Exclusive to TheDomains.com:
Overstock bought three domain names and three social media handles for 150 bitcoins, in December 2014, which at the time were valued at $50,000 ($380 per BTC) from Anonymous Media LLC. which is a/k/a Dotted.in
Overstock bought the domain names O.ly, O.vu and O.cr as well as the social networking handles of twitter.com/O; vimeo.com/O and O.tumblr.com for 150 Bitcoins.
Bitcoin is presently trading down around 40% from where it was in December 2014 at $233 down from $380.
Although the transaction occurred in December, thedomains.com only received a copy of the contract yesterday.
Overstock was one of the first large US online retailers to start accepting Bitcoin earlier in 2014
It’s a very interesting move since Overstock blamed its move from Overstock.com to O.co outside of the United States for a lot of confusion back in 2011 and a decline of profits.
However now it seems Overstock.com has spent more of its shareholders money acquiring three domains names and three social media handles.
I’m sure it will bring no joy its shareholders that we note that none of the three domain names Overstock purchased in December resolve and the Twitter handle they purchased only has one Tweet since the acquisition telling people to go to Overstock.com:
Before you go too crazy blaming Overstock for wasting money, consider that 2 of the 4 .Co domain names Amazon bought in 2011 k.co and z.co are still not resolving.
“…as well as the social networking handles of twitter.com/O…”
Which, actually, violates Twitter’s TOS.
https://twitter.com/cnnbrk was sold too.
2 wrongs don’t make a right! 😛
But glad to have these examples in case the time ever comes for me to sell a profile.
How so?
Good for the seller of twitter/o. Twitter management sucks.
I just emailed this article to a buddy of mine who reports to one of the top 5 exec’s at twitter…stay tuned…
I am sure Overstock is worried. Twitter not going to mess with a large company. Several handles have been sold. Twitter management got much bigger things on their plate like growing userbase.
Twitter gave written permission beforehand. But thanks for your concern.
@Judd:
Could you please shed more light onto this. What was more of the value to the company: the short domain names of the cool social handles.
If the former, how will Overstock use them?
Thank you!
What, but none of the acquired o.ly, o.vu and o.cr are resolving either.
So considering the domain names are not used (at least yet) the good chunk of the price paid for for the social media handles. I bet their lawyers have it covered nicely to comply with all relevant t&cs.
150*$380 is $57k. Nearly $10k for each of the assets. Also Facebook does not allow me to use O.LY in the post. Was probably banned before. Overstock will need to clear that too, if they ever get to that point.
o.ly was sold in May 2009 by LibyanSpider for $ 1,100.00 USD.