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Learn about the incredible story of how Erik Allebest purchased the domain name chess.com for $55,000 and turned it into a massive success, generating over $100 million annually. Discover the changes in domain auctions by GoDaddy and Namecheap to ensure integrity. Explore the journey of building a successful online chess platform from acquiring a valuable domain name to attracting users and generating revenue.
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Quick takeaways
- Chess.com's success can be attributed to its strong domain name, which serves as the company's brand and provides credibility.
- The popularity of Chess.com surged during the COVID-19 pandemic, leading to significant revenue growth and an increase in user signups.
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Entrepreneur turns $55,000 domain into $100 million business
Eric Allibest, the CEO of chess.com, shares the story of how he acquired the domain Chess.com at a bankruptcy auction for $55,000 in 2005. The domain name proved valuable in the early days due to how browsers worked, automatically redirecting users who typed in a word to the corresponding .com website. Chess.com now generates over $100 million in revenue annually and has over 100,000 new signups each day. The domain continues to play a significant role in branding and establishing credibility for the highly successful online chess platform.
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