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Chris Ike of Media Options advises against leasing a domain name without ensuring ownership. He emphasizes the importance of acquiring the dot-com domain as the raw, unfiltered version of a brand at the lowest cost possible. Chris recounts instances where companies made the mistake of leasing a domain for an extended period only to build a multi-million dollar brand on a leased domain, facing ownership issues later on. He warns against this practice and urges companies to secure ownership before investing in branding efforts.