If you subscribe to our weekly Domains newsletter, and read industry outlets such as TLD Investors and Namepros, you may have heard about our plan to run a $1 Reserve Showcase auction. Consider this an official announcement that this auction is in fact no longer happening.
But we’ve come up with a better idea.
First, to recap: two weeks ago, we asked for submissions for a potential showcase auction we were going to run. Each domain would post with a $1 opening bid, and a $1 reserve price. The date, time and parameters were to be determined, as running the auction in general was entirely contingent on receiving premium inventory.
Well, understandably (because running a valuable domain at $1 Reserve is a significant risk to the asset’s owner), we did not receive anywhere near the caliber of inventory needed to make this auction successful for our sellers.
So we’re changing it up!
Effective now, we’re accepting submissions for what we feel is a much better offering for buyers and sellers, alike: a NO RESERVE Showcase auction.
What’s the difference between a $1 Reserve and No Reserve auction, you might ask? Let’s use “Domain.com” as an example (and please note, this url is not for sale but helps to exemplify the kind of auction we were going to run, vs. the one we will run in its place)
- With a $1 Reserve auction, Domain.com would start at $1, and the first bid would meet the reserve price. The bidding could end at $50,000 or $5,000 – it is entirely up to the market to determine. To that point, the amount of risk was too high for many sellers to submit premium inventory.
- With a No Reserve auction, Domain.com would be listed at the minimum price the seller would be willing to accept, after commission (which, for this showcase is 15%). List it at $50,000 or $500,000 – the first bid meets reserve, but since that is the minimum price a seller will accept, there is essentially no risk for the seller in this instance.
A couple remaining points:
First, the auction is – again – entirely dependent on submissions of premium inventory. Additionally, these domains need to be priced realistically. We’re not going to initiate the showcase unless we can pre-verify interested parties, and since “No Reserve” essentially means “first bid meets reserve,” we expect our submissions to reflect that opportunity from a marketing and promotional perspective.
Once these premium assets have been submitted, approved and made public (check back here for the forthcoming list), a pre-bidding phase will be opened up. The showcase will not commence unless/until we can guarantee enough interest from buyers.
We are confident we will receive an abundance of premium submissions, and buyer intent soon after. Without further ado, here is the submission invite – have at it!