By Edwardo Mascasas
Everywhere in the world, thousands of great domain names are
expiring, and since thousands of domain name holders did not
renew their expired domain names, thousands of people are also
bidding for such terrific domain names. With this fact, the
concept for domain name auction was born.
In the domain name auction, those domain name holders who have
not paid their registration fee or did not renew their domain
names could find their corner of the internet, their domain
names in general, being sold off to the highest bidder. Well,
this is how domain name auction works.
Numerous research studies about the domain name auction
have considered that many companies today are catering to
name auctions for the reason that they wanted to gain some
benefits from those expired domain names or for those domain
names that are not paid. So today, many domain name registrars
have told the domain name holders to pay the renewal or
registration fees for the reason that they have only a few
left to hand over the cash. And the concept of domain name
auction came out when the money is not forthcoming. With this
domain name auction, thousands of people are expected to come
under the hammer.
The domain name auction also surfaced due to the fact that
there are some domain name companies who do not settle their
debts. With such situation they were forced into a domain name
auction for their own name. Since the domain name auction
greatly involved some sorts of bids, it is noted that the
maximum for bid for each domain name will be the amount that a
certain network solutions is payable. But, there are some
instances in the domain name auction in which the companies
lose control of its name. So, if such happens it might have to
pay a huge sum to the new owner to get it back. For particular
mention, one of the reports has shown an example that last
the Business.com domain name was sold for $7.5 million.
Today, there are so many companies on the web that offer
name auctions to those who wish to own a domain name. It is
interesting to know that those domain names sold under domain
name auctions are soon-to-expire domain names. So today, may
people bid on as many as they wish by building a drop list.
Speaking of drop list, this is a common support that most of
the domain name auction companies provide for the auction
In relation to the existing companies on the web today that
offer services for auctions of those soon-to-expire domain
names specifically create some divisions or classifications on
their services. In fact, there are companies that provide a
said “private” and “public” auction. The private auction is
considered as a category if two or more members bid on the
domain name. As such, the domain names go into a private
for three days, where only the previous bidders will be
to join the bidding. On the other hand, the public auction is
the category when a winning bidder fails to pay the payment on
a domain, so the domain name goes into a public auction.
Lastly, this kind of domain name auction is open to all
and this will last for one week.
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