A hypothetical scenario that I wrote about last week on Namepros has become a real scenario for one high profile domainer.
Namepros has become the wholesale platform for BrandBucket published and approved names. The one caveat, the name is live on BrandBucket. The worst scenario you want to have happen is for your auction to be at $31 and 80 hours left to go, and you get an email congratulations *******.com has just sold.
I asked this question publicly on Namepros for Eric Lyon to weigh in on what is the procedure if this scenario plays out ?
BrandBucket wants you to push the name right away, and the auction cannot end, and you can’t close the auction. The winner is going to get the sale not you.
Well that hypothetical has come true. I mentioned a big 68 portfolio sale by Doron Vermaat of DnGeek.com.
Well Doron pmmed me tonight, I got one name in the list sold, SchoolPanda.com for $2,995.
I immediately brought this to Eric Lyon’s attention to get the specifics on how the auction should be updated.
Eric told Doron he must sell all 68 names in keeping up with the TOS.
Doron has told me he will honor the sale and the winner of this auction will have a big pay day.
Kudos to Doron for being a standup guy. So this auction could get very interesting.
You get 68 names with the knowledge that one is sold for $2,995 already, there is a commission of 30% that will go to BrandBucket. There is also a $100 logo fee that will be deducted, the net should be $1,990 +
I do want to point out that Eric Lyon brought up an excellent point in our private discussion, the buyer did not bid looking to get cash and domains. He is right maybe someone was bidding and one of the names was going to be slated for development. He is 100% correct.
Now Eric has explained to me that a cash component is not really a new rule, if someone mentioned it up front it would have been allowed. No one in the history of Namepros has ever mentioned a cash component, but with these BrandBucket auctions it needs to be in there so all sides are protected.
- BrandBucket’s buyer
- Bidders on Namepros
- Namepros Management
Update: Here’s a post that explains how things will look going forward.