AI domain extension makes a small island in the Caribbean rich

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AI domain extension makes a small island in the Caribbean rich

By admin, Aralık 18, 2024



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The artificial intelligence (AI) boom, which started with the release of ChatGPT, has significantly increased the interest in websites with the “.ai” extension. Anyone who sees that artificial intelligence will become the driving force of the internet or wants to do a job related to AI is turning to this extension. However, these people often encounter a sight they did not expect. Because The .ai” extension is sold at a price well above the industry standard.

While the average cost of purchasing an ordinary domain name with the “.com” extension today is 15-20 dollars, this figure increases to 150-200 dollars for “.ai”. Behind this lies an interesting story that not many people know. The main hero of this story is a small British island in the Caribbean. Anguilla.

As you know, a unique top-level domain name (TLD) is assigned to each country. For example, the top level domain name for Turkey is “.tr”. Internet Assigned Numbers Authority (IANA) in the 1980s, before there was even a sign of this AI boom Gave “.ai” TLD to Anguilla. Of course, no one knew then that this would become the acronym that would later be associated with artificial intelligence. Years later, this choice turned into a lottery ticket that filled Anguilla’s coffers. Because “.ai” sales have become one of Anguilla’s most important sources of income today.

One Third of Anguilla’s Public Revenues Come from Domain Registrations

Anguilla, part of the British Overseas Territory In 2023, it earned $30 million from domain sales with the “.ai” extension. At the beginning of this year, that figure increased to $3 million per month. Of course, this figure does not mean much for a country like Turkey, whose population exceeds 85 million, but when it comes to Anguilla, whose population does not even reach 20 thousand, 30 million dollars turns into a significant amount of money. Because the average income per capita on the island suddenly increased by 2000-2250 dollars.

Thus Domain sales now account for one-third of public revenues in Anguilla. It corresponds to 10-15 percent of the non-national product on the island, and it is thought that this rate will increase to 25 percent by 2025. Because the interest in the “.ai” extension is increasing day by day. Just last year The domain name “you.ai” was sold for 700 thousand dollars. That’s why domain investors collect domain names that they think can make money in the future. Therefore, it is thought that the island’s annual income from domain registrations may exceed 70 million dollars in 2025. Other sources of income for the 90 square kilometer island are offshore banking, fishing and tourism.

Anguilla May Even Raise Domain Prices Higher

Head of domain registration office in Anguilla Vincent Cate There is an entrepreneur named. When Cate, who moved to the island in 1994, wanted to buy a domain name with the “.ai” extension to start an e-mail business on the island, she realized that no one was looking for it. When he examined this issue a little, the authorities on the island said that he could take care of this matter. Thereupon, Cate established a unit that wholesales TLD rights. This unit, which spent its first years quite calmly, has now become the most talked about topic on the island.

While many TLD sellers today sell domain names for one year, Anguilla sells them for at least two years. This is one of the reasons why prices start at $150. When Vincent Cate is asked if they will change their policy, Cate says that things are going well the way they are and he sees no reason to change it. Moreover, Cate states that this price is determined according to the consumer price index. So if the consumer price index goes up, the price of this TLD may also go up.




AI domain extension makes a small island in the Caribbean rich



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In fact, a similar scenario – albeit on a smaller scale – has occurred before. It also happened to the island of Tuvalu. As owners of the “.tv” extension, they suddenly found themselves owners of a in-demand TLD. However, Anguilla took advantage of this opportunity better than Tuvalu. Because Tuvalu gives power of attorney to commercial partners such as GoDaddy and Verisign for the sale of this TLD. He chose to sell the Anguilla TLD directly. This enables them to determine the price policy themselves.

It’s normal that Vincent Cate isn’t keen on changing things up. As we mentioned at the beginning, interest in sites with “.ai” extension is increasing day by day. While there were 140 thousand sites with this extension in June 2022, just a year later this figure increased to 248 thousand. By December, it had reached 353 thousand.

It is thought that this figure has increased by at least that much in the intervening period. Vincent Cate announced that sales of ChatGPT increased by four cards in the six months after its release. He thinks that the number of sites with “.ai” extension will exceed 1 million in the near future.. Additionally, Cate points out that their income will double as renewal fees will soon be due. It seems that the artificial intelligence boom will continue to bring money to this small island state in the Caribbean for a long time.






Source

https://www.domainblog.com/2024/02/01/quick-chat-with-the-man-running-ai-vincent-cate/


https://www.forbes.com/sites/barrycollins/2024/01/31/the-tiny-caribbean-island-thats-making-a-fortune-from-ai/


https://www.namehero.com/blog/why-are-ai-domains-so-expensive-the-surprising-truth/











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