NameSilo

Binance.Exchange sold for 12000$ (My experience)

Labeled as discuss in Domain Selling and Domain Sales, started by TheBuyerz, Jul 22, 2020

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  1. TheBuyerz

    TheBuyerz Established Member

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    Hi everyone, hope u are doing well !

    I want to talk about my first experience on selling a domain name for 5 figures (I am a beginner specialised on crypto domain name - I have a rich experience in the crypto world but not domaining, still learning everyday).

    The domain name is: Binance.Exchange, it is sold for 12000$ and recieved net payment of 9950$ (deducing afternic fees)

    [​IMG]

    I spotted the domain name on NameSilo Marketplace (BTW I buy all of them there since they have cheap prices for hand regged and support all major extensions), I found it on the expired auctions list, I didn't thought that I had a chance to acquire it since many of the domain name I bid on on the marketplace were not successful, since the owner renew it at the last moment (Sometimes even in the last 5 minutes !).

    But for this one, it was successful ... someone already made a bid on it (1$) and you will find all the interesting domains have that 1$ bid (perhaps a big company or experienced domainer), the first challange is to win that expired auction, especially that whois datas indicate the registered date = 2017 (I know well Binance and trade frequently on their plateform and was from the first users that registered to their service, I assisted to their launching, the registered date add a great argument to the negociations while selling it) ! luckily the MAX BUY price was 50$, so I paid that amount 2 days before the expiration (For me, waiting to the last minutes was not necessary as per my own experience ... and it will add unecessary risk that someone pay for it before I do), I remember that when I was ready to pay, I stopped for one moment in order to think if it was the right thing to do, and if it was not pereferable to invest on handregged domain name (This will add more chance of selling and more oppotunities), I choosen to continue on the same path.

    After 2 days, I won the domain name and it got transferred to my account on NameSilo.

    As soon as it was recieved, I made some searchs on how to contact the right person on Binance and to make a plan with solid arguments to convince them to buy it !

    I contacted them from the support page, tried different names @binance.com throught email but no success.

    My last and successful try was to make a post on their official reddit and suggest to people to make an offer for the domain name since it was great for trader to redirect traffic on it to their affiliate links !

    After 1 day, the post was deleted and one of the moderators contacted me about the domain name and offered me 3000$ for it, I rejected the offer and sent a counter offer at 5 BTC (Around 46500$ at the writing time)!

    I spent around 1 week dealing with them without any way out that feet the both party, they stuck to 3k$ or maximum an offer that is near to their offer, I stopped the conversation for around 1/2 months, insisted again and contacted them and purposed to lower the price to 2 BTC supposingly the max I can do ! but unfortunately it was overestimated and my attempt failed again.

    Also posted it here on namepros:
    https://www.namepros.com/threads/binance-exchange.1175263/

    After that, many users from namepros, and other plateforms saying that I will never succeed to sell it and that I will have legal problems since the tradmark is already deposited etc. You can check my thread on namepros from here:
    https://www.namepros.com/threads/re...onth-after-they-launch-their-service.1187818/

    @Abdullah Abdullah suggested me to set the price at around: 3k$ (Apprtoximately the same amount they will spend if they decide to take legal actions ... so since this will take from their time, there is a chance they get it for the same price without too much troubles).

    But since I rejected the first offer, I was convinced that this is an opportunity for me and have to follow on my idea until the end even knowing that all the doors are closed, and all I will lose is: 50$, and will win a solid experience even in the case I fail on this (Atleast, I learn something new). I also had a motto for this domain name: Hodling Binance.Exchange is Just like hodling BTC !

    I decided to review my price and taking sometime to find the right one for it, so I checked namebio and listed all .exchange domain name that were sold in the past:

    Code:
    open.exchange    13,890 USD    2020-01-11    NamePull.com
    global.exchange    345 USD    2019-10-07    NamePull.com
    smart.exchange    108 USD    2019-10-07    NamePull.com
    go.exchange    30,000 USD    2018-05-14    Sedo
    protrade.exchange    2,300 USD    2018-04-20    Sedo
    monero.exchange    450 USD    2017-12-16    Sedo
    btc.exchange    12,500 USD    2017-11-12    Pvt Sale
    coins.exchange    5,000 USD    2017-10-08    GoDaddy
    coin.exchange    5,000 USD    2017-08-13    Afternic
    BTC.exchange is sold 12500$ which is a general nich, easy to remember, known keyword (Bitcoin, BTC) 100x better than mine etc. and me asking 50000$ for binance.exchange, I decided to lower it to 12000$ as final price and taken BTC.Exchange as reference.

