In an auction presided by ICANN, Amazon outbid others to get .buy domain
The Internet Corporation for Assigned Names and Numbers (ICANN) held its second "auction of last resort" for technology and Internet website companies to bid for domain names. The domain names that attracted the biggest valuations were .tech, .buy and .vip.
The domain names are crucial in that they define the category of a webpage and also serve as discriminator factors when surfers on the web want to distinguish between sites without visiting them.
For example, a .org or .gov site is used by non-profit organizations or governments, while .com are commercial sites.
The level of importance attached to domain names became clear when the final costs of owning the domain were revealed. At multi-million dollar prices, there are clear indications that the bidders had a good grasp of the value the domain name would add to their respective businesses. Interestingly, Google bid for most major domains but could not make a major purchase.
Brief recap of major domains sold:
.tech was snapped up for $6,760,000 by Dot Tech LLC. The final $6.2 million round was contested by 3 interested parties in the auction. In the earlier stages, Dot Tech was up against Google, Uniregistry, Nu Dot Co, Donuts and Minds + Machines.
.buy was purchased by Amazon.com at a price of $4,588,888. Amazon outbid Google, Donuts and Famous Four Media for the rights to this lucrative domain.
.vip went for $3,000,888 to Minds + Machines, who faced stiff competition from Google, VIP Registry, Donuts, I-Registry and Vipspace Enterprises LLC. For the last rounds of bidding, the qualifying bid was at least $2.2 million.