ICANN has recently announced they will begin allowing for new custom top level domains. While the details are still being worked out, the groups that want to have their own custom top level domain will have to meet some requirements. First and most important the “registrants applying for a top-level domain must prove that they have the ability to manage the sizable technical task of running it” of course that could also be as simple as hiring a group to handle that task for you. Second there will also be a fee involved, and while they are not set in stone yet, they are estimated to begin at around $100,000.
It sounds like that controversial .xxx domain that kept getting shut down will have yet another chance to come into light. However not all domain extensions will be approved, items that have been trademarked, or are close to an existing domain will be denied. For example I could see something like .vom being denied simply because its just one keyboard letter away from .com and could lead to more potential abuse from mistyped domain names.
While this does potentially have some good use, such as for television networks. For example ABC could now have a .abc domain extension and use that for their programs where the domain could be names such as Lost.abc, which would make it simple to find shows.
Of course on the flip side I do see some potential for abuse and just in general getting carried away, I can also see this as just another potential cost for current domain owners who feel the need to always snap up all the major top level formats of their name in order to protect their identity.
Read [USA Today]