New Namesilo Marketplace

Its pretty easy to require either a valid account email address on public whois, or TXT record to confirm ownership of domains not at namesilo. All the big companies do this.

Any registrar change or whois change can easily result in listings going off, and back to manual review.

Would like to see a beauty/fashion category... thanks!

richtrading said:

Its pretty easy to require either a valid account email address on public whois, or TXT record to confirm ownership of domains not at namesilo. All the big companies do this.

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Neither Afternic nor Undeveloped do this.

Nat Hunt said:

Neither Afternic nor Undeveloped do this.

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Afternic actually do exactly this, ever notice why your domains go "in review" when you move registrar, update whois etc.

Re Undeveloped.com - is it a good marketplace? Do they have a lot of sales per month?

namesilo said:

** Big Announcement - Lower Fees!**

As part of our continuing effort to offer the lowest possible fees, we are happy to announce that we have lowered our standard 7.5% fee for Marketplace sales to just 3% for sales paid for via wire transfer (any other methods of payment are still 7.5%)

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Why do you charge such a high fee for sales made with account funds loaded from Bitcoin?

For Bitcoin you have no risk of chargeback and Bitpay only has a 1% cost to you the merchant. And if you know the seller will be cashing out to Bitcoin, then your costs drop to near 0%.

Could you please consider to drop your fee for Bitcoin sales to 3% or 5%? We hope to be doing $100,000 to $300,000 in market place sales over the next 12 months in the Bitcoin domain name market.

My understanding is that Epik only charges 5% fee (no actual fee for the sale which is converted to MasterBucks, then 5% to cash out the MasterBucks).

Epik is apparently offering the same fee for all payment methods?

P.S. You should retain some Bitcoin as retained earnings and not convert it all to fiat. The Bitcoin price is rising exponentially (although very volatile) because it is transitioning to be the future world reserve currency because the Brenton Woods dollar system in its last throes. Bitcoin will be over $50,000 in 2021/22 and onwards to $300,000 to $1 million over the next decade or so. It’s the "no brainer" asset to be hodling.

jl777 said:

Why do you charge such a high fee for sales made with account funds loaded from Bitcoin?

For Bitcoin you have no risk of chargeback and Bitpay only has a 1% cost to you the merchant. And if you know the seller will be cashing out to Bitcoin, then your costs drop to near 0%.

Could you please consider to drop your fee for Bitcoin sales to 3% or 5%? We hope to be doing $100,000 to $300,000 in market place sales over the next 12 months in the Bitcoin domain name market.

My understanding is that Epik only charges 5% fee (no actual fee for the sale which is converted to MasterBucks, then 5% to cash out the MasterBucks).

Epik is apparently offering the same fee for all payment methods?

P.S. You should retain some Bitcoin as retained earnings and not convert it all to fiat. The Bitcoin price is rising exponentially (although very volatile) because it is transitioning to be the future world reserve currency because the Brenton Woods dollar system in its last throes. Bitcoin will be over $50,000 in 2021/22 and onwards to $300,000 to $1 million over the next decade or so. It’s the "no brainer" asset to be hodling.

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Hello, and thanks for your request. We will consider it and will post back if we decide to make any change.

namesilo said:

Hello, and thanks for your request. We will consider it and will post back if we decide to make any change.

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The thought occurred to me that 5% would be adequate so that you’re matched to Epik on Bitcoin and then your wire transfer fee of 3% is lower than Epik, as a competitive advantage. I really do not want to see both of your companies compete down to a level where you are not making enough profit on the Marketplaces. If your domains sales can reach $10 million per year and you are averaging 4% net profit, that would be a significant business addition to the core registrar business. Also one would hope that the Marketplace also drives some registrar business, e.g. I have already registered a few domains on your site because of your Marketplace and will more aggressively do so if the Bitcoin Marketplace fee is reasonable. BTW, I never heard of namesilo over the past many years that I have been registering many domains. I was using namecheap and name.com . I found out about namesilo when I started to research about Marketplaces.

Also by offering a slight incentive for buyers to use Bitcoin instead of credit card when purchasing domains where a wire transfer would be prohibitively expensive or troublesome (such as for domains priced very low), you further reduce your credit card chargeback risks (although I see these have been low thus far). The Bitcoin market will only continue to grow exponentially, so being known in that market is a plus for marketing.

Anyway, please do not take this as any form of pressure. Just offering anecdotal feedback from the market for you.


Also eventually the Bitcoin transaction fees will become too large for you to use it because of the limited block size. Because again Bitcoin is designed to be a reserve currency used by the wealthy for very large valued transactions in the $million and $billions. The Lightning Networks may offer a way to pay off-chain with low fees at that juncture. Or at that juncture, you could choose to accept an altcoin which has low transaction fees.

richtrading said:

Afternic actually do exactly this, ever notice why your domains go "in review" when you move registrar, update whois etc.

