Company gets cash for losing auctions.
New top level domain name company Minds + Machines has added $1.68 million to its bank account after losing three more contention set auctions.
The money primarily comes from losing .beauty and .soccer, both of which were resolved through a private auction. L’Oreal won the three-way race for .beauty and Donuts won the four company auction for .soccer.
The company also received a $37,000 refund from ICANN for withdrawing its .app application. .App was resolved through an official ICANN auction, which means the losers don’t get to keep the proceeds.
Minds + Machines has an interest in nine more domain names that still face contention of some sort.