ECNETNews, New York, NY, Fri. Oct. 18, 2024: Anguilla, the Caribbean British territory, has taken a significant leap in its digital landscape by signing a new agreement with Identity Digital on Oct. 15, 2024, to oversee its sought-after “.ai” Internet domain. This partnership comes amid a global surge in demand for AI-related domains as artificial intelligence reshapes various industries.
Historically managing the “.ai” domain since the 1990s, Anguilla is experiencing remarkable revenue growth as an increasing number of companies seek to secure AI-themed web addresses. While the management transition will not alter domain registration fees, Anguilla continues to reap benefits from payments for new “.ai” domains and the resale of expired ones, which have commanded prices in the tens of thousands of dollars.
Fueled by the AI boom and technologies like ChatGPT, Anguilla’s domain registration earnings skyrocketed to $32 million last year, four times its previous revenue, now contributing about 20% of the island’s government income. This transition marks a significant departure from the pre-AI era, where domain revenues accounted for only 5% of government funds.
Premier Ellis Webster expressed optimism about the financial uplift while urging caution against depending solely on domain revenue. “We can’t predict how long this will last,” said Webster, stressing the necessity of diversifying the island’s economy to mitigate potential financial risks. Revenue from domain sales has already been earmarked for crucial infrastructure projects, including airport expansions, free healthcare for seniors, and a vocational training center in the local high school.
Identity Digital, which also manages Australia’s “.au” domain, is set to take over Anguilla’s domain services early next year. This collaboration aims to bolster the security, resilience, and performance of the “.ai” domain, ensuring sustained growth while minimizing risks from cyber threats.
The global AI boom has propelled the number of “.ai” domains to over 533,000, a tenfold increase since 2018, positioning Anguilla at the forefront of this digital revolution, despite the island not having a significant AI industry. However, Premier Webster is optimistic about Anguilla potentially evolving into a hub for AI innovation in the future.
Anguilla’s distinct position in the AI-driven digital economy is a notable opportunity for diversifying its traditionally tourism-dependent economy. Income from domain sales not only supports infrastructure but also acts as a financial cushion for hurricane recovery and emergency projects. The International Monetary Fund has highlighted how these revenues enhance Anguilla’s resilience against external shocks.
As the AI domain market continues to expand, Anguilla’s partnership with Identity Digital is set to safeguard its digital footprint, mitigating fraud risks and ensuring that the domain remains a valuable asset for both the island and the global AI community.
