ICANN Hauls In $26M From Domain Name Auctions

The global organization that controls web domain names, ICANN, has reported that it received more than $26 million from “last resort auctions”of new gTLD web addresses. In total just seven new gTLDs were up at auction, including one which sold for $600,000. The “.luxury” domain name was recently purchased at auction for $185,000, the New York Post reports. ICANN held the auctions as a “mechanism of last resort,” hoping that ownership of web domains with several interested parties “will be resolved through other means.” The amount of money raised is significant because, as of now, ICANN has no plans for how to spend it. The proceeds “will be reserved and earmarked until the Board determines a plan for the appropriate use of the funds through consultation with the community,” the group wrote.