Labeled as information in Domain Selling and Domain Sales started by Avtar629, Jul 19, 2019.
great sale congrats!
I feel like saying congratulations 100 times
Why the fuss about Mena? Is there anything special about it other than Middle East and North Africa?
Please, let me know cos I've been trying to wrap my head as to why the emphasis on MENA
ok here's a list in order of importance.
1. total population of MENA Middle East North Africa over 400 million. You only need to Google the total population of all the countries in MENA.
2. Crypto just recently has become Sharia complaint (I'll need to have my Arab friends confirm this on here. Anyone?)
3. MENA includes not just all the rich countries of the UAE but all the rest including Egypt, and a few others I can't remember. Can anyone from this regioin chime in here? Thanks.
I had to come back to this one since you mentioned the check clearing. Obviously this was my main concern today because at one point the buyer took back the check because he was getting so frustrated with the Godaddy domain push process. you can never be too careful. But it went fine without a hitch.
Although, after depositing the check I had asked the bank manager if there was anyway after depositing to confirm if the check was legit or not. He immediately told the bank teller to cancel the deposit and reverse it before it was too late.
I cannot make this folks!
So he asked me why I would doubt the check was real or not. I said no reason just me being skiddish as always.
So he said if it was fake and it was deposited. That my business bank account would be closed permanently and I would not be able to open a bank account with my bank and a record of the fake check would circulate among other banks making it difficult if not next to impossible to create a new account anywhere.
I said. "whaaaaaaaaaaaaaaaaaaaaaaaaaaat????!?!?!?!"
So I had them call bank of america. and of course hold hold hold hold. Got fed up. Took the check and just walked over to the bank of america branch few blocks away in the heat today.
and they confirmed it. Internal calls within a bank always get priority . NO HOLD. And the check was cleared as legit so had to walk back to my bank and deposit the check.
I would do this again no question because no way would I risk my bank account closing and forever never being able to open a bank account.
And it doesn't even matter if it's your fault or not?
That's right. Not even if someone gave you a fake check and you didn't make it. You are just the "guy who tried to deposit" a fake check into your own bank account.
That's crazy. Never knew this in my life.
learn something everyday. Hope this helps.
i own MenaShopping.com
so basically its a good news for me
nice! Good luck!
Not in Europe.
Congrats on a great sale. CoinMENA will be big.
Let's face it. You might have been played in a way that you didn't realise it so that their low price would seem like a great comeback for you.
CoinMENA is as good as Bitcoin as far as the name and region are concerned. $25,000 is pocket change in Dubai. It's 5 nights in a great hotel. They would have paid 10 times that and been happy because the name is RIGHT for their project.
Watch some Detective shows. The broker probably got $30k. I think you were right on the money at the first offer.
Some projects need the right name to work. That is not domainer thinking, that is project and marketing (i.e. selling the concept to the market) thinking. Nobody spends this kind of money because it is the first name they see.
The shoe has to fit and it doesn't matter if it's 10 years old or made yesterday.
I've realized this or simply because I just want to get out of domaining already for health reasons. There is your dream price and then there is the lowest price you'll accept aka a more realistic price.
Many confuse the two. Their realistic price is often priced as a "dream price" so it's high and God knows when you will ever sell it.
To me I've come to the conclusion, your realistic price should be a price you are comfortable with in case the buyer is a "flipper" and will flip the domain immediately.
I sold PaladinDrones.com for $7,500 knowing that I could hold because PaladinDrones.io was one of those startups that went thru the same incubator is AirBNB. I can see why whoever paid $7,500 for PaladinDrones.com dropped that much on it. I had a suspicion it was a domainer like me planning on flipping PaladinDrones.com for 10X what they paid.
Do I care? Nope. $7,500 is "my number" that I wouldn't shoot myself in the face if I find out later PaladinDrones.com sold for $100,000.
And with CoinMena.com given the sales history below. I was comfortable with $25,000 in thee event it ever got Flipped for $250,000.
besides. I still own BitUAE.com and CoinUAE.com and UAEBit.com
If a buyer can flip this domain for more than $25K, more power to them.
It is a great sale for a domain like this.
You're still a winner man.
there was no broker in this deal. Just me and a cashier's check.
