Hot on the heels of Venezuela’s oil-backed cryptocurrency “Petro Token,” the high-value domain name Petrotoken.com is scheduled for auction on the 29th of August.

According to the owner, the ultra-premium domain will be listed for sale on the strategic domain broker flippa.com and will remain open for the next 30 days.

Following the announcement, experts have revealed that this domain name has grown in value “a lot faster than other names” due to the official launch of the government-backed cryptocurrency “Petro Token” by Venezuela in February 2018.

Oil backed cryptocurrency is undoubtedly a game-changer that has proven the existence of a gap in the market concerning asset-backed tokens. There are other credible oil-backed cryptocurrencies already thriving in the market like OilCoin which is backed by oil barrels, PetroDollar (PDX) which complies with the US laws, UK’s Bilur Energy which is a cryptocurrency backed by energy commodities and the much anticipated Neft-Coin by Russia set to be launched soon.

Quality crypto domain names are currently serving up prime online real estate in the market and there is a digital gold rush for premium Blockchain domain names. The surge for digital land in crypto-related domains has been proven in the million-dollar deals that were closed in the recent years.

Two years ago, Sharjil Saleem, a domain name investor brokered the domain ETH.com at $2 million according to Domain Name Journal. Other notable sales include CryptoWorld.com at $195,000, CryptoBank.com at $124,000 and many more.

This may be a strategic tipping point in oil trade which has been tied to the US dollar for decades and is often the most influential factor for sanctions and rules as a result of geopolitics.

Petroleum is currently the most exported product globally with over 1.73 trillion barrels (bbl) of potential oil reserves all over the world. The United States alone consumes over 3.40 billion bbl of petroleum products annually while the world consumes approximately 93 million bbl every day, according to the 2015 International Energy Agency (IEA).

This is a niche worth trillions of dollars and most experts are now suggesting that an oil-backed token would provide for a more stable cryptocurrency.

Considering the attention that Petrotoken.com has attracted, all US citizens are warned against reselling this domain property to the government of Venezuela due to US sanctions. That said, there are no restrictions or issues for citizens of all other countries.

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