The results from a Single Sealed Second Price Auction generally yield fairer and lower winning bid prices, less bid rigging, less confusion, and less time to determine a winning applicant.
Fort Lauderdale, FL (PRWEB) February 25, 2014
RightOfTheDot™, LLC, one of the most well-known domain industry auction Internet consulting and advisement firms, announced today that they and their partner Escrow.com have facilitated the contention set auction of the new gTLD Web address “.One,” which is expected to be one of the most sought-after new TLD (Top Level Domain) properties on the Internet.
The winning bidder for the new TLD extension is One.com, which will act as the worldwide registry for .One domains. They will be offering such super premium names as “number.one,” “the.one,” “only.one” “best.one” and countless others to individuals, retailers and e-commerce sites throughout the world.
The .One TLD auction marks the first time the “Single Sealed Bid Second Price” auction method was used to resolve contention between competing applicants wanting to run a new top level domain extension. The new method, developed by RightOfTheDot™, is unlike the traditional ascending clock auction in that it provides complete customization and flexibility in when the auction will be held, how the funds will be disbursed, payment timing, application withdrawal, auction timing, auction type, and more. The results from a Single Sealed Second Price Auction generally yield fairer and lower winning bid prices, less bid rigging, less confusion, and less time to determine a winning applicant.
“Our Single Sealed Bid Second Price auction method protects the participants from `auction fever,’ which often causes over-bidding as people get emotionally tied to the process of winning at any cost due to time committed and sometimes throw their budgets out the window,” said Monte Cahn, President of RightOfTheDot™. “This potentially results in less money and resources to successfully launch and market the new TLD participants are bidding for."
“We also believe the flexibility of our solution completely sets us apart from other auction methods and companies currently available,” added Cahn. “It’s our philosophy that the applicants in each contention set should be the ones to determine when, where and how the auction should be held; and how funds are disbursed, whether to the non-winning bidders, a third-party charity or industry association, or a combination of all. These decisions will vary by contention set depending on the TLD and the participants in each contending set.”
”We choose to use RightOfTheDot’ Single Sealed Bid Second Price auction and received a trustworthy and transparent service in the contention of .One,” said Ronni Engelhardt Andersen, the CFO of One.com. “This was the right auction model for us, as the time and efforts needed to do the auction were balanced, and the contention was solved in a fair way.”
“Ultimately, the flexibility of RightOfTheDot in conducting an auction that satisfied all parties’ needs within the contention, rather than sticking to predefined rules, is the main reason why we continue to engage with Monte and Michael,” said Ben Anderson, Product Director and Head of New gTLD Services at NetNames. “With the resolution of contention being, in some cases, more complex than the application process itself, applicants need a partner they can trust and one that is willing to make changes to their own process to accommodate nervous applicants.”
“We are extremely satisfied with both the outcome and the path taken to achieve it,” said Sandeep Ramchandani, Business Head of Radix, one of the applicants for .One. “Monte and Mike from RightOfTheDot were great to work with. They demonstrated tremendous patience and flexibility in designing and executing an auction that met the specific expectations of both parties. We would like to congratulate the One.com group on winning the .One contention set.”
RightOfTheDot also recently announced its exclusive partnership with Heritage Auctions. Heritage Auctions and RightOfTheDot will offer additional Contention Resolution Auction Services, such as online customized ascending clock and traditional step auction services to help competing applicants for new TLDs resolve their contention prior to last resort auctions being offered by ICANN. They will also work together to auction premium and super premium new TLDs and existing domains through live and live online auctions.
About RightOfTheDot, LLC
RightOfTheDot, LLC is an Internet consulting and advisement firm specializing in new and existing TLD strategies, contention resolution and private auction services, board advisement, premium domain and market positioning, sales and services. Well-known industry veterans Monte Cahn and Michael H. Berkens, Esq founded the Company in 2012 with a combined 30 years of experience. They have participated in more than $350 Million in domain sales, brokerage and domain auctions. They advised and assisted in launching 15 sTLDs and gTLDs, in addition to several TLDs available today, and pioneered many domain industry products and services currently used as standards. The Company is a licensed Business Auction Corporation in the state of Florida, with the exact purpose and description for conducting contention resolution auctions between competing TLD applicants. Both Monte and Michael are members of the prestigious Domain Hall Of Fame.