I refused to sell a domain for 6K because I know the domain is worth more for other buyers.
The buyer has already named their Credit Card with the domain names I own.
From a hand reg to $25,000........You are a legend!
I got currencymena and ethmena. It's menamania time😁. Is Hotelsmena a good one too?
I don't know about all that. any idiot can win the lotto. now if that same idiot kept hitting the lotto. Now that's a legend. God only knows when my next 5 figure sale will come in if ever again.
get back to me after a couple more 5 figure sale that are handregs.
nice! my personal favorite that's not mine are Bitmena.com, menabit.com, cryptomena.com (which recently dropped and got picked up via dropcatch. very surprised it did not go to auction and there is a historical sale on namebio.
@Avtar629 Glad to hear that the check cleared and that you hit the jackpot. There are a lot of fraudulent checks out there that look like the real thing so posting about the sale after the money was in your bank account would have been more prudent. Thankfully it all ended well.
@jamesall I agree that it's all about the development and that a domain name can be worth a fortune to someone even a day after it was registered, and if that person has too much money to spend- you can win the lottery. I personally didn't know the term 'Mena' as I've never heard of it before this sale. Still, 25K for any two word combo and especially for one where one of the keywords isn't very popular is a pretty rare occurrence. And especially so for a domain that was registered recently.
Can it be sold for more? In my opinion, it's very unlikely and if it sells for more it would be because of the success of the company and not because of the domain name itself. But either way, it can't be guaranteed that this domain can sell for even $100 again tomorrow (outside of NamePros, that is) so giving liquidity as a selling point to a buyer is somewhat problematic, IMO because one day he may decide to try and liquidate and find out that nobody wants to pay a fraction of the cost he paid.
yup! I talked to the buyer extensively. To pick his brain on the subject. He was very surprised how knowledgeable I was about Crypto becoming Sharia Complaint in the region that plus I mentioned BitOasis and Emaar Group starting their own cryptocurrency.
I see someone has already registered EmaarToken.com as their "bet" for this. wish them luck. not my domain.
I thought about it more and came to the conclusion that perhaps I shouldn't be so decisive about a word that I'm not familiar with. I don't plan on investing in Mena names, but crypto is a crazy world full of trends and people throwing money at things even if they don't make sense at the beginning. Or ever. So I guess anything can happen. This domain that I think almost everybody here except for @Avtar629 wouldn't have paid reg fee for yesterday, now sold for 25K. So maybe it'll sell for even more money one day. If the Mena keyword will indeed become strong and supported by more and more big sales, then naturally that can affect the price of the domain name regardless of the business that will be built on it. My instinct says that 25K still seems like a high number to reach, but I guess time will tell. Good luck to all of you Mena investors out there. It will be interesting to see what will happen.
I have noticed that you've mentioned in this thread the words" Crypto becoming Sharia compliant in the region." I'm not familiar at all with the Mena region but as a domain investor, I'm always open to expand my knowledge regarding other cultures etc etc. What does Crypto becoming Sharia compliant mean to the MENA region with over 400 million of habitants?
I did some Google research and found out that this means that Crypto is on his way to become " compatible with Islamic Law." For instance, in Saudi Arabia, financial and banking practices prohibit trading. Also Sharia law has various provisions pertaining to finances including a ban on earning interest from debt. However, according to a very interesting article recently published on July 10/2019 on Cointelegraph, - because of the Sharia compliant- "Middle East is now primed to lead the way for Crypto. This law is expected to give a massive boost to the region's Islamic finance sector.
According to Cointelegraph, " Over the first quarter of 2019, United Arab Emirates based blockchain - startups were able to raise a total of $210 million. Thereby putting the gulf nation at the APEX of the word's top 10 tokens sale list, even surpassing countries like the United States and the United Kingdom." ( Amazing... Isn't it)
According to the article, Dubai is on track of be the first city fully powered by blockchain by 2021.
No wonder why this clever investor purchased coinmena from you for $25,000!!! He definitely made a good deal! Here is the link I recommend everyone interested on this topic to read: https://cointelegraph.com/news/middle-east-blockchain-development-primed-to-lead-the-global-industry
Separate names with a comma.