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- Aug 15, 2010
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One of the things I have learned a lot about in recent years is the idea of God's providence. I have concluded that scarcity mindset is actually a trap which serves to reduce one's world. Along the way, the team at Epik has been particularly active in promoting a culture that emphasizes co-creation and cooperation as a remedy for the scarcity mindset.
Here is a simple illustration that makes the case for co-creation very clear to even the most hardened skeptic:
The same principle illustrated here in this case study also applies to so many aspects of the domain industry. Here are just a few examples:
- Learn from each other: Projects like DNForum.com and DomainGraduate.com are platforms for sharing best practices. We are barely scratching the surface now but when we hear stories about new domain investors lifting themselves out of poverty through smart domain arbitrage, the potential for impact at scale is massive!
- Monetize expiry streams: Traditionally domains are dropped and the registrar will keep 100% of the proceeds from monetizing the expiry stream. NameLiquidate.com developed a model where the domain owner keeps 91% and the buyer buys wholesale from the domain owner who would have otherwise gotten nothing.
- Empower new brokers: The Epik escrow platform offers a means for brokers to securely clear transactions between buyers and sellers, including the option of earning a spread between the buy and sell price, as well as transaction across currencies. In some cases we see broker fees of more than $500K on a single transaction. Risk-free!
- Make it free: At Epik, many things are free. The list is long -- see it here. If it can be free, there is a good chance it will be free. Free tools for finding domains are at NameInvestors.com. Free SSL certificates at DNEncrypt.com. Etc.
- Share data transparently: When a lead comes in on an Epik lander, we disclose the full contact details. The logic there is that it allows smarter pricing. It sometimes means we don't get a commission, but we know that successful domain investors usually means larger domain investments. It is a leap of faith. It usually works out.
- Innovate together: I often see many people embarking on their own custom reinvent-the-wheel projects like custom landing pages or custom marketplace portals. This rarely makes sense as the ongoing cost is usually far greater than the ongoing benefit. The Epik team is listening for ideas and deploying them swiftly for the benefit of all.
- Build trust and familiarity: During the time when I was active on NamePros, I was a vocal advocate for using real identities. I believe this is essential for establishing trust and reputation in any community. It should be obvious to everyone that it is way more rewarding to help out a real person than some anonymous avatar!
- Domain Lending: Our DomainEquity.com platform is an increasing popular way for borrowers and lenders to co-create abundance by allowing domains to be used as collateral. Epik is frequently a direct lender, particularly for domains that are registered at Epik. More on this topic in a future post.
The end goal is to empower abundance and prosperity. I am fully confident that this is possible. There have been some success stories like this one:
I hope this thread can be used to share ways for the industry to co-create more abundance. Use your imagination!
Here is a simple illustration that makes the case for co-creation very clear to even the most hardened skeptic:
The same principle illustrated here in this case study also applies to so many aspects of the domain industry. Here are just a few examples:
- Learn from each other: Projects like DNForum.com and DomainGraduate.com are platforms for sharing best practices. We are barely scratching the surface now but when we hear stories about new domain investors lifting themselves out of poverty through smart domain arbitrage, the potential for impact at scale is massive!
- Monetize expiry streams: Traditionally domains are dropped and the registrar will keep 100% of the proceeds from monetizing the expiry stream. NameLiquidate.com developed a model where the domain owner keeps 91% and the buyer buys wholesale from the domain owner who would have otherwise gotten nothing.
- Empower new brokers: The Epik escrow platform offers a means for brokers to securely clear transactions between buyers and sellers, including the option of earning a spread between the buy and sell price, as well as transaction across currencies. In some cases we see broker fees of more than $500K on a single transaction. Risk-free!
- Make it free: At Epik, many things are free. The list is long -- see it here. If it can be free, there is a good chance it will be free. Free tools for finding domains are at NameInvestors.com. Free SSL certificates at DNEncrypt.com. Etc.
- Share data transparently: When a lead comes in on an Epik lander, we disclose the full contact details. The logic there is that it allows smarter pricing. It sometimes means we don't get a commission, but we know that successful domain investors usually means larger domain investments. It is a leap of faith. It usually works out.
- Innovate together: I often see many people embarking on their own custom reinvent-the-wheel projects like custom landing pages or custom marketplace portals. This rarely makes sense as the ongoing cost is usually far greater than the ongoing benefit. The Epik team is listening for ideas and deploying them swiftly for the benefit of all.
- Build trust and familiarity: During the time when I was active on NamePros, I was a vocal advocate for using real identities. I believe this is essential for establishing trust and reputation in any community. It should be obvious to everyone that it is way more rewarding to help out a real person than some anonymous avatar!
- Domain Lending: Our DomainEquity.com platform is an increasing popular way for borrowers and lenders to co-create abundance by allowing domains to be used as collateral. Epik is frequently a direct lender, particularly for domains that are registered at Epik. More on this topic in a future post.
The end goal is to empower abundance and prosperity. I am fully confident that this is possible. There have been some success stories like this one:
I hope this thread can be used to share ways for the industry to co-create more abundance. Use your imagination!