Legal Blog

Friday Factoid: ICANN Receives Millions in Auctions for New Web Domains

Under the procedures for creating a new global top level domain (“gTLD”) such as .luxury or .lawyer, if two companies have filed a timely application to become the registrar for the same new gTLD, ICANN (the organization responsible for the release of new gTLDs) may auction the gTLD rights to the applicant that is the highest bidder. To date, ICANN received more than $26 million in net proceeds from the auction of seven gTLDs.

Source: ICANN

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