ICANN's (Internet Corporation for Assigned Names and Numbers) Board of Directors has approved a plan to usher in one of the biggest changes ever to the Internet's Domain Name System. The Board vote was 13 approving, 1 opposed, and 2 abstaining.During a special meeting, the Board approved a plan to dramatically increase the number of Internet domain name endings -- called generic top-level domains (gTLDs) -- from the current 22, which includes such familiar domains as .com, .org and .net.
New gTLDs will change the way people find information on the Internet and how businesses plan and structure their online presence. Internet address names will be able to end with almost any word in any language, offering organizations around the world the opportunity to market their brand, products, community or cause in new and innovative ways.
ICANN will soon begin a global campaign to tell the world about this dramatic change in Internet names and to raise awareness of the opportunities afforded by new gTLDs. Applications for new gTLDs will be accepted from 12 January 2012 to 12 April 2012.
In short, it means, people/companies are going to be able to use other names, for example, .coke, .car, .red, .addidas etc.
The application fee is set to be $185,000, and an annual fee is $25,000
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