First UNR gTLD buyer outs itself

A company from outside the domain industry with no revenue last year and doubts about its survival has announced itself as the buyer of one of UNR’s gTLDs, which were sold off earlier this year.

Digital Asset Monetary Network Inc issued a press release stating that it has “acquired a TLD”. It didn’t name the TLD, or the seller, but gave enough information for us to narrow it down to UNR:

The gTLD acquired by DigitalAMN was originally slated to be part of an auction recently conducted by a large retail registry and was mistakenly listed with the registry’s available inventory for auction. However, the Company and its domain industry partners were able to secure this digital asset completely outside of that auction.

UNR had listed these 23 gTLDs for sale at the April 28 auction: .audio, .blackfriday, .christmas, .click, .country, .diet, .flowers, .game, guitars, .help, .hiphop, .hiv, .hosting, .juegos, .link, .llp, .lol, .mom, .photo, .pics, .property, .sexy and .tattoo.

It’s not clear which of these was “mistakenly listed” and bought separately by DigitalAMN. When UNR announced the closure of the auction, it only said that it had sold “20+” of the names in its portfolio, though the company later confirmed to DI that all 23 had been sold.

The identities of the buyers, which may number as many as 17, have not yet been revealed. All 23 contracts appear to be still subject to ICANN’s regulatory scrutiny, even six months after the auction.

In a press release today, DigitalAMN CEO Ajene Watson said:

We believe this venture continues to support our ethos and mantra. Especially given the name of this gTLD, what it may represent culturally to a multi-billion-dollar global marketplace, and the anticipated financial literacy initiatives that could potentially be born from it.

Which strings does “financial literacy initiatives” suggest? .llp? .property? Your guess is as good as mine.

The press release states that DigitalAMN has two domain industry partners in its new venture. Again, they’re not named, but we can probably assume one’s a back-end registry provider.

DigitalAMN is listed on the over-the-counter markets in the US. It reported $145,000 of consulting revenue in the six months to June 30, but was burning cash and said it needed another $2 million to survive the next 12 months.

It calls itself a Public Accelerator Incubator (PAI) company, which appears to be a term of its own invention. It says it “operates an ecosystem that fosters growth opportunities for entrepreneurs looking to build their businesses”.

This seems to mean it tries to get start-ups investment through means such as crowdfunding and access to capital markets through “mini-IPOs” made possible through the US JOBS Act of 2012.

The company is possibly one of the “blockchain companies” that UNR referred to when it announced the auction results back in May.

DigitalAMN says it intends to introduce “new value-added services, leveraging the newest technologies incorporated in digital wallets and crypto currencies” to its new gTLD.

It’s going to be interesting to see what the company has in mind.

UPDATE: this article was updated November 5, 2021, to remove an inaccurate reference to the company’s Bitcoin position.

Cryptocurrency firms to be banned from .bank

The registry for the already heavily restricted .bank and .insurance gTLDs wants to change its policies to make it clear that cryptocurrency firms are not welcome.
fTLD Registry Services has opened up a public comment period on proposed changes to its eligibility policies for the two TLDs which would drop the “service provider” category of registrant.
It would also clarify that eligible entities have to be “retail” banks regulated by a proper government authority.
The elimination of “service providers” is an effort to clarify that .bank is for banks and not peer-to-peer or cryptocurrency payment providers.
Heather Diaz, senior director of compliance and policy at fTLD, told us that the service provider category was created to allow “banking core processors” and the like to register domains. She said in an email:

More recently, as the financial services arena has evolved, particularly as it relates to fintechs offering financial products/services (e.g., P2P payment providers, cryptocurrency companies), we have found that some prospective Registrants were seeking domains to enhance their legitimacy to market to regulated entities and/or consumers.

By eliminating the category, fTLD hopes to clarify that .bank is just for regulated banks.
Registrants that already own service provider domains (it sounds like there are only one or two) would be grandfathered under the proposed policy, so nobody’s going to lose their existing domains.
The proposed changes were boiled up by fTLD’s bank-led Advisory Committee and its board of directors.
Comments are being accepted until August 24, after which the company’s board will decide whether to implement the new policies.

