Have you ever thought about buying and selling domain names on the internet, and how big of a business that is? Well it has gotten enormous, it has turned into a $2 billion industry. And that number is estimated to double within the next couple of years. Everyday about 90,000 domain names are purchased and you wouldn't believe how much some of those names are going for. Terry Keenan is here, Terry I couldn't resist teasing the sex.com but I was shocked about how much somebody paid to have that domain name for their website....
Yea, I mean hundreds of thousands of dollars for these websites Jane we should have gotten into this business, there is a great land grab out there for these domain names. You may have seen the internet stocks, Neil has been talking about internet stocks, internet stocks have been going through the roof, well so has the bidding for all of these different domain names. It's kind of a throwback to what happened in 1999 when you may remember when people were buying and selling these names for similar amounts, hundreds of thousands of dollars, and then it really died down. But now the internet is very much for real, and these are real businesses, people are bidding up these domain names like crazy.
I never realized how valuable they are. Ok, now I have to find the answer to this. It was $12 million dollars or something like that for sex.com?
Oh for sex.com yes, but for other names like MegaYahts.com things that aren't as sexy sex.com they are still going for hundreds of thousands of dollars. But you know, the sky is the limit on some of these names.
How long is something like this expected to last I mean I guess....
Well there is a real market in trading these names, if you want Jane.com you can go online and find someone who has probably taken your first name and you can bid for it and whatever the market will bear, that's what the price will be. If a year from now somebody else wants Jane.com and you can sell it for $13 million dollars, you could sell it.
Yea right and it sounds like the .com is really where it's at its not the .net's or the .org's things like that that people want.
People really want that .com name because you really know when you go fishing on Google you typically will put in .com so .com is much more valuable and there are now a domain name for every two Americans, 128 million domain names out there.
In this same article I was reading they had sex.com for $12 million dollars, something as simple as CreditCheck.com sold for $3 million. They auction them off.
Well yea think of how many times people want to check their credit and they may just type that in and that's what will come up on Google and therefore it's very valuable.
Well it looks like we did get into the wrong business. Maybe someday.
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