My thoughts on the Dan % increase:
Am I the naive one, or does anyone else here realise it’s friggin madness that in 2023 and our current environment of blockchain revolutionising archaic industries, from insurance to shipping to music, that the industry that was effectively the world’s first digital NFT, should have to consider a trading commission of 15-25%!!!!
Think about it… I baulk at paying 1% commission to an agent to transact on a house sale… PayPal get away with a 2-5% fee, even including currency exchange, because they are providing the security to both parties, and include the external merchant fees in that…
The reason that I started using Dan and agreed to their 9% fee, wasnt so much for their landing pages, rather because of the ‘escrow’ service and trust factor for buyers dealing with an unknown seller… on my modest collection of £xxx names, losing £10-100 on a sale isn’t such a big deal, but why should a domain name transaction be on a percentage, rather than a fixed fee anyway? - zero difference in transactional friction or costs from £1 to £1mil…
I know there’ll be costs involved in building and running a decent platform, so if fees are reduced it’s only going to work at scale - which organisation has the resources and industry standing to be able to step up and break the GoDaddy / Sedo monopoly?
Without knowing anything about the inner workings of the business, what’s stopping Nominet from becoming the de facto exchange platform?
Their £10 transfer fee always seemed excessive to me for an automated process - could it be upgraded / a higher level of transaction created with security for the buyer as well, in the form of some type of smart contract?
Am I the naive one, or does anyone else here realise it’s friggin madness that in 2023 and our current environment of blockchain revolutionising archaic industries, from insurance to shipping to music, that the industry that was effectively the world’s first digital NFT, should have to consider a trading commission of 15-25%!!!!
Think about it… I baulk at paying 1% commission to an agent to transact on a house sale… PayPal get away with a 2-5% fee, even including currency exchange, because they are providing the security to both parties, and include the external merchant fees in that…
The reason that I started using Dan and agreed to their 9% fee, wasnt so much for their landing pages, rather because of the ‘escrow’ service and trust factor for buyers dealing with an unknown seller… on my modest collection of £xxx names, losing £10-100 on a sale isn’t such a big deal, but why should a domain name transaction be on a percentage, rather than a fixed fee anyway? - zero difference in transactional friction or costs from £1 to £1mil…
I know there’ll be costs involved in building and running a decent platform, so if fees are reduced it’s only going to work at scale - which organisation has the resources and industry standing to be able to step up and break the GoDaddy / Sedo monopoly?
Without knowing anything about the inner workings of the business, what’s stopping Nominet from becoming the de facto exchange platform?
Their £10 transfer fee always seemed excessive to me for an automated process - could it be upgraded / a higher level of transaction created with security for the buyer as well, in the form of some type of smart contract?