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That is not what "in review" is about. "In review" is not about determining that the person who listed the domain owns the domain (hence why they never ask you to prove your ownership to get a domain stuck in in review cleared). Domains get stuck in review because the system suspects the domain of breaking some of their terms and conditions. Often it's due to a domain being misinterpreted as adult. As for users with super privileges, they can list any domain they don't own, even if that domain is already listed for sale by another Afternic seller. They can also list any domain that breaks Afternic's marketplace rules. Afternic practically does not have ownership verification.

Any domain that is unlisted at Afternic can be listed by anyone. If you list 100 names you don't own, maybe 5-10 will go into review at most. The other 90-95 listings will go live and people can buy them (of course, seller cannot deliver).

Sedo's ownership verification procedures are extremely bad. A ton of domains I own are still listed at Sedo by their former owners. Sedo has no way of determining ownership changes outside of their marketplace. The TXT feature often doesn't work, and they don't require it. You can just send them a fake screenshot and they will accept you as the owner right away. It's extremely easy to fake their ownership verification, i.e. you can just use the "inspect element" feature in your browser to fake ownership of a domain under WHOIS privacy. Same for Afternic, if you want to remove somebody's Afternic listing.

Afternic, Sedo, and GoDaddy Auctions (private seller listings) are a mess of outdated listings and listings by people who don't own those domains. None of them have gotten ownership verification right, and maybe there is just now way to maintain a clean marketplace if you accept domains from all registrars.

I certainly wish we could list domains from all registrars at NameSilo. But unless they find a way to maintain a clean marketplace that doesn't cause frustration among buyers (and a bad reputation for their marketplace), where ownership verification checks and fake listings don't consume too much manpower, I'd rather not they open up the floodgates to what will inevitably be a lot of fake listings. Right now, their marketplace is 100% clean and delivery is ensured 100% of the time. That kind of performance is sorely missing at Sedo, Afternic and GoDaddy Auctions. Out of of all the domains I've bought at Sedo, Afternic and GoDaddy Auctions, a considerably percentage of them were not delivered to me.

Arca said:

That is not what "in review" is about. "In review" is not about determining that the person who listed the domain owns the domain (hence why they never ask you to prove your ownership to get a domain stuck in in review cleared). Domains get stuck in review because the system suspects the domain of breaking some of their terms and conditions. Often it's due to a domain being misinterpreted as adult. As for users with super privileges, they can list any domain they don't own, even if that domain is already listed for sale by another Afternic seller. They can also list any domain that breaks Afternic's marketplace rules. Afternic practically does not have ownership verification.

Any domain that is unlisted at Afternic can be listed by anyone. If you list 100 names you don't own, maybe 5-10 will go into review at most. The other 90-95 listings will go live and people can buy them (of course, seller cannot deliver).

Sedo's ownership verification procedures are extremely bad. A ton of domains I own are still listed at Sedo by their former owners. Sedo has no way of determining ownership changes outside of their marketplace. The TXT feature often doesn't work, and they don't require it. You can just send them a fake screenshot and they will accept you as the owner right away. It's extremely easy to fake their ownership verification, i.e. you can just use the "inspect element" feature in your browser to fake ownership of a domain under WHOIS privacy. Same for Afternic, if you want to remove somebody's Afternic listing.

Afternic, Sedo, and GoDaddy Auctions (private seller listings) are a mess of outdated listings and listings by people who don't own those domains. None of them have gotten ownership verification right, and maybe there is just now way to maintain a clean marketplace if you accept domains from all registrars.

I certainly wish we could list domains from all registrars at NameSilo. But unless they find a way to maintain a clean marketplace that doesn't cause frustration among buyers (and a bad reputation for their marketplace), where ownership verification checks and fake listings don't consume too much manpower, I'd rather not they open up the floodgates to what will inevitably be a lot of fake listings. Right now, their marketplace is 100% clean and delivery is ensured 100% of the time. That kind of performance is sorely missing at Sedo, Afternic and GoDaddy Auctions. Out of of all the domains I've bought at Sedo, Afternic and GoDaddy Auctions, a considerably percentage of them were not delivered to me.

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Sounds very frustrating to buy and not get delivered! We bought few at Godaddy Auctions, and one of those got withdrawn and then I started getting emails from DomainNameSales - presumably they withdrew the sale, and then hiked the price, yuk!

re "in review" I included what Afternic Account manager told me last week. But if you know different, that's fine too!

Re faking, yeah, I'm sure a lot of ways for people to fake records, but wouldn't do this, as might get struck off/banned.

Re sedo, we've always had good verification. But then we only own 3000 premium domains, maybe people with more names, have more trouble!

