By Franklin Smith
Non-mainstream projects often take time to establish themselves and develop a niche. That means the projects only need time to heighten their fame and name. Ethereum Name Service (ENS) is among such projects.
NFT fans and investors scrambled to get the newly introduced 10K ENS domain NFTs batch. Between 0000 and 9999, the non-fungible token collection improved in value, triggering a frenzy within the new community.
Revenue Streamflow
May had the naming service network witnessing a substantial rise. The renewal/registration revenue of the Ethereum Name Service touched the $8,028,631 record peak this month. The registration fee contributed approximately 80%, with ordinary users accounting for a high portion, and Squatter had over five Ethereum Name Service domain names.
ENS has two methods of earning revenue as a registration service domain – after individuals sign up for an ETH address and whenever investors renew the address. As expected, registrations are surging with figures recently included in the Ethereum Name Service’s offering.
ENS saw a nearly 100% increase within the previous 24 hours. Moreover, OpenSea data shows a 4400% uptick within a week. ENS attained the lucrative ‘1M Ethereum Name Services’ names milestone.
Nevertheless, April was crucial here. Stats touched record highs on April 26, hitting $1.2 million. Also, April 27 saw another revenue worth $1.1 million generated. That revealed an impressive uptick for a platform that has never hit revenue of more than $1 million in a day. Meanwhile, these developments helped the revenue stream maintain an attractive number.
Though the hitches in the market capitalization, the total revenue kept an impressive outlook. What about the prices? The airdropped token couldn’t reveal similar enthusiasm as far as the ENS price is concerned.
While publishing this content, the ENS price stood at $12.7, reflecting a nearly 50% decline from the May 2 peak of $24.8.
As this content reveals, the Ethereum Name Service revenue stream explored a record high in May. The platform presented impressive figures throughout the month.
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