Cryptocurrency

ENS reaches 2 million names created

The Ethereum Name Service (ENS) has reached a milestone of 2 million “.ETH” addresses created. This landmark came just three and a half months after the service reached his million addresses.

ENS addresses allow users to link human-readable domains ending in “.ETH” to their wallets. Domains such as “beer.eth” can be used to send crypto on a compatible chain, eliminating the need for QR codes and hard-to-remember public addresses. User can buy her NFT with her 0.003ETH via ens.domains. This NFT can be traded or linked to a wallet to act as a deposit address.

According to data from Nansen, 92% of sales are from ENS Registrar Controller and 7.5% are sold on OpenSea. Many addresses were created in his February 2020, with multiple wallets creating over tens of thousands of addresses.

0108888. eth and devaney.eth created 75,000 addresses by February 12, 2020. However, both wallets are allowing addresses to expire as fewer ENS addresses are held after February 2022.

At 0.0017 ETH per address (original mint price), the total cost to mint 77.5k addresses is calculated as 131 ETH or $23,846 using Ethereum prices from February 2020. Looking at the Etherscan data for each wallet, none of these addresses seem to exist. It has been sold.

ENS holder
Source: Nansen

Excluding the oversized Mint in early 2020, ENS addresses with 500,000 unique addresses are widely distributed. Furthermore, the fact that over 60% of his addresses haven’t moved in his 90 days or longer suggests that the owner is premium his address he’s HODL’ing, or linking it to a wallet address so he can use NFT’s utility. suggesting that it is in use.

About 70% of ENS address holders do not own any other NFTs, according to Nansen data. Therefore, most ENS owners are not interacting with the broader NFT market. Tracked by platforms such as OpenSea and LooksRare, ENS’s volume does not correlate with his NFT market.

Ens Nansen
Source: Nansen

Another statistic Nansen tracks is the flow of “smart money” in certain NFT projects. Smart money, defined by high net worth, high volume, or wallets tagged as known institutional entities, began creating ENS addresses in October 2021. of the address.

The table below shows the top ENS address holders sorted by the number of NFTs in their wallets. As you can see in the first row, 153,000 ENS addresses are held in write addresses because the “.ETH” domain is rented rather than owned. A user purchases the right to use a specific “.ETH” domain for her one year.

All NFT marketplace volumes spiked in July and have maintained volumes of 200-600 ETH per day since then. Currently, the average selling price of ENS addresses is 0.06 ETH, which is 20 times the mint price.

ENS addresses can be used on multiple blockchains, including Ethereum, Bitcoin, Litecoin, and Doge. It can also be used to host IPFS websites and attach profile pictures for use on web3 sites and dApps. The future is bright for the best blockchain naming services as more investors, brands and celebrities are jumping on his ENS bandwagon. NFT utility is one of his biggest trends for 2022 and no other NFT of his has astounding utility in the real world as ENS.

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