According to ICANN, the international body charged with managing Internet addresses, almost anyone can apply to purchase and run their own gTLD. These new top level domain names are designed to increase the number of web addresses available and potentially help people identify businesses that are specifically geared to their interests or needs.
Whereas .co.uk and .com are the more common web addresses used in this country, gTLD addresses allow for the creation of addresses with alternative extensions, like .cloud or .london. ICANN is currently processing applications from businesses who want to manage these new extensions which will allow them to create website addresses like myshop.london or files.cloud.
Although these new gTLDs can be managed by virtually anyone, you will undoubtedly need a lot of money to join the fray. ICANN began accepting requests from interested parties in June 2012, and each application has to be backed by a fee of $185,000. Experts estimate that winning applicants will need an additional $2 million dollars to complete the rest of the registration and set up process.
With a $2.2 million barrier to entry, very few organisations will actually be able to afford their own gTLD. However, very few businesses actually need complete control of a domain extension; usually a handful of relevant website addresses will suffice.
So rather than worrying about missing out on a gTLD registration, businesses should instead be focusing on securing the actual addresses they want. This works out far easier and cheaper in the long run!
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