipated merge to PoS.
- ENS domains added 34,000 new accounts with at least one ENS name, generating 2,744 ETH ($4.3 million) in income for the company.
ENS domain services netted Ethereum $4.7 million in revenue in August. That’s the company’s third-best income month since the service launched two years ago, according to the announcement.
The .eth domain service is one of the leading in the crypto space. According to the company it has already sold 2.17 million .eth accounts after adding 301,000 last month. The ENS domain service allows crypto traders to shorten their wallet addresses to specific names with the .eth extension.
Ethereum’s domain services are accessible via leading marketplaces, including NFTs and DeFi platforms. The company accounts for 99% of OpenSea web3 domain sales according to the announcement posted on Twitter.
The company added 34,000 new Ethereum accounts with at least one ENS name, which generated 2,744 ETH (~$4.3 million).
The $4.7 million received in Protocol revenue will all be directed to ENS DAO, the company said.
ENS domains can also be purchased as non-fungible tokens (NFTs) because, like websites, they are unique. This also allows owners to trade them in NFT marketplaces just like any other collectible.
ENS’ biggest competitor is Unstoppable Domains. The NFT domain service provider is leading the next generation of intellectual property in the age of web3.
While web3 domains do not necessarily replace the space occupied by web2 domains, the rapid adoption of web3 in the mainstream could make it a direct rival.
Over the last 18 months, the crypto space has witnessed the emergence of decentralised autonomous organisations (DAOs). They have become the perfect entities to drive investment in web3, with several investor groups choosing DAOs rather than web2 platforms to onboard new investors.
Although ENS has tried to downplay the significance of the proof-of-stake mechanisms, experts think that its application in DAOs and NFTs could spearhead the campaign from proof-of-work to PoS mechanism.
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