NFT: Ethereum Name Service is all the rage on OpenSea!

Only a few days left before The Merge, Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS). While waiting for D-Day, the Ethereum Name Service (ENS) is a great success, the enthusiasm for Ethereum domain names has never been stronger. Less than a month after reaching the symbolic bar of 2 million domain name registrations, we have crossed another threshold. Indeed, more than 2.3 million domain names are now registered.

Ethereum Name Service has over 2.3 million records

The unprecedented success of Ethereum Name Service (ENS)

In August, Ethereum Name service admitted to having crossed the symbolic milestone of 2 million registered domain names. Less than a month later, more than 300,000 new recordings have been added. Such an impressive speed necessarily attests to the success encountered by the ENS while waiting for the Merge. According to this tweetthe ENS counts at the time of writing this article more than 2.3 million records.

Ethereum Name Service is currently experiencing unprecedented success. Especially when you know that it took 5 long years to cross the 1 million mark. In less than 5 months, the bar of two million registered domain names has been largely exceeded.

To justify this overweight for ENS domains, Khori Wittakerthe executive director of True Names Limited, think that the web 3.0 communities have a lot to do with it. During his interview with Decrypt, he made the following remark: “There is an extremely active and passionate ecosystem of ENS advocates, who are independently and organically building sub-communities and spreading awareness of the possibilities that ENS domains offer.” We can therefore expect a growing interest in ENS over the long term, at least until the date of The Merge. It is since mid-July that registrations have started to panic the counters on the sidelines of the Ethereum transition schedule.

The pace of adoption of ETH domain names is creating a speculative movement

As in any new revolution, Ethereum domain names are not always unanimous. For many, they are a means that would facilitate payments. For a minority, however, these names are speculative. No matter who is telling the truth, the numbers show that some areas are exploding. These snap up at exorbitant prices and at the same time create a speculative market. Which is quite understandable, considering that in just 2 months, the value of the domain has increased tenfold.

The way things are going, we could hit 10 million registrations by next year. It is too early to make predictions. Obviously, we will be curious to see if it still arouses the same enthusiasm after The Merge.

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