We are very excited to announce that as of today, through a joint venture between Media Options and Internet Media PTY, the domain auction market will be turned on its head (literally)!
Enter DNX.com (Domain Name Exchange) – not just a killer domain name, but a brand new look at the domain auction process and how to bring true real time pricing, sales & value to domain names. After Internet Media spent nearly two years developing DNX, the joint venture with Media Options evolved to make it the absolute ideal domain auction platform. Together, we spent more than a year evaluating the most troubling issues surrounding the domain marketplace and auction process, a solution was born, the Domain Name Exchange. Like a stock exchange provides liquidity to share holders, DNX will provide as close to real time liquidity to Domain Owners as we have seen.
It's a reverse auction (also known as a Dutch Auction), but not only will the prices in our auction always be dropping until sold, but we added a few twists as well; things like:
- Totally randomized algorithm for the degree of price drops & timing of price drops (so that buyers can not reverse engineer to snipe bid at the last minute – you’ll never know when the auction could end, only when the next price drop will occur.
- Interest Meter – no more sorting by number of bids – our interest meter gauges not just how many people are interested in or bidding on a domain name but also how close those bids are to the reserve price and hundreds of other factors and variables!
- Ability to buy-it-now at any point during the course of the auction or place a blind bid at the price you would buy the domain at.
- In many cases there may be a HUGE margin between asking price and reserve price, but under our format you can place a bid as high or as low as you want at any time during the auction. Placing your bid early ensures that if nobody places a higher bid the domain will be yours.
- If two people place a bid for the same amount, the domain will be awarded to the buyer with the earliest time stamp.
The basic idea is that a domain owner provides Media Options with a standard domain listing for 30 days, as they would with our Newsletter. During that 30 day period, Media Options will first list the domain name in our Domain Deals Newsletter at the asking price (as always). If we get bids we’ll bring them to the owner and perhaps close a deal. If we don’t have any interest from the newsletter, or if a bid is close but not quite high enough for the owner to accept, then we will enter the domain into an auction on DNX.com (auctions range from 3 days – 9 days and only the seller knows when it will end). It used to be that if a name didn’t sell in the newsletter and wasn’t suited for our end user brokerage, then it just went back on the shelf or the owner had to find another sales channel. Now, we give your domains a second chance with DNX!
The auction will start at the asking price and then it will gradually drop the price by random intervals and at random lengths of time (the system will display to users when the next price drop will occur). The price will continue to drop until someone clicks the BUY-IT-NOW button, a previous offer is triggered by one of the blind proxy bids which an interested buyer has placed, or auction hits the reserve price. If we already had an offer from the newsletter, that buyer’s offer could be the reserve. Bid freely because nobody will know how much you bid (high or low), only that someone has placed a bid and the interest meter will reflect that. This puts pressure on all buyers to submit their best offer or buy it now or risk losing the name to someone with a slightly higher blind bid or auction ending at any time due to the reserve.
Remember, this is just our first launch in BETA and Media Options subscribers and clients have the opportunity to be the early adopters and benefit from our growth on DNX in every way. Changes and upgrades are in the pipeline and we would love people’s feedback along the way.
Regarding the bidding process, an interested buyer has a couple of options: 1. At any time during the course of the auction a buyer can click BUY-IT-NOW and end the auction 2. An interested buyer may place a bid lower than the asking price at any time and at any amount. That bid may be below the reserve price in which case their offer price will never get triggered, but in many cases, the price will continue to drop until it hits the highest offer bid or until it hits the reserve price without a buyer. In this way, buyers would be foolish not to at least place a low offer on every domain they are interested in just in case nobody places a higher bid and they end up with a great deal. Preventing fraud was one of our greatest concerns and I believe we have addressed this issue thoroughly. I can honestly say that it is impossible to beat the system or cheat in any way; for buyer or seller.
There is no shill bidding because the price is always dropping, not increasing. Buyer’s are verified by the highest standards in the industry and if a buyer doesn’t pay for an auction they won, they will be banned for life from the platform. We reserve the right to accept or deny any listing; we are going to focus not only on quality domains, but value. The asking price can be whatever you deem appropriate, it’s less important in this type of auction, but if you can’t set a reasonable reserve, then DNX is probably not for you (although you might still be a good buyer, just not a seller). We believe that we are creating an efficient market and the market will determine the value.
By handling domain auctions in this way, we believe we will bring true efficiency to the domain market and let the market decide what a domain is worth.
We have done everything we can to incentive buyer’s to take action, place bids & make the best offer they can for any given domain, because one thing is certain, and that is that each domain will be sold on a first come, first served basis.
Act now or forever hold your peace! DNX is just one more way that Media Options is differentiating its services from other Domain Brokers and domain marketplaces. We are continuing to add value to our domain services in every way we can. Trust us with your domains; if we can’t sell them, we are partners with someone who can! We manage the entire sale process for you and engage any parties or services which we feel may be necessary to complement our abilities and resources in order to get your domain sold.
The best part is that you pay one fee and only deal with one broker…us! We co-broker and cooperate with all the other top domain brokers in the industry as well as offer auction services via DNX.com. No matter what, your fee is the same and you only pay one time! Just CONTACT US to list your domains with Media Options and get the highest possible visibility for your domain names! DNX.com – Let The Market Decide!