Internet domain .SHOP fetches USD 41.5 million at auction

The Internet Corporation for Assigned Names and Numbers (ICANN) has recently published the results of the auction for the .SHOP domain, an eye-popping USD 41.5 millon. This pushes the ICANN's auction pot over USD 100 million which this organization plans to use to promote and invest in network infrastructure worldwide. As the web portal CircleID reports, ICANN has published a detailed plan on what to do with the auction proceeds from various domains, which reads that some of the money should be used to promote new gTLD domains and finance the Internet Engineering Task Force (IETF). It should be underlined that people at the IETF are tasked with developing standards for email services, domains as well as the web itself (services that we today take for granted). The IETF should deliver a long-term and sustainable solution for the development, evolution and use of Internet protocols by means of direct financial support that will be provided by the ICANN. However, many believe that aforementioned funding from the ICANN will be one-off and that this regulatory body is not going to use the funds for its ongoing operations. On the other hand, we should not forget there are eighteen more name contention sets that are on hold for various reasons, of which a few such as .WEB look likely to generate even more money once the hold issues are resolved.

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