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Let me clarify, I ask when you refer to it in the sense of a market or a "game", not in the sense of placing the backorder. So, refer to it as a noun, not as a verb.
The game/activity could also happily be called "drop catching"
I think "snapping" a name used to be a term for backordering a name, as the only company that seemed to do this for you was Snapnames.com. I think it then got used "sloppily" to mean "to backorder".