Securing a domain name isn't just about claiming a piece of virtual real estate; it's about staking your claim. With the rise of artificial intelligence (AI) technologies, the ".ai" domain extension has emerged as a lucrative avenue for entrepreneurs and innovators alike.
But how exactly can you get your hands on this domain name?
Understanding the process
Getting your hands on the ".ai" domain is straightforward yet competitive. There are over 1,000 accredited domain registrars worldwide, all of which fall under a global organisation called The Internet Corporation for Assigned Names.
Simply visit one of these registrar websites and enter your desired domain name. If it's available, you can secure it for as little as ₹1,000 a year. Some of the most common ones are Google Domains, GoDaddy, Namecheap, HostGator, etc.
However, if your dream domain is already taken, you need to visit something known as a domain brokerage. These specialised firms excel in facilitating the buying and selling of premium website addresses, like VPN.com, Grit Brokerage, Domain.com, etc.
For a fee, they'll reach out to the current owner, negotiate on your behalf, and facilitate a deal.
The economic impact
With the rise of AI and the coming of several AI startups and services, the ".ai" domain is exploding in popularity. A BBC report quoted data from Escrow.com, saying that the total value of ".ai" domain names surged to $20 million in August 2023, compared to 2022's $7 million.
"Meanwhile, brokerage, Afternic, says that the term AI is now the second most used word in website addresses sold via its platform," the report said.
Capitalising on the AI gold rush
A tiny Caribbean island called Anguilla made a fortune from the AI boom because of a simple coincidence. The ".ai" domain name is assigned to the British territory, like ".in" for India or ".ca" for Canada, and for every domain registration that ends in ".ai", the island collects a fee.
According to the New York Times, every registration for a ".ai" domain translates into revenue for the island's coffers, with fees ranging from $140 to several thousand dollars per domain.
"Last year, Anguilla’s government made about $32 million from those fees. That amounted to more than 10% of gross domestic product for the territory of almost 16,000 people and 35 square miles," the report added.
The country used to heavily rely on tourism before the COVID-19 pandemic hit with travel restrictions and a hurricane in 2017. The ".ai" funds helped it get back on track.
Anguilla’s premier, Ellis Webster, told the New York Times they used the money "to provide free health care for citizens 70 and older, and it has committed millions of dollars to finish building a school and a vocational training centre".
"The government has also allocated funds to improve its airport; doubled its budget for sports activities, events and facilities; and increased the budget for citizens seeking medical treatment overseas," he added.
