ENS reaches 2 million names created – top holder owns 35k domains

The Ethereum Name Service (ENS) has reached a milestone of 2 cardinal “.ETH” addresses minted. The landmark comes conscionable 3 and fractional months aft the work reached 1 cardinal addresses.

ENS addresses let users to nexus a human-readable domain ending successful “.ETH” to their wallets. Domains specified arsenic “beer.eth” tin beryllium utilized to nonstop crypto connected compatible chains removing the request for QR codes oregon hard-to-remember nationalist addresses. Users tin acquisition an NFT via ens.domains for 0.003ETH, which tin past beryllium traded oregon linked to a wallet to enactment arsenic the deposit address.

2m ENS names created!!

it took 5 years to get to 1m names
then 3.5 months to get to 2m names

and we're conscionable getting started pic.twitter.com/BFPUmjqzhB

— ens.eth (@ensdomains) August 17, 2022

According to information from Nansen, 92% of income travel from the ENS Registrar Controller, and 7.5% are sold connected OpenSea. Many addresses were minted successful February 2020, with respective wallets minting implicit tens of thousands of addresses.

0108888. eth and devaney.eth minted 77.5k 1000 addresses betwixt them by February 12, 2020. However, some wallets are allowing the addresses to expire, arsenic there’s been a diminution successful ENS addresses held since February 2022.

At 0.0017ETH per code (the archetypal mint price), the full outgo to mint the 77.5k addresses calculates to 131 ETH oregon $23,846 utilizing the terms of Ethereum from February 2020. From reviewing Etherscan information for each wallet, it seems nary of these addresses person ever been sold.

Source: Nansen

Aside from the outsized mints successful aboriginal 2020, determination has been a wide organisation of ENS addresses with 500k unsocial addresses. Further, implicit 60% of addresses person not moved successful implicit 90s days suggesting owners are HODLing premium addresses oregon taking vantage of the inferior of the NFTs by linking to a wallet address.

According to information from Nansen, astir 70% of ENS code holders bash not ain immoderate different NFTs. Most ENS owners are frankincense not interacting with the broader NFT marketplace. While tracked connected platforms specified arsenic OpenSea and LooksRare, ENS measurement is uncorrelated with the NFT market.

Source: Nansen

Another statistic tracked by Nansen is the travel of “smart money” successful a fixed NFT project. Smart money, defined by wallets tagged arsenic either precocious nett worth, precocious volume, oregon a known, organization entity, started minting ENS addresses successful October 2021. Smart wealth measurement has been surging since precocious 2021, with aboriginal NFT adopters owning the astir important fig of addresses.

The array beneath showcases the apical ENS code holders sorted by the fig of NFTs successful their wallets. As seen successful the archetypal row, the pain code holds 153k ENS addresses arsenic “.ETH” domains are rented alternatively than owned. A idiosyncratic purchases the rights to usage a circumstantial “.ETH” domain for a play of clip starting astatine 1 year.

Volume crossed each NFT marketplaces spiked successful July and has maintained a measurement of 200 – 600 ETH per time ever since. Currently, the mean merchantability terms for an ENS code is 0.06 ETH, a 20x connected the mint price.

ENS addresses tin beryllium utilized for aggregate blockchains, including Ethereum, Bitcoin, Litecoin, and Doge. It tin besides beryllium utilized to big IPFS websites and connect a illustration representation for usage crossed web3 sites and dApps. With galore investors, brands, and celebrities jumping connected the ENS bandwagon, the aboriginal is agleam for the premier blockchain naming service. NFT inferior is 1 of the biggest trends of 2022, and nary NFT has a tremendous real-world inferior than ENS.

The station ENS reaches 2 cardinal names created – apical holder owns 35k domains appeared archetypal connected CryptoSlate.