Since you're getting downvoted for an honest question, I'll explain: you're confusing the cost of owning a domain with the cost of registering a domain. ICANN a

Since you're getting downvoted for an honest question, I'll explain: you're confusing the cost of owning a domain with the cost of registering a domain. ICANN and Verisign don't own nor sell domain names, they just perform administrative functions relating to owning and selling them. The gist of this article is that Verisign gave ICANN a kickback to get the right to charge more money without adding more value, which is pretty much what "rent-seeking" means.