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ICANN Auctions Two gTLD Strings For $1.9m

ICANN auction off two more new gTLD strings yesterday for a combined total of $1,901,000.There were two applicants bidding in both auctions. For PING, Ping Registry Provider, Inc. prevailed with a winning price of $1,501,000. While for SRL. mySRL GmbH prevailed with a winning price of $400,000.All proceeds from the Auction are being segregated and withheld from use until ICANN’s Board of Directors define a plan for an appropriate use of the funds through consultation with the community. ICANN now has around $59 million set aside as a result of auctions for the new gTLD strings.The auctions for gTLD strings come about when applicants are unable to resolve contention among themselves; thus their contention set proceeded to auction, which is the method of last resort to resolve string contention as prescribed in Module 4 of the New gTLD Program Applicant Guidebook. Subject to payment of the winning price and meeting all other criteria for eligibility, the winner will enter ICANN’s contracting process to sign a Registry Agreement to operate the gTLD.