Owning a domain name that helps to successfully "magnetize" a flood of incoming traffic is like gold to any online business. But the increasing scarcity of domain names that are simple to remember, short and suggestive have turned them into red hot commodities.

Just take a look at some of the recent domain name acquisitions:

? business.com sold for $7.5 million

? asseenontv.com sold for $5 million

? altavista.com sold for $3.3 million

? loans.com sold for $3 million

? autos.com sold for $2.2 million

? wallstreet.com sold for $1.03 million

? forsalebyowner.com sold for $835,000

? drugs.com sold for $825,000

? cinema.com sold for $700,000

? art.com sold for $450,000

? engineering.org sold for $199,000

? fruits.com sold for $160,000

? perfect.com sold for $94,000

However, while some of these domain names may have been sold for millions, corporate buyers backed by large bank accounts are not alone in the domain name game. Even entrepreneurs are making a great living in purchasing and selling their own domains.

Not a day goes by, that a domain name sells for as less as $100 or as much as $1 million on public auction sites. For example, eBay.com recently featured actual bids for as little as $500 for "golegs.com" to as much as $20,000 for "arlington.com" -- and thousands more drifting anywhere in between.

Some people seem to know where to get these "nuggets of gold." In fact, a small handful know about an untapped goldmine that lies discreetly tucked away in the dark corners of the vast Internet. And the awareness of this source has helped these "lucky" individuals earn either outrageous fortunes or monstrous levels of traffic for their website.

The goldmine to which I'm referring is the pool of recently expired domain names. While only a few people may know of its existence, it is nonetheless exploding with every passing day. There are literally tens of thousands of unclaimed, non-renewed and expired domain names that become available on a daily basis.

An expired domain name is one that was registered previously but was not paid for in time for the renewal date, thus returning it to the listing of available domains. There are many probable reasons for non-renewal (e.g., forgetful owner, no more interest in site, no longer in business, no longer active or didn't pay for whatever reason).

However, you may be asking, "Sure, but I'm never going to find good domain names before some other person snatches them up." For a long time, being "lucky" also meant being alert for the numerous domains that become available, and being quick in registering them before anyone else does.

New tools are becoming available, making the process of searching, finding and registering great domain names much easier. In fact, some of them assist you to become aware of the near expiring domains, giving you an advantage over your competitors that permits you to grab names seconds after they've been dropped.

Nevertheless, a compelling domain name can help an online business become more visible, credible and accessible. And it will help someone earn a rather large fortune. While in the past, finding one was very prohibitive, with the help of tools that are now at your disposal, you now can be a part of the gold rush, too.