Question
Here is the question : WHAT COUNTRY SOLD ITS INTERNET DOMAIN FOR $50 MILLION?
Option
Here is the option for the question :
- Tuvalu
- Angola
- Fiji
- Estonia
The Answer:
And, the answer for the the question is :
Explanation:
The island nation of Tuvalu is in high demand due to its distinctive.tv domain name. The domain name for this South Pacific island was purchased by an American company in 1998; since then, it has grown to be the country’s largest source of income. With the proceeds from the sale, the country was finally able to pay the $100,000 required to join the UN, electrify its remote islands, and fund scholarships for its residents.
Tuvalu is a small island country located in Polynesia, halfway between Hawaii and New Zealand. In 2005, Tuvalu made headlines for selling its internet domain ‘.tv’ for $50 million. At the time, Tuvalu had a population of only 11,000 people and few natural resources or industries. The sale of its internet domain was a lucrative deal that improved Tuvalu’s economy and standard of living.
Tuvalu took control of the ‘.tv’ domain in 2000 after gaining independence from the United Kingdom. It recognized the potential commercial value of this recognizable and catchy domain, especially in the growing online entertainment and broadcast industries. After a bidding war between several companies, Tuvalu sold the rights to the ‘.tv’ domain to a media company for $50 million.
The sale amount doubled Tuvalu’s national budget and GDP at the time. It enabled significant investments in education, healthcare, infrastructure and renewable energy. Tuvalu was able to build new hospitals, schools, roads as well as its first high school. Solar panels provided electricity to most homes. The domain sale helped lift many Tuvaluans out of poverty and improve human development indicators.
Though the funds from the ‘.tv’ sale were non-renewable, they spurred sustainable economic development in Tuvalu. New industries emerged around tourism, fisheries exports, and crafts promoting Tuvaluan culture. Microfinance programs provided opportunities for entrepreneurship. Tuvalu’s improved infrastructure and standards also attracted more businesses, investments and skilled professionals to the country.
Though a small nation, Tuvalu’s foresight and business-savvy in managing and maximizing value from its resources serves as an important lesson. It highlights how even limited means can be leveraged to build a better future through vision, integrity and prudent governance. Tuvalu proved that size doesn’t determine a country’s potential and prosperity. With smart strategy and cooperation, small island nations can achieve sustainable development on par with larger economies.
Tuvalu’s sale of its ‘.tv’ domain is seen as a pivotal moment showcasing the ingenuity of its leadership and success of progressive policies. It turned a small country with big dreams into a role model for overcoming challenges through determination, creativity and courage. Tuvalu’s story inspires hope that determination can move mountains and open up possibilities even in the face of constraints. It proves that securing the fundamental well-being and prosperity of citizens should be the highest ideal of any governance.
Tuvalu’s sale of its ‘.tv’ domain is an insightful case study in managing resources effectively for long term benefit. It highlights the potential for progress in developing countries through vision, integrity and mutually beneficial partnerships. Though its funds from the domain sale were finite, the opportunities and progress they ensured for Tuvaluans will stand the test of