Online Money Making - Alternative Auction Site Bido.comBack in May I posted about Bido.com - a new site for domain name trading set up by Sahar Sarid. The aim of the site is to make money online auction domain names, the novelty is that it is selecting just one name for auction every day and the auction starts at $1 with no reserve, so the market really does set the price.
Well the site is up and running and I have just had a look at the domain name auction archives to see how business has been. As far as I can see the archives only go back to 18 June 2008 - maybe that was the date of the first day of trading ? I'm not sure but in any case the figures are interesting.
The prices obtained from the domain names on auction, range from $11 for NamingSchool.com (ouch !) but the name wasn't particularly well-received if the comments are anything to go by - up to $12K for Dickinson.com (there's a famous TV presenter in the UK called Dickinson maybe it was him? - although right now it points to a UK software company).
Some interesting sales - worldcigars.com for $1001 - spywarehekp.com for $1564.00 - topsecret.org for $1966 - debtnews.com for $10628 and 4 3-letter .coms which sold for between $6K and $7.1K each.
Total sales so far amnount to $77,078 for 39 auctions - i.e. an average of $1976 per domain name. But the top 7 names account for $54,179 (average $7740) of that total, and the remaining 32 account for $22,899 (average $715).
Bido's commission on sale is 8% which is $6,166 in 39 days (if they have 365 sales a year that amounts to $57,710. I would think sales are going to have increase significantly to make the venture worth while!
I find the whole idea an interesting concept and I wish Sahar and the team at Bido much success. I may even submit a name or two myself, the main problem as far as I can see is that only 1 name a day means that you have little chance of being selected (plus of course the small matter of selling with no reserve which may put people off submitting their best names !).
The name on sale today is VentureCapitalHelp.com