LONDON (Alliance News) - Minds + Machines Group LTD said Wednesday that it has won the auctions for new generic top-level domains .law and .vip, although it lost out on .tech and withdrew from a number of others.
The internet domain name operator has been competing in auctions for a number of new generic-top level domains, meaning a suffix of an internet address such as .com or .net, following changes to rules governing domain names which has allowed a slew of new domains.
The company gained cash of around USD6.2 million from withdrawing from its applications for .design, .flowers, .group, .realestate and .video in private auctions.
It bought up .vip for around USD3.1 million in an auction sponsored by the Internet Corporation for Assigned Names and Numbers. However, it lost out on .tech, and as that auction was also sponsored by ICANN, it did not receive funds from the winning bidder.
Minds + Machines won .law with a third party, and this third party will receive a share of ongoing .law revenues, although it will not be involved in the management, operations or policy-making of the domain.
These wins take Minds + Machines portfolio of uncontested domains to 26 via either majority ownership or an interest in a joint venture; it also has interests in a further 6 client uncontested domains.
It has 25 remaining contested applications, and its clients have interests in a further three contested applications. The company believes that a majority of the outstanding domains will be resolved through the private auction process.
"The outcome from the latest auction rounds has surpassed all expectations. Our focus in auctions has, and will continue to be, building the premier portfolio of top level domains," said Chairman Fred Krueger in a statement.
By Hana Stewart-Smith; hanassmith@alliancenews.com; @HanaSSAllNews
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