Property Boom In Virtual Real Estate
5 June 2001
Explosive Growth In Personal Domain Names Causes Property Boom In Virtual Real Estate
"In the future, many people will have what few have enjoyed in the past: a second address" says Robert Wiles CEO, Pdom. Wiles isn't talking about a cabin in the mountains or a house by the sea; but a place in cyberspace - a personal domain name (PDN) based on a person's name.
Wiles, founder and CEO of new Internet company Pdom, launched today, bases his prediction on explosive growth in PDN registrations.
"Last year fewer than 400,000 PDNs were registered," said Wiles.
"By the end of 2003, it's expected that 50 million PDNs will have been registered. (Source Deutsche Bank Alex Brown). That's 400% growth."
"People register personal domain names to protect their name and identity on the Internet. The demand for personal domain names shows that even the market for virtual property observes the old real estate truism: location is everything.
"On the Net, not all addresses are equal. There's a limited supply of desirable personal domain names, because people want to use their own names for their domains - and most names are shared. Six thousand names around the world are each shared by more than 100,000 people. Or, put another way, more than 500 million people share their first or last name with more than 100,000 people.
"For example, there are 46,100 James Smiths in the United States. That's a lot of company, but 89 million is a crowd - that's how many Zhangs there are in China."
Wiles says people are rushing to find and register PDNs because they don't want to miss out.
"It's essentially buying a very cheap option on your future home in cyberspace. People would rather secure their space now than miss out. If they don't use it they can always cancel it or sell it.
"A PDN won't just be a lifestyle accessory it will be a sign to the world: I'm here, this is my name, let me tell you about me."
About Pdom: Launched 5 June 2001, Pdom is the world's first Internet company to focus on everything to do with personal domain names and personal websites.