A year of exponential growth is marked by the climb to 2.2 million Ethereum domain registrations.
According to Nick Johnson, the project's developer, key ENS metrics like registrations, renewals, and revenue were at an all-time high in May 2022.
ENS domain names may be used as NFTs, website addresses, or cryptographic hashes. Similar to how so-called Web 2 addresses adopted the role of cumbersome Internet Protocol Addresses for called access to online resources, their use as website addresses. Instead of sending money to the sender's crypto wallet address, money can be sent to the recipient's ENS address.
ENS domain names can be sold on auxiliary NFT marketplaces, but they must be established as NFTs on the Ethereum blockchain and end in ".eth." To access.eth domains, you need a crypto-native browser, like Brave.
Except for the mass mints in early 2020, ENS addresses are scattered extensively, with about 500,000 unique addresses. More than 60% of addresses have also not changed in the past three months, indicating that those who own premium addresses are either HODLing or taking advantage of NFT via connecting to the wallet address.
Dune Analytics data indicates that in September 2022, there were around 437,000 new.eth registrations, breaking the previous monthly record. Coincidentally, the rise in subscribers peaked just before The Merge received a new update.
However, following the Ethereum Merge, there was a sudden and progressive decline in the number of monthly registrations. Investor expectations can differ from what they were prior to the significant Ethereum update.
According to the aforementioned statistics, 2023 will still be difficult for a lot of initiatives, not just in the ENS domains but also in the market.