Tucows Inc. today announced the upcoming release of its new auction service for reselling expiring domain names. The company expects the service to become available through its channel of service providers in late 2004.
“Presently, most registrants of expiring domain names are unaware of the potential value of their name and do not share in any revenue from the resale of their domain name,” said Elliot Noss, President and CEO, Tucows Inc. “We estimate that the resale of expiring domain names in the secondary market generates about $60 million a year in revenue. Tucows’ new service will enable our registrants to get their fair share of this market.”
Tucows is the largest, ICANN accredited, wholesale provider of domain name registration services. A significant percentage of the expiring domain names currently resold in the secondary market, were originally registered through Tucows’ extensive channel of service providers. Tucows’ new domain auction service is designed to give its registrants the opportunity to share in the revenue from the resale of their expiring or recently expired domain name while preserving all of their existing rights. Tucows will share all proceeds from the auction service with the former registrant and participating service providers – with the registrant receiving the largest portion.
“Currently a registrant has approximately seventy-five days after the domain expiry date to renew or redeem their domain name,” continued Noss. “Tucows’ new domain auction service will preserve the original registrant’s right to renew or redeem their domain name, with the added bonus of being able to participate in the revenue if the name is resold after it expires. Currently, when most registrants allow their domains to expire, they never know if that name was subsequently resold in the secondary market and they don’t share in that revenue.”
Further details about Tucows’ domain auction service will be available when the new service is launched.