My First Million #18 - The Big Business of Wacky Domains
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Oct 16, 2019 Sheel Mohnot, founder of an online auction site for internet domains, shares his journey from living on $1 a day in India to hosting over $100M in auctions. He reveals the secret world of domain auctions, discussing the emotional stakes of bidding wars and the importance of networking. From innovative marketing strategies to the challenges of enticing tech giants to participate, Sheel highlights how wacky domain names can be valuable assets. His personal anecdotes emphasize the intersection of business acumen and heartfelt experiences.
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Selling Internet Real Estate
- Sheel Mohnot sold internet real estate, specifically top-level domains like .com and .app, worth half a billion dollars.
- His company ran auctions for these domains, facilitating the sale of many new top-level domains.
Applying for Top-Level Domains
- In 2012, applying for a top-level domain cost $185,000, with ICANN receiving 2,000 applications, totaling $360 million.
- If multiple parties applied for the same domain, they had to negotiate or face an ICANN auction.
Ascending Clock Auction
- Sheel Mohnot's company created an ascending clock second price auction to resolve disputes over domain ownership.
- This auction rewarded the losers with a portion of the winning bid, similar to splitting a partnership.