Internet Domain .web Sold for £102m
In a recent auction the ownership of the .web domain was bought for $135m.
The company that has secured the rights to use the suffix is called Nu Dot Co; their winning bid of has secured them the sole authority to offer customers domain names ending with suffix .web.
It is anticipated that demand will be high, with internet hosts, developers and other digital services keen to adopt the suffix.
The sale amount has made history, coming in at more than triple the previous domain auction record amount of $41.5m.
Google was amongst unsuccessful bidders for the .web domain, alongside net registry firms Radix, Donuts and Afilias. The sale process began in 2012, but was only finalised and the .web domain put to market this year.
The four year delay has been put down to a high volume of competition from the companies that applied to run the domain.The sale was almost further delayed when bidders Radix and Donuts claimed to have found inconsistencies in Nu Dot Co’s application.
The allegations were dismissed by Icann – the company that regulates the internet’s address system – as unsubstantiated.Donuts – owner of domains .business and .company – then attempted to file a restraining order to delay the sale.
The company’s application was denied when it went before a judge in California, who questioned whether Donuts was in the position to make such an order.
Speculation surrounding how Nu Dot Co will use the .web domain has made little progress – nor is it known when the domain will be available for purchase by net firms.
Currently, Icann has sold the rights to more than 16 top-level domain suffixes.
Used in the same way as examples such as .com, .co.uk, and .org, the company’s sales include .app and .hotel and have earned Icann a reported $230m. 16 further domain suffixes are currently in bidding wars between various companies.
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