Company gets cash for losing auctions.
New top level domain name company Minds + Machines has added $1.68 million to its bank account after losing three more contention set auctions.
The money primarily comes from losing .beauty and .soccer, both of which were resolved through a private auction. L’Oreal won the three-way race for .beauty and Donuts won the four company auction for .soccer.
The company also received a $37,000 refund from ICANN for withdrawing its .app application. .App was resolved through an official ICANN auction, which means the losers don’t get to keep the proceeds.
Minds + Machines has an interest in nine more domain names that still face contention of some sort.
Pete says
What are Minds and Machines going to do all with this cash in Bank??
$50+ mm at last count!
Domainer Extraordinaire says
I’m not up on all this .crap. So is ICANN just rewarding people for running up bids?