Social networking website Facebook has announced that it paid $8.5 million (£5.31 million) for its latest domain name - fb.com.

      The site purchased the domain name from the American Farm Bureau Federation, which formerly held the rights to it, in November but has only just announced the price of its purchase.

      Though experts are undecided as to what Facebook will be doing with the address, it does show the value that can be obtained from domain names.

      Gambling company 888.com purchased poker.com.au for £64,000 last week despite a ban on gambling advertising in Australia.

      Furthermore, it is thought that poker.ca sold for £236,000 last year as the price of succinct domains continues to rise.

      Mark Zuckerberg, founder of Facebook, told techcrunch.com last year about the deal that was struck for the domain name.

      "The Farm Bureau agreed to sell us fb.com and we in return have agreed not to sell farm subsidies," he said.

Source from Hostway

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