• The number of Ethereum Name Service (ENS) domain registrations has seen a steady decline throughout 2021.
• Interest in ENS domain names remains low, with only 53,359 registrations recorded so far this year.
• ENS holders have begun to take profits on their various investments as the price of the altcoin rallied by 46% since the start of the year.
Overview of ENS Domain Registrations
The interest in Ethereum Name Service (ENS) domain registrations has remained low throughout 2021, with only 53,359 registrations recorded thus far in the current year. Monthly domain name purchases on Ethereum Name Service embarked on a steady decline to close the tumultuous trading year with just 52,835 registrations in December. Google Trends provided a rough insight into the global internet users‘ interest level in ENS domain and .eth names. Primary ENS name registrations saw a spike in the last month but marked a 45% decrease from its peak of 31,000 primary names registered in May 2022. As for revenue made from name registrations on the platform so far this month, there was a 49% jump in revenue for .eth name renewals but an 11% decline was logged for new name registration.
Since January 2021, ENS’s price grew by 46%. At press time, it traded at $15.77 according to CoinMarketCap data. Leveraging the unexpected price rally, ENS holders began distributing their holdings to realize profits on their various investments with 8.13 million tokens sitting within cryptocurrency exchanges according to data from Santiment provider. The asset’s current market value was 74% higher than its realized value meaning that if all holders sold their tokens at present price they will receive profit-taking gains as per MVRV ratio which is currently 74%.
Google Trends Data
Google Trends showed that global internet users‘ interest level in ENS domain and .eth names remained low throughout 2021 despite primary ENS name registrations seeing a spike last month.. This indicated that capital flight had intensified amid significant decline in crypto markets and this affected interest levels towards these domains negatively.
Revenue Made From Name Registrations
Revenue made from name registrations on Ethereum Name Service platform saw a 49% jump for .eth name renewals while there was an 11% decline for new name registration revenues so far this month according to Dune Analytics data provider.
Despite registering slight increases over recent weeks , it appears that overall interest levels remain low when it comes to Ethereum Name Service (ENS) domains and .eth names as evidenced by Google Trends data and Dune Analytics figures regarding registration numbers and revenues generated this month respectively indicating capital flight intensified over turbulent crypto markets last year which continues to affect these domains negatively till date