Method and apparatus for transacting divisible property

• US 20020019800A1
• Filed: 05/16/2001
• Published: 02/14/2002
• Est. Priority Date: 05/16/2000
• Status: Abandoned Application

• Current Assignee: Intellectual Ventures I LLC (Intellectual Ventures LLC)
• Original Assignee: IdeaFlood, Inc.
• Inventors: Shuster, Brian Mark
• Application Number:
  US09/860,838
• Publication Number:
  US 20020019800A1
• Time in Patent Office: Days
• US Class Current: 705/37
• CPC Class Codes: G06Q 40/04 Trading; Exchange, e.g. stocks, commodities, derivatives or currency exchange
• CPC Class Codes: H04L 61/30 Managing network names, e.g. use of aliases or nicknames name-to-address mapping H04L61/45
• CPC Class Codes: H04L 61/302 Administrative registration, e.g. for domain names at internet corporation for assigned names and numbers [ICANN]
• CPC Class Codes: H04L 61/4511 using domain name system [DNS]
• CPC Class Codes: H04L 9/40 Network security protocols

Abstract

A method and apparatus for conducting on-line auctions of divisible property allows a prospective buyer to create a divisible property right, such as a sub-domain name, and initiate an auction for that newly created divisible property right. The divisible property right can then be sold at a market price. In an embodiment of the invention, the method comprises the steps of acquiring registration authority over a divisible property right from an owner, enabling a prospective buyer to select a sub-division of the divisible property right and initiate an auction for the sub-divided property right that extends for a predetermined period of time, receiving bids on the sub-divided property right from additional prospective buyers including the first prospective buyer, and transferring authority over the sub-divided property right to one of the prospective buyers that submits the highest bid during the predetermined time duration of the auction.

Claims

1. A method for selling divisible property, comprising:

acquiring registration authority over a divisible property right from an owner of a property;

enabling a first prospective property buyer to select a sub-division of said divisible property right;

initiating an auction of said selected sub-division of said divisible property right having a predetermined minimum price;

receiving bids on said sub-division of said divisible property from prospective property buyers including at least said first prospective property buyer; and

awarding registration authority over said sub-division of said divisible property right to one of said prospective property buyers that submits the highest bid.

2. The method of claim 1, wherein said acquiring step further comprises receiving a request from said property owner to offer sub-divisions of said divisible property right for bid.

3. The method of claim 1, wherein said acquiring step further comprises locating an administrative service provider associated with said divisible property right.

4. The method of claim 1, wherein said initiating step further comprises initiating said auction having a predetermined time period.

5. The method of claim 4, further comprising terminating said auction when said predetermined time period expires.

6. The method of claim 1, wherein said divisible property further comprises a domain name.

7. The method of claim 1, wherein said divisible property further comprises an e-mail address.

8. A system for selling divisible property rights, comprising:

a server connected to a computer network and having a divisible property auction application executing in association therewith to provide the functions of;

acquiring registration authority over a divisible property right from an owner of a property;

enabling a first prospective property buyer to select a sub-division of said divisible property right;

initiating an auction of said selected sub-division of said divisible property right having a predetermined minimum price;

receiving bids on said sub-division of said divisible property from prospective property buyers including at least said first prospective property buyer; and

awarding registration authority over said sub-division of said divisible property right to one of said prospective property buyers that submits the highest bid.

9. The system of claim 8, wherein said acquiring function further comprises receiving a request from said property owner to offer sub-divisions of said divisible property right for bid.

10. The system of claim 8, wherein said acquiring function further comprises locating an administrative service provider associated with said divisible property right.

11. The system of claim 8, wherein said initiating function further comprises initiating said auction having a predetermined time period.

12. The system of claim 11, wherein said divisible property auction application further comprises the function of terminating said auction when said predetermined time period expires.

13. The system of claim 8, wherein said divisible property further comprises a domain name.

14. The system of claim 8, wherein said divisible property further comprises an e-mail address.