Online Money Making - Bido.com an Innovative New Domain Name Auction Site
While wandering around the Internet recently I came upon another new domain name auction site, created by Sahar Sarid, which he has called Bido. This is the second new domain name auction site I have come across in the last two weeks, which is encouraging. Domain name trading is an interesting online money making system
Sahar Sarid is one of the big hitters in the domaining world, he also has his own blog The Conceptualist. I wrote a short post about him about a year ago (unfortunately mis-spelling his name in the process). He is a self-made entrepreneur who started on his path to fame and fortune by asking in an Internet chat room if anyone would lend him $3000 ! Amazingly someone -Jeff Bhavnanie - said yes.
Bido.com is an auction site with one rather major difference from the other auction sites you may know about, namely it aims on having only one auction a day ! A rather unusual strategy you may think and I suspect you are not alone in your reaction. I can understand why Sahar Sarid would want to concentrate on quality rather than quantity, long lists of names for sale are indeed offputting. The quality names tend to get lost in amongst the far more numerous average names and indeed the average names also tend to influence people's perception of the quality names, making them seem average too. Plus, if you are a seller, it is very annoying to have your name lost among millions of other names with little chance of anybody actually seeing them.
However, having just one domain name up for sale each day does not eliminate the problem of the many thousands of average names, it merely means that someone at Bido has to pre-screen them all to pick just the 'special one' that will be sold that day. Bido is accepting submissions now, so you might like to submit some of your names, but you will still have the problem of how to get your name selected, so just make sure it really is a good name or you really will be just wasting everyone's time.
BIDO Will be calling upon the services of a panel of experts to carry out the pre-selection and decide what constitutes a good name, and if you consider yourself an expert in the field of domain name selection then you can even offer your services to Bido on their site, just fill in the form.
Another innovative idea that Sahar Sarid has come up with is that all auctions will start at $1 with no reserve, that sounds a bit scary but fear not, if the domain name does not reach a pre-set minimum price then Bido itself will make up the difference e.g. if you set a minimum of $2,000 but the bidding only reaches $1,500 then Bido will pay the $500 shortfall (less commission). What nice people ! Perhaps someone should suggest the idea to Ebay.
There are certain other restrictions so you will need to check out the Bido website to get all the details.
The idea certainly is novel, and should make for an interesting way of auctioning domain names and I for one will be interested in seeing how it works out, and seeing what names are chosen, but with only 1 name a day being auctioned your chances of having one of your names selected have got to be slim. I also don't understand how Sahar Sarid intends making money from this venture. Bido's commission as I understand will be 8% so presumably the names are going to have be rather expensive names to make the venture worthwhile. Although I guess there will be indirect benefits from the numbers of people visiting the site.
What constitues a good name is an interesting question - for example how much do you think the following names are worth - TAZ.com - Coolnews.com - Posse.com - SideJobs.com - Systematic.com - how much would you pay for them ?
Well they were sold for $40K - $30K - $24.5K - $16K - $400K respectively this year. Beauty is in the eye of the beholder ?
So 10 out of 10 to Sahar Sarid for innovation and all power to his elbow ! I will be watching BIDO with interest and I may even submit one or two of my own names.
Thank you for reading and please feel free to leave your comments and insights.