News domain up for auction today

GavelThe domain, potentially valued at more than $1 million, (€0.739 million) is up for auction today.

It is being offered by author Marc Ostrofsky as “the centrepiece” of Heritage Auctions’ bidding, which closes at 10pm CT today.

At time of writing, the reserve amount for the domain was $1 million. It had registered two internet, mail or phone bidders, and 47 members were shown as tracking the domain on the Heritage Auctions website.

The domain was first registered in 1994 and, according to Heritage Auctions, lists 29.9 million Google search results. Its estimated value at between $2 million and $4 million.

"Millions of dollars of domain names are traded every single month that the public isn't aware of," says Aron Meystedt, director of domain names and intellectual property at Heritage Auctions.

"Digital assets offer a global opportunity unlike any other to the right buyer or business; they offer a different kind of asset and a different way to think about collecting overall.”

According to Heritage Auctions, important one- and two-word domains have sold for seven figures., for example, sold for $11 million, for more than $9.9 million and for $7.5 million.

Meystedt adds: "Domain names are purely digital, have virtually zero carrying costs and they offer the ability to generate passive revenue while you hold them."

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