Art collaboration platform Magma secured a major domain name upgrade earlier this year in the form of Magma.com.
The company boasts a platform that connects more than 1 million artists, including talent from studios such as Netflix, Disney, and Riot Games. Magma’s lure is its browser-based application that enables multiple artists to collaborate on one piece. Think of it like Google Docs crossed with Photoshop.
Magma previously operated on the MagmaStudio.io domain name, but earlier this year it secured the exact-match Magma.com. The domain name has been under Whois privacy protection at GoDaddy for some time, so the terms of the domain acquisition are unknown, as is the date of acquisition, although the data seems to suggest a March 2022 acquisition.
The art collaboration platform transitioned from its two-word .io to Magma.com earlier this year. In June 2022, Magma’s CEO announced the company’s acquisition of the domain name, noting that Magma will become “the” Magma online thanks to the acquisition.
I am proud to announce that Magma Studio becomes THE Magma and you can find us at our new domain: https://t.co/xTSp07sS1B
With the launch of the new branding, website and the new domain we're here to make a statement about bringing new art collaboration…https://t.co/7ipihogjKL
— Damian Kaczmarek (@Rush_PL) June 10, 2022
Magma.com was previously owned by One Stop Systems, which itself secured the domain in 2016 after merging with Mission Technology Group, Inc.
In a recent quarterly filing from One Stop Systems, there is a $125,000 fee listed under “proceeds from sale of intangible assets.” While this is highly speculative, domain names are often listed as intangible assets, which could point toward the sale’s price, although that feels low for a domain of this magnitude.
The filing does also mention Magma.com explicitly, with the company confirming the sale, noting that
During the six month period ended June 30, 2022, the Company generated cash of $2,878,600 in investing activities, as compared to $14,723,446 used during the prior year period in 2021, a net change of $17,602,046. The source of investing funds was attributable to the redemption of short-term investments and the sale of the Magma.com URL.