Jordan Fried, owner of NFT.com and PuertoRico.com, shared 7 things he learned about domains after spending millions of dollars buying them!
Jordan said that he loved domain names since he was a kid: “For me, they’re the original NFTs and part of the reason why we issued NFT.com profiles as NFTs.”
I’ve spent millions of dollars buying domain names like https://t.co/J5QFXdSpmG, https://t.co/04czs3BVQP, https://t.co/b8KchgMXuG, https://t.co/xFPyqfxjO3, https://t.co/kFXrBTeMmd and more.
Here’s what I’ve learned:
— Jordan Fried (@jordanfried) February 1, 2023
- Don’t be cheap.
A good brand can make or break or business and domain names are a crucial extension of your brand. A brandable domain name will cost some money but will more than pay for itself in the trust you build with your customers.
- Domain names are investments.
Think of a domain name like internet real estate. It used to be unfathomable that a domain name could be worth millions but now domain names regularly sell for over $1 million. The domains I’ve purchased consistently go up in value.
- Buying a good domain takes time.
I’ve spent months on back-and-forth negotiation before arriving at a mutually agreeable purchase price. Be patient. Buying good domains takes time and even the most experienced buyers still take weeks to close on a transaction.
- Get creative.
When we purchased Hedera.com we realized the owner wanted more than just cash, he wanted an upside in what we were building so we bought it in HBAR.
- Always use an escrow service.
If you’re spending a meaningful amount of money on a domain, use an escrow service that takes possession of the domain name and the cash consideration. I use escrow.com and highly recommend them.
- Monitor Trends.
I bought NFT.com before the @BoredApeYC existed. I was immersed in the crypto ecosystem and monitoring what was coming next. It was clear to me that NFTs would have their day and I’m still certain that NFTs are in their infancy.
- It doesn’t hurt to ask.
I’ve been rejected more times than I can count but it never hurts to ask if a domain is for sale. It’s just a matter of finding a willing seller and a price point you can afford that makes sense for the seller.