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Should expired domains be treated like abandoned property or intellectual property?

nicenicnicenic is verified member.

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Right now, when a domain expires, it enters a system that treats it basically like abandoned property. It gets auctioned, recycled, or picked up by whoever's fastest.
But a lot of people argue that domains, especially branded ones, feel more like intellectual property.

So what's the right way to think about it?
Should they have some kind of IP-style protection, even after expiration?
Where's the line between "fair market process"and "digital identity hijacking"?
 
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