26 Feb '15, 1pm

.APP Rolls Into A Second Day In The ICANN Last Resort Auction; Here’s Why & What It Means

.APP which went into a ICANN Last Resort contention auction yesterday, appears to be going into a second day. ICANN Last Resort auctions, like private auctions for new gTLD contention sets, are not held in a normal auction format that most people are familiar with. Unlike a online domain auction or live domain auctions where bidders keep raising the bid, outbidding other bidders, within minutes of each other, what you would call a traditional paddles up in the air type of auction, Contention Auctions are “step auctions” Step Auction are held in various rounds which last a set period of time which can be up to one hour in-between, in which the auctioneer set a amount and each applicant has to decide if they are still in the auction at that next preset level or not. If an applicant does not agree to be in the next round and level of bidding, they are out of the auction and c...

Full article: http://www.thedomains.com/2015/02/26/app-rolls-into-a-sec...

Tweets

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