NEW YORK, Oct. 28, 2021 (GLOBE NEWSWIRE) — Digital Asset Monetary Network, Inc. (“DigitalAMN”, “DAMN”, or the “Company”) (OTCMKTS: DATI), a Public Accelerator-Incubator (“PAI”), announced today, that the Company has acquired a TLD (or “gTLD” (generic Top-Level-Domain)) in partnership with two experts in the Domain Name industry, to participate in the global DNS (Domain Name System) ecosystem.
According to the MIT Computer Science & Artificial Intelligence Lab, the global DNS ecosystem is estimated to generate roughly $8 Billion annually, and is comprised of TLDs, including well-known generic extensions, such as .com, .org, .net, .biz and .club. There are currently over 1,100 gTLDs. However, only a handful rise to a position prominent enough to be sought after in significantly sized acquisitions, such as GoDaddy’s purchase of .club—part of a $120M acquisition package.
The gTLD acquired by DigitalAMN was originally slated to be part of an auction recently conducted by a large retail registry and was mistakenly listed with the registry’s available inventory for auction. However, the Company and its domain industry partners were able to secure this digital asset completely outside of that auction.
As is the case with all gTLDs, the final transfer and assignment of this gTLD to the Company and its domain industry partners, is subject to obtaining consent from the Internet Corporation for Assignment of Names and Numbers (ICANN). Management will formally disclose the gTLD name once the Company receives consent from ICANN to complete the transfer and assignment.
“We believe this venture continues to support our ethos and mantra,” stated Ajene Watson, CEO of DigitalAMN. “Especially given the name of this gTLD, what it may represent culturally to a multi-billion-dollar global marketplace, and the anticipated financial literacy initiatives that could potentially be born from it.”
“The value proposition for DigitalAMN in acquiring this digital asset is further enhanced by one of our partner’s extensive experience in launching a number of other profitable TLDs. In addition, our partners are well-known domain industry pioneers in secondary market TLD services, which is estimated to generate roughly $2B annually. And lastly, we will look to introduce new digital capabilities into the traditional TLD system. This should give our gTLD the ability to offer new value-added services, leveraging the newest technologies incorporated in digital wallets and crypto currencies.”
Management indicated that even with all the excitement around this new digital asset, the Company will continue with a slow and steady pace into 2022. However, management will include this gTLD venture in its ongoing fund-raising initiatives, which supports the possible launch of operating divisions.
Watson concluded, “In our second quarter update, we indicated our interest and intent ‘to make additional acquisitions of various digital assets to help grow the DAMN portfolio—with several digital assets already targeted.’ We believe that aligning with domain industry experts to take possession of this particular digital asset [gTLD], could potentially increase DigitalAMN’s visibility, grow our digital footprint, become an additional source of revenue and attract a wider breadth of investor interest.”
“We are very excited about this gTLD for both its potential asset and revenue values, as well as its potential to drive the emergence of other business ventures.”
Digital Asset Monetary Network, Inc. (OTCMKTS: DATI) uses the Public Accelerator-Incubator (PAI) model with the intention of following the global success of accelerators and incubators around the world, adding niche opportunities to both the microcap and startup communities. As a PAI, Digital Asset Monetary Network will develop and acquire innovations that solve problems through digital platforms and other electronic applications.
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Forward Looking Statements
Statements in this press release that are not statements of historical or current fact constitute “forward-looking statements.” Such forward-looking statements involve known and unknown risks, uncertainties and other unknown factors that could cause the Company’s actual operating results to be materially different from any historical results or from any future results expressed or implied by such forward-looking statements. In addition to statements that explicitly describe these risks and uncertainties, readers are urged to consider statements that contain terms such as “believes,” “belief,” “expects,” “expect,” “intends,” “intend,” “anticipate,” “anticipates,” “plans,” “plan,” to be uncertain and forward-looking. No information in this press release should be construed as any indication whatsoever of our future revenues, stock price, or results of operations, including with respect to the acquisition of the gTLD discussed herein.
Further, final transfer and assignment of the above referenced gTLD is subject to ICANN’s consent; as such, no information contained herein should be construed as any indication that the acquisition of the gTLD discussed is complete or final.
Lastly, the industry data presented herein is for illustrative purposes only and should not be construed as any indication whatsoever of the Company’s future performance.
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