Namesilo will you be adding .APP domains and become a registrar for the .APP gTLD?

jl777 said:

Namesilo will you be adding .APP domains and become a registrar for the .APP gTLD?

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Yes, we will likely offer .app domains later in the year. Please feel free to email [email protected] with requests such as this as it would be nice to keep this thread to issues related to our Marketplace - thanks!

@namesilo - The marketplace commission fee is just 3% for sales paid through wire transfer.

If a buyer prefunds their namesilo account through wire transfer and then purchases a domain from us, are we charged a 3% commission fee or a 7.5% commission fee?

A suggestion : when withdrawing to PayPal , it would be better to have the user type the PayPal address twice (unless address has been used before) to cater for typing errors and funds going to the wrong PayPal holder.

@namesilo

Made several deals in this platform, despite the UI is in year 2000 ego like, but is very smooth and initiative, very good! The only issue is that your BTC withdrawal is not like what you stated "within several hours at most". It was over 36 hours... in addition, the rate of BTC shifts significantly so there was a "passive" period we can't do anything while the profit being affected by BTC rate.

Also, seems like you are sending funds out from many micro BTC wallets.

Was it like you don't have enough BTC balance and the delay was due to time needed for collecting micro wallets?

Instead of withdrawal with BTC, will it be safer or faster to withdraw via wire? How long will it take too?

Thanks!

Harry White said:

@namesilo

Made several deals in this platform, despite the UI is in year 2000 ego like, but is very smooth and initiative, very good! The only issue is that your BTC withdrawal is not like what you stated "within several hours at most". It was over 36 hours... in addition, the rate of BTC shifts significantly so there was a "passive" period we can't do anything while the profit being affected by BTC rate.

Also, seems like you are sending funds out from many micro BTC wallets.

Was it like you don't have enough BTC balance and the delay was due to time needed for collecting micro wallets?

Instead of withdrawal with BTC, will it be safer or faster to withdraw via wire? How long will it take too?

Thanks!

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Never took more than 12 hours for BTC withdrawal. Also I always find BTC rate well according to the market rate.

thekiller said:

Never took more than 12 hours for BTC withdrawal. Also I always find BTC rate well according to the market rate.

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You are so lucky mate. My case was real 36+ hours. But honestly, their rate is fair.

Harry White said:

You are so lucky mate. My case was real 36+ hours. But honestly, their rate is fair.

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Does it use Coinbase daily rate?

@namesilo If I have a U.S bank account, can namesilo provide ACH as a payout option?

Please note that I am not talking about doing wire-transfer but ACH option.

I use ACH as payment option at all platform and trying to check the same with you.

Hi,

We can inquire with our bank. Can you send us an email at [email protected]?

Sorry to all who received the BTC later then usual.

namesilo said:

Hi,

We can inquire with our bank. Can you send us an email at [email protected]?

Sorry to all who received the BTC later then usual.

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I'd be interested to know this as well please

Harry White said:

@namesilo

Made several deals in this platform, despite the UI is in year 2000 ego like, but is very smooth and initiative, very good! The only issue is that your BTC withdrawal is not like what you stated "within several hours at most". It was over 36 hours... in addition, the rate of BTC shifts significantly so there was a "passive" period we can't do anything while the profit being affected by BTC rate.

Also, seems like you are sending funds out from many micro BTC wallets.

Was it like you don't have enough BTC balance and the delay was due to time needed for collecting micro wallets?

Instead of withdrawal with BTC, will it be safer or faster to withdraw via wire? How long will it take too?

Thanks!

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Sorry about the delay in paying your btc out. It is a manual process and was a busy weekend.
We use a provider to send out the btc and Im not sure how they handle things in their backend. We do have adequate balance to cover the payments.

jl777 said:

Namesilo will you be adding .APP domains and become a registrar for the .APP gTLD?

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We are working on it. This is a google tld so we would have to charge a bit more then the price they charge directly. Not sure if people are willing to use our registrar to register .app if they can get these domains cheaper at google.

richtrading said:

Does it use Coinbase daily rate?

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Yes almost.

Arca said:

@namesilo - The marketplace commission fee is just 3% for sales paid through wire transfer.

If a buyer prefunds their namesilo account through wire transfer and then purchases a domain from us, are we charged a 3% commission fee or a 7.5% commission fee?

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@namesilo - could you clarify this?

Just did my first payout. I wanted to put some in account funds, and paypal the remainder.
Only had one option, be nice to have two. It stated PP payout would be made within hour.
https://www.namesilo.com/account_marketplace_financial_marketing.php shows the name that sold as dropped
Pretty sure it said bitcoin payout was free of charge, is that the way it is?
You need more marketplace categories like cryptocurrency and cannabis.
Thank you for the smooth transaction, and a secure landing page to sell my names