For those for whom speculation means buying a cheap asset, hoping to sell/exploit it later for a higher price there are also a number of things happening at once.
There will be fewer buyers in future, as those buyers will have a wider range of TLDs to choose from. This makes selling harder.
They will try harder to talk up their existing portfolios and the brand of the TLDs they have invested in, in order to protect their assets.
Further investment decisions become more complicated as the competition is now between existing brands, new brands and investing outside of the industry.
This suggests slowing growth but also increasing market support aimed at protecting existing portfolios.
The conclusion from this is that this growth has gone as the speculative money has left the industry and now that the market has permanently changed, it is not coming back.
By Jay Daley, Chief Executive of .nz Registry Services