The Domain Experts
The predictions are rolling in regarding the environment and conditions for domaining in 2023. Experts are looking at the economy, debating the existence or development of a recession and of bear markets. Some say that domain flipping is about to enter a downturn, perhaps worse than what we have previously seen. Others have a more optimistic outlook and expect better things to come in the next 12 months. There is hope for specific TLDs, specific niches, and sectors. Bob Hawke has a great thread on NamePros featuring voter results in some of these areas.
My Humble Prediction
My prediction may be a bit different from what you might hear others saying. I am going to come right out and say that despite the unjustified wars, the lingering pandemic, the metaverse, shameful political behavior of our leaders and citizens, blockchain crypto voodoo-economics, dysfunctional families, climate change, billionaire buyouts, medical breakthroughs, tech layoffs, AI advancements, and Shane Cultra’s retirement, things are going to be pretty much the same as they have been.
Yep. Everything is going to be just about the same as it always has been. I don’t buy into the theory that all of these external factors determine how well you’re going to do. The environment doesn’t have the final word on your level of success. There is only one thing that is going to impact if you are more successful domaining (or anything else) in 2023 than you were in 2022 or 2021. It’s what you are going to do differently to achieve that success?
The fundamentals are the same and are not going to change with the new year. What makes a great domain name is the same as it was last year, the year before, and even ten years before. That is also not changing. What are you going to do to find and acquire those great names, at fair domainer prices, so that you can resell them for maximum end user value? How are you getting in front of the right, qualified buyers who know the value of a solid domain name? What are you doing to help educate business owners on domain name values? How hard are you going to work at it?
Every new challenge brings new opportunity. Over the past couple of years I worked on developing a website for a young man who made his living working one on one with people everyday. It was his livelihood. It’s how he put food on the table and paid his rent. The world changed around him during the pandemic and removed his ability to meet with people face to face. He made a mindset shift that took him to a new level. He used his website as a way to reach a broader audience, virtually, and took his business to a level he never imagined. He worked his ass off to develop his “product” to a level that is arguably better than any other in his market and turned this massive disadvantage around.
If he relied on the external environment to dictate his success, he would be broke today. Instead, he has made more money in the past two years than he had ever imagined. He changed his mindset. He adjusted his approach. He was creative and he worked hard. It paid off and it is an obvious reminder to all of us. I say “reminder” and not “lesson” because this is nothing new. You all know this as well as I do.
The Wrap Up
Keep at it. Work hard. Be creative. Make smart decisions. Share the learnings.
I wish you all the success possible in 2023!
There is a reason I never bought crypto, NFT or Bored Monkey. I have differing reasons for each and no doubt some people have done well with each. Most have not. A stable asset is just that. I don’t believe any of these are stable. I do know that generic .com ARE stable assets. That has been proven over the last 30 years. Your largest trillion do9llar companies are built on generic .com and that is also what protects ours. They will never give theirs up, so why should I?
With every new investment “idea”, understand that you usually have around 2 years to make your ROI before the gig is up and either the bottom falls out or you lose market share. It’s something I live by. My life successes and livelihood come directly from generic .com domain names. It and I have a proven track record.
Be wary over Labels, Layers and Lies. They are here and they are coming. Whether its Sam Bankman-fried or David Koresh, it’s the same MO. Happy New Year!
Excellent article Mike, I agree with you. The other thing that needs to be looked at is so many domain investors are in different tiers. If you do not own 1 wotd generic .coms like The Castello Brothers or Rick etc… Then your whole way of making a living in domaining is different. Know what you own and understand that $3,500 for a name that’s not special, has plenty of competition from alternatives is a good sale and rinse and repeat.
Happy and Healthy New Year to you and your family,
Thanks Michael, excellent words of wisdom. I appreciate you sharing!