A Panel of one or three arbitrators reviews a complaint and response and determines whether to require cancellation deletion or transfer of the domain name. Each country has its own rules on who is eligible to register a domain name under their authority. Some require that you have to have ties to the country. Some countries, such as Germany and the Netherlands, for example, require that the domain name be registered through an Internet service provider on their authority's approved list. Nevertheless, it is clear that the domain name registration is a commodity, which can be bought and sold.
Valuation is like any other intellectual property asset.
It depends on how much someone is willing to pay for it. People have paid six figures for important domain names. NSI has changed the actual physical method of transferring a domain name registration from one party to another often over the past few years. The current policy is that the would-be acquirer has to fill out forms on NSI's Web site listing all the contact info and the addresses of the servers that will support the domain name. You submit the form to NSI who then gives you a tracking number.