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Your first question should be: so what?
While that question may damper your friend's enthusiasm and potentially hurt your friendship, you would not be a friend if you didn't ask that question. Cool ideas need substance and a cool domain name all by itself doesn't mean much. While a domain name might be "cool", consider you need to accomplish one of two tasks in order for that domain to create value.
First, is it a domain name other would want? Is there a market for it? If the answer is no, then you need to develop the site (which is task number two). If the answer is yes, then your friend may have truly been onto something.
Even cool domain names need to meet some criteria of quality:
If the domain name passes the quality test, then it very well maybe attractive to the domain name marketplace. There are no guarantees here. Understanding the domain name marketplace takes time and experience. Just because you own a quality domain name does not mean you can garner one hundred thousand dollars for that name.
Second, ideas for cool domain names are associated with an idea for website content. This content could be informational, a game, a service or an application. The bottom line is substance. All domains, whether you want to label them as cool names or lame names, are greatly increased in value when their is substantive content associated with them.
The next question after asking, so what? is to ask whether you are willing to do what it takes to make your cool idea succeed?
It is all well and good to register that cool domain, but it will take courage, patience and skill to make it work.
