Online marketplaces called domain auctions allow both people and companies to buy and sell domain names. A domain name is the online address of a website, and domain auctions offer a marketplace for people and businesses to buy and sell these names. The right to use the domain name for a predetermined amount of time is awarded to the highest bidder.
How is the domain auction conducted?
Users of domain auction services can search a variety of domain names that are up for sale by the owner and submit bids on the ones they want to buy. Like any auction, the winning bidder is the highest.