Record-breaking $30 million domain sale was financed by cryptocurrency

Records were broken yesterday when voice.com became the most-expensive domain name ever sold.
Handed over for a cool $30 million cash, it more than doubled the previous record for a domain-only transaction, 2010’s $13 million sale of sex.com.
The seller was MicroStrategy, an analytics software provider that just happens to have a stash of high-end, one-word .com domains among its assets.
The new owner is Block.one, a blockchain software developer that has raised a staggering amount of money despite not yet having any products.
The voice.com domain will be used for Voice, its first service, a social media platform based on the EOSIO blockchain platform that Block.one develops.
How Voice specifically differs from existing social media offerings is currently a little vague. It’s currently just a press release and a beta-signup form.
But the company says it will be more transparent than competitors such as Facebook or Instagram, with revenue generated feeding its content-creating users rather than the platform owner.
Not even the blogs covering crypto on a daily basis seem to understand the Voice business model yet.
A crucial step in the early stages appears to be enticing so-called “influencers” — social media personalities with large followings — over from the current dominant platforms with the promise of huge financial rewards (presumably paid in cryptocurrency) if they bring their fans with them.
Key differences include the fact that users will need a government-issued ID to sign up (mitigating the problem of anonymous trolling and bots), and that every post will be recorded for eternity in the blockchain.
Is this what social media users are crying out for? More friction and less privacy? I don’t get it, personally. But then I didn’t get Twitter at first either.
The product was announced at a flashy news event in Washington, DV a few weeks ago. An executive discusses the value proposition briefly at around the 20-minute mark in this video recording.
Block.one itself is an equally odd fish.
It has amassed oodles of cash despite having no obvious business model. It may be the only company with a billion-dollar-plus valuation that doesn’t even have its own Wikipedia page.
It reportedly raised over $4 billion through an initial coin offering — where speculators buy a basically unused cryptocurrency in the hope that it will be adopted and its value will rise — over the space of a year.
The ICO’s success appears to be partly based on the personal branding of its founders, backers and executives, who have made names for themselves in the burgeoning crypto space.
Since the ICO ended about a year ago, the company has been pumping tens of millions of dollars into third-party projects that use its EOS blockchain, in an attempt to spur adoption.
It also reportedly expects to spend $150 million developing Voice.
So, $30 million is pretty much pocket change to these guys, who’ve rewarded MicroStrategy’s speculation in domain names with the fruits of their own investors’ speculation in another type of essentially worthless digital record.
In many ways, I guess cryptocurrency really is turning out to be to this decade what domain investment was to the last.
Ten years from now, perhaps voice.com will be sold for a trillion dollars, paid for in telepathic tulips or something.

MMX makes $100,000 .luxe premium sale

MMX says it has sold a package of premium .luxe domain names for $100,000.
The registry announced this week that it has sold “a small number of .luxe names for a combined value of $100,000 in a single trade”.
Depending on what that “small number” is, the individual per-domain value may not be all that much.
MMX CEO Toby Hall would only tell DI that the package comprises fewer than 100 domains.
That would still put at least a four-figure price on each domain, which I’m sure many domainers would regard as near-miraculous for a string such as .luxe.
.luxe was originally intended to have a connection to luxury goods, but MMX has repurposed it as its inroad to the blockchain space.
Domains are being primarily sold to address cryptocurrency wallets, primarily in Asia, in the Ethereum blockchain.
There are currently over 5,700 domains in the .luxe zone file.

ICANN got hacked by crypto bots

ICANN had to take down its community wiki for several hours last week after it got hacked by crypto-currency miners.
The bad guys got in via one of two “critical” vulnerabilities in Confluence, the wiki software that ICANN licences from Atlassian Systems, which ICANN had not yet patched.
ICANN’s techies noticed the wiki, which is used by many of its policy-making bodies to coordinate their work, was running slowly April 11.
They quickly discovered that Atlassian had issued a vulnerability warning on March 20, but ICANN was not on its mailing list (doh!) so hadn’t been directly notified.
They also determined that a malicious “Crypto-Miner” — software that uses spare CPU cycles to attempt to create new cryptocurrency coins — had been installed and was responsible for the poor performance.
ICANN said it took the wiki down, restored it to a recent backup, patched Confluence, and brought the system back online. It seems to have taken a matter of hours from discovery to resolution.
The organization said it has now subscribed to Atlassian’s mailing list, so it will be notified of future vulnerabilities directly.