discuss Domain auctioning website

[m4jor101]

Hey guys, I had an idea to build a domain auctioning website as I'm sure like me a lot of people are fed up with the current domain auction websites, the leading domain auction site such as godaddy, sudo and others are so worst in so many aspects that I hate using them.
So I'm considering building it myself, domain auctions with help of escrow in between, and I'm looking for feedback and opinionsfromt you guys on whether I should pursue this or not.
The idea is to provide a secure and reliable way for bidders and listers to transfer domain ownership and payment. The escrow service would hold the payment from the bidder until the domain transfer is complete, and then release the payment to the lister.
Here are some of the key features I'm considering:

• Secure payment sending and receiving through a trusted platform like (escrowdotcom)
• Verification of both the bidder and lister to ensure a smooth and fraud-free transaction.
• A user-friendly interface for managing auctions, bids, and payments
• Limiting the listings spam and overcrowding with junk domains by ensuring listers are asked to pay per day listing fee (like few cents/day).
• Limit the bidders from spamming/creating fake accounts from listers to hike offers through asking them to pledge a minimum from their wallet before making a bid (also minimal fee) and if they don't win the bid the pledge will be sent back to their wallets.
• Offer better customer service.

Any feedback or opinions you have would be greatly appreciated. Thank you!

 

[dirk]

I really don't see how you would be able to undercut sedo/Dan/an commission and have a large enough reach to attract buyers.

There's a niche worth exploring if I'm being honest but I doubt there's a lot of money to be made.

 

[Blake]

Unfortunately, If you did get big...Godaddy would just buy you and close you down. I think there are much better niches to get into.

 

[m4jor101]

I really don't see how you would be able to undercut sedo/Dan/an commission and have a large enough reach to attract buyers.

There's a niche worth exploring if I'm being honest but I doubt there's a lot of money to be made.

Thanks for the honest opinion, many people seem to have the similar opinion and it's tough to run a two sided marketplace. I will give more thought into this.

 

[m4jor101]

Unfortunately, If you did get big...Godaddy would just buy you and close you down. I think there are much better niches to get into.

that's what seems to be happening. Godaddy acquiring every little competitors before they could get big.
Do you have any other niche that you feel is underserved or I could focus on?