Under the plan, the Internet Corporation for Assigned Names and Numbers will allow organizations to apply for any top-level domain. Businesses, for example, could use brand names such as ".ibm" or ".ebay" in their Web addresses. Cities could sign up for names like ".nyc" or ".berlin." It will also be possible to apply to use more general terms, such as ".news" or ".sports,"
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So we may be soon hearing about .lahore, .faisalbad and .islamabad , .peshawar and so on. Business community in Pakistan may also see it with interest the upcoming .pepsi ie organization names in tlds.
The exact timings of the change are not yet known, same way the method of selecting the cities are yet not very clear though. Yet it has started rolling, primarily to take load of .com domains.
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The new rule proposes a $50.000 to $100.000 fee for the registration of one of these new domain names, effectively restricting their availability to larger organizations.
This new plan would have a number of ramifications, but maybe most importantly, the domain name speculation business is going to be changed forever. Most interesting and generic .com names have long been taken. The new system, however, will bring an abundance of new domains, which might drive down prices for .com domains. This is surely going to upset a lot of speculators, as Chris Morrison also points out on VentureBeat. Right now, speculators can hoard interesting domain names and auction them off for millions of dollars (business.com sold for around $350 million).
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