    Then notified them about this change and asked them to not go behind this deal and that it was my last email from me.

    After 1 month, I recieved an offer at 9000$ ... and told to the Afternic agent that it was a reasonable offer and I am ready to accept it.

    But no continuation from the buyer.

    2 weeks after, someone paid the BIN price (12000$) and it was the right end user finally !

    Last day the transaction was completed, and today Afternic paid me ... I salute their professionalism.

    I don't know if it was Binance but two things are sure, the keys here: Persistence, Patience ! And choosing the right estimation of your domain name is important.

    Hope you will get some benefits from this experience and wish you all a great sales for your domain names, thanks for taking time to read it !
     
    Last edited: Jul 22, 2020
    The views expressed on this page by users and staff are their own, not those of NamePros.
  2. Mister Funsky

    Mister Funsky Top Contributor VIP

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    Congratulations on the sale! Thanks for sharing.
     
  3. ET76

    ET76 Top Contributor VIP

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  4. g0kh4n

    g0kh4n Domain Mogul ★★★★★★★★★★

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    Thanks for sharing; insightful. Congrats on a nice sale that was well deserved with all the effort you put in.

    Am especially surprised about the lack of legal action. I have a lot of high profile domains I don't even have the balls to reach out to the owners of in fear of giving them written evidence of cybersquatting.

    TomBrady(.)net for example. Not even trademarked but I have no idea how to go about it.

    FenwayPark(.)net is another example. The name Fenway Park is actually trademarked though.
     
  5. Greenthumb

    Greenthumb Established Member

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    Congrats on your sale @TheBuyerz, yours is quite and inspiring one and huge lessons learnt especially with regards to persistence.
     
  6. jim h

    jim h Upgraded Member Gold Account

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    Congratulations, though it was a bit of a thrill,lol.
     
  7. RJ

    RJ Domain Buyer PRO VIP ★★★★★★★★★★

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    Fantastic sale. Thanks for sharing your experience!
     
  8. Akinola Taiwo

    Akinola Taiwo Established Member

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    Congratulation...

    Did you list it only on afternic marketplace or afternic fast transfer networks????

    Thanks
     
  9. blogspotter

    blogspotter Top Contributor VIP ★★★★★★★★★★

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    You have balls of steel. You will be a name to reckon with in times to come I am sure
     
  10. TheBuyerz

    TheBuyerz Established Member

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    Only on afternic marketplace since fast transfer is not supported for this extension.

    Thanks all for your kind words :)
     
  11. Akinola Taiwo

    Akinola Taiwo Established Member

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    Is there an upfront payment or fees for listing on afternic marketplace????

    What is the process????

    Thanks.
     
  12. DomainVP

    DomainVP Domain Expert VIP

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    Nobody has said it yet... so I will...

    You were clearly cyber-squatting and you were fortunate they would rather pay you than try to litigate this one out.

    This is why nobody wanted it.

    There is no foresight or lesson to be learned here other than the fact some people can get lucky cyber-squatting a trademarked name.

    You are a squatter. If you are going to tout advice then call it what it is.
     
    Last edited: Jul 23, 2020
  13. TheBuyerz

    TheBuyerz Established Member

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    Thank you for your honesty, sincerly I was waiting for this kind of reponse.

    My first intention when I bought this domain name, and which pushed me to purchase it ... is to sell it for traders in order to redirect it to their referral link.

    I was incited by one tweet shared by Binance or CZ (Founder) that one guy succeeded to win around ~11 million dollars (1146 BTC) just from their referral system ! Imagine if he got a nice domain name in order to do the same job ? He would got more than that.

    You can check this photo shared from the official binance account on twitter


    You can check this tweet also (This twitter is followed by almost all known crypto figures and traders, you can check for the people following it, including justin sun (TRON founder), the crypto dog, SBF (FTX Founder) and Deribit exchange which they own also their domain names: FTX.FYI and Deribit.FYI respectively... and they have up to 17k followers):


    They use another extension for all different trading plateforms to redirect users to their affiliate links. (.FYI extension). Will you take this as cybersquatting ?

