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Last week, it was revealed that the Jamaica Tourist Board (JTB) has recently acquired an Internet domain name, VisitJamaica.com, from a United States company at a cost of about $275,000. Whether or not that domain is actually worth the amount spent is one thing, but to the uninitiated, this is just one of numerous similar transactions which take place across the world on a daily basis. It's the business of 'domain name parking' and reselling, and since the mid-to-late 1990's it has been a multi-million dollar global industry.
When you've 'parked' a domain name, all it simply means is that you have bought the rights to it for a defined period of time (anywhere between one and 10 years). The only two ways in which you can lose ownership of a domain name that you have parked are if (a) you fail to renew your ownership of the name at the end of the defined period, and someone else then goes and registers it for themselves and (b) you are ordered by a court of law (if within jurisdiction) or the agency charged with copyright and intellectual property protection with regard to domain names (the World Intellectual Property Organisation) to relinquish rights to the domain name in question.
MONEY TO BE MADE
In reality, there are three types of people who park domain names. One of them is the opportunist, who hopes to resell it in the future for big bucks. Yes, there's money to be made in this business.
The figure quoted for the purchase of VisitJamaica.com is pocket change compared with the sums that others have shelled out in the past for certain names. Way back in 1999, for example, the domain Business.com was sold for a reported US$7.5 million.
The individual who has a personal or business idea and intends to use the domain name for that purpose in the future, also parks domain names. You may intend to sell Jamaican yams on-line sometime in the future, and so you park JamaicanYams.com with the intention of utilising it for the intended purpose in the future.
The other is the individual or company that is looking to protect their own intellectual property or business name. XYZ Company may look to park the domain Xyz.com in order to prevent someone else from registering it and seeking to benefit from the popularity of XYZ's name.
SOURCE OF CONTROVERSY
Domain name parking has always been a source of controversy. There are almost constant debates and legal battles over the rights to various names.
There have been winners too. Back in 2000, the WIPO ruled that a businessman who had parked Madonna.com should transfer ownership of the domain name to the 'Material Girl' herself, the pop superstar Madonna.
There have also been losers. Both the Government of New Zealand and the City of Madrid recently lost battles to gain control of NewZealand.com and Madrid.com respectively.
And there are those that have seemingly chosen not to fight. The JTB, for example, has apparently decided against seeking rights to Jamaica.com via the WIPO. Controversial as it may be, domain name parking is an important part of global cyber culture. What's important though is that individuals, businesses and governments should not be tardy in protecting what may rightfully be theirs, by registering and protecting their domain names.
http://www.jamaica-gleaner.com/gleaner/20030416/business/business6.html |
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