Domains seem cheap to early investors in cryptocurrencies.
Sedo’s top public domain name sale this week was CryptoNews.com at €43,000.
This is the latest in a string of cryptocurrency related domain names that have sold. The most storied sale was probably BTC.com for $1 million back in 2014.
Whenever a new technology comes out people rush to buy domain names related to it. Remember the 3D craze and all of the 3D domains people registered?
But crypto domains were an exceptionally good bet because cryptocurrencies have made their owners rich. Things like 3D technology take time to develop and potential buyers for the domains are usually trying to conserve cash, not spend it. But someone who invested in bitcoin, Ethereum and the like are in a different situation. Some of them are playing with “funny money”. A €43,000 domain purchase by someone who invested in bitcoin back at the end December 2011 is the equivalent of €30!
Although that’s really early, even more recent entrants have seen their holdings balloon in value. Someone who bought Ethereum at the beginning of this year has made almost a 30x return.