    Most of Binance or other exchanges extensions redirect to referral links, this was just an example.

    I understand that: facebook.exchange / google.exchange etc... would certainely be a cybersquatting, but not conviced for this particulare case, otherwhise they would prefere to take legal actions instead (I am talking in the case it was binance that puchased it, it is possible that the buyer will be a trader).

    Or also let me redirect you to this article:
    https://cointelegraph.com/news/why-binancecomau-is-now-delivering-flowers

    It seem that Binance as trading plateform is not the only one that hold this trademark, in australia it is a flower company that registered it (Binancé - French word) ... you can expect the same for other countries, perhaps they didn't got the right to register their brand on most countries sinec they are an exchange plateform and they deal with finance (I don't know much about this, but this what I am thinking about).

    I respect your view point, but if you provide more arguments which will clear this situation will be awesome ! shooting deliberately that I am a squatter without developing this is not cool :) At the current time, I have no regrets to be honest, I am convinced it is not a squatting since I am in a crypto word from a long time and regulary see domains like this used for this case.

    Finally, FYI some lessons could be taken from this experience to be applied for any domain name ... ;)
     
    Last edited: Jul 23, 2020
  14. TheBuyerz

    TheBuyerz Established Member

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    Just register an account, and add your domain names to your portfolio... they will review first, and then accept them on their markeplace.

    Listing is free ! They will take fees only when your domain name is sold (they deduce it from that transaction directly.).
     
    Last edited: Jul 23, 2020
  15. Josh R

    Josh R Josh.co PRO VIP ICA Member

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    @NamePros @Mod Team Echo @Mod Team Alfa @Mod Team Bravo @Mod Team Foxtrot

    If you want to be a truly professional domain name forum then threads like this need to be marked as domain name squatting and poor business practice that gives our industry a bad name.

    I may even hedge on the side of deleting the entire thread.

    Sorry but this sale should not be celebrated in the slightest.

    Binance should have sued the seller.

    I'd also like to see a scenario where Afternic and GoDaddy don't allow such clear TM violating domain names to be listed for sale.
     
    Last edited: Jul 23, 2020
  16. TheBuyerz

    TheBuyerz Established Member

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    You should read this post:
    https://www.namepros.com/threads/binance-exchange-sold-for-12000-my-experience.1200647/#post-7870704
     
    Last edited: Jul 23, 2020
  17. Josh R

    Josh R Josh.co PRO VIP ICA Member

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    @RJ - Are you sure about this?
     
  18. Josh R

    Josh R Josh.co PRO VIP ICA Member

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  19. TheBuyerz

    TheBuyerz Established Member

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    ?!
    You badly need to educate and learn more about this niche and this particulare use case and give a constructive answers.
     
    Last edited: Jul 23, 2020
  20. Josh R

    Josh R Josh.co PRO VIP ICA Member

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    I would genuinely like to help you on your domain name journey but I understand that there is no way on earth you're ever going to listen.
     
  21. TheBuyerz

    TheBuyerz Established Member

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    I would be more than happy to listen, I am open to all constructive answer and looking everytime to learn something new on domaining if it worth it.

    Do not rush things and take time to understand them first :)
     
    Last edited: Jul 23, 2020
  22. Josh R

    Josh R Josh.co PRO VIP ICA Member

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    No rush. Buying Binance.Exchange is bad enough, but then followed up by aggressive outbound to Binance is just an absolute no go.

    This does nothing but hurt our industry.
     
  23. TheBuyerz

    TheBuyerz Established Member

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  24. TheBuyerz

    TheBuyerz Established Member

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    @Josh R Don't you think if it was a cybersquatting the CEO of FTX and DERIBIT will take legal actions agains't @WhaleTrades twitter account ? Knowing that both CEO are following the twitter account.
     
    Last edited: Jul 23, 2020
  25. Josh R

    Josh R Josh.co PRO VIP ICA Member

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    You didn't use the domain name as a Binance affiliate.. You didn't buy the domain name to help Binance.. You bought the domain name in bad faith with the intent of profiting from the famous Binance trademark.
     

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