- June 18 witnessed the historic announcement about MicroStrategy’s voice.com domain being sold at a handsome price of $30 million to Block.one.
- Block.one, the blockchain based social media platform bought the domain name through GoDaddy, so the deal was more than $30 million if the concealed commission with GoDaddy is also considered.
The burning questions is, was the deal smart enough to spend the tremendous amount of money in just a domain? wouldn’t it have been beneficial if the money was spent on zealous development of blockchain or in any other arena which could have yielded better results.
The deal was of course a jackpot to MicroStrategy as it was a “record breaker” deal in the history emerging as one of the most expensive domain names.
Marge Breya, Senior Executive Vice President and Chief Marketing Officer, MicroStrategy terms the deal a “smart strategic decision” and further tweeted
“Block.one has made a smart strategic decision in choosing Voice.com to be the Internet domain name for its new social media platform. The word “voice” is simple and universally understood. It’s also ubiquitous- as a search term, it returns billions of results on the Internet . An ultra premium domain name like Voice.com can help a company achieve instant brand recognition, ignite a business, and massively accelerate value creation.”
The statement justifies many concrete factors making the deal a ‘wise strategy’ but is it justified to spend a massive fortune on just a domain when the entire Ecosystem needs to be worked upon so as to address the highly competitive environment in the very sector ? The ‘massive acceleration and value creation’ which Breya was speaking about is not only a function of domain but also the internal features of the overall system.
Yes, the above mentioned points do throw a light on the “not so wise” decision but in my humble opinion, the deal was a ‘SMART DEAL’ considering all the factors that may or may not support it.
There is a very famous saying- “a well beginning is a half work done” and the beginning here starts with a name.
The term ‘voice’ sounds effective and appealing and of course for a social media platform, the first glance makes the complete impression. So the term itself carries an inviting gesture and symbolises the “sound” of all the active users of the platform. As said by Breya, it is a universally accepted term.
Moving to some practical factors, a huge investment on just a domain will itself act as a crowd puller. The news got a momentous attention due to its cost factor and the news became another reason to attract masses just by its name. So I feel that if it comes to the world of social media where a small word can twist the whole game, it was an intelligent choice to take the first step with a loud ‘sound’.