ICANN, the internet domain regulation body, approved of only a certain number of top-level domains. The top-leve-domains approved by ICANN includes the common ones we know such as .com, .net, .org etc. and country specific ones such as .in, .uk, .it etc.
There are for now total of 22 generic top-level domains in addition to the country specific ones. People were not allowed to pick their own top level domains. However, custom top levels domains are in great demand - big organisations would obviously want their own TLD.
However, ICANN is all set to allow custom top level domains very soon. At the Internet Corporation for Assigned Names and Numbers (ICANN) meeting in Singapore, the regulatory body voted to decide whether they should approve the proposal for custom TLD.
There was a 13 to 1 vote in favor of the new generic top-level domain program. This program will encourage a large number of new domain names. All that you would need to get your very own TLD is money and a legitimate claim.
Starting from 12th January next year, the body will start entertaining the applications from the users for the desired TLD and approvals will be done by the end of the year. It will cost a heavy amount of $185,000 to apply, and individuals or organizations will have to show a legitimate claim to the name they are buying. The ICANN will also employee consultant for the legitimate acquiring purpose.
This move is a really great one. It will draw a large number of interested applicants. Big corporations, small businesses, religious groups, communities, social networks etc. all will get chance for registering their own domains.
It will help the companies to project themselves well on the internet from domain squatting . With the company specific domain addresses, we are likely to see a number of new domain names such as .apple, .google etc.
Source : Reuters
Related: 6 tips for choosing a good domain name for your website