DomainMarket, a popular online marketplace that allows buyers to purchase domains from different vendors, has changed its bidding process.
Instead of using the bidding system offered by big sites like Amazon, Google, eBay and others, buyers now have to do the bidding for themselves.
“The current bidding system is a no-go,” DomainMarket CEO Mike Zalewski said in an interview.
“They will try to find a way to do that.
They will not pay us to do it.
We can’t do it.”
Zalewski’s company, which has been around since 2005, is now selling the domain names on its site.
If you click the domain name, you can see the price tag and then bid on it.
The bidding system was designed by software engineers and was originally designed to speed up the auction process.
DomainMarket says it’s changed its pricing algorithm to help buyers get the domain for a lower price.
But Zalewks is adamant that DomainMarket is not selling cheap domains.
“Our business model is not based on cheap domain auctions,” Zaliewks said.
“Our business is based on selling domain names.
The domain is the asset, the website is the service, and the domain is one of the biggest assets that a business can have.”
Zalews said DomainMarket has seen a significant drop in traffic in the past year.
“When we launched, the site was a little under 50,000 unique visitors a day,” Zalews explained.
“Today it’s around 5,000.”
Zalowks said he expects the number of buyers to remain flat this year.
However, Zalewks says he plans to ramp up the bidding on his site to try to keep up with the demand.
“We’re looking at a $2 million-to-$3 million domain name that is going to be auctioned off,” Zalowoks said.
“There’s no reason we couldn’t go to $10 million and $15 million.”