The new, proposed ICANN domain name extensions (gTLD) are designed to provide Web-based entrepreneurs with access to premier domain names. These types of generic, top-level domain names are far more costly than typical domain names (because of their exclusivity and cachet) and they may be accessed only through a formalized application process.
In other words, those who wish to take advantage of all that these top-tier domain name extensions (gTLD) have to offer must be approved in order to purchase them. The cost of applying for these world-class domains is a staggering $185,000 (additional deposits and fees may be required). As you can see, these blue-chip domains are clearly out of reach to a vast number of companies and individuals.
By creating “luxury” domain names which denote very high stature in the world of e-commerce and virtual information sharing, ICANN is setting a new standard.
Popular domain name extensions, such as “.com” and “.net” are best-known to the public. Once new domain name extensions enter the online milieu, certain companies may build their brands online, by buying domain name extensions which represent their firms. Examples would be “.facebook” or “.apple”.
As you can see, from a Web marketing perspective, these new extensions offer companies a whole new way to gain momentum in their respective niches.
These Domain Names Send a Message of Success
Those who are approved for these top-level domain names will set themselves apart from their online competition. After all, many others will know that they were chosen to receive these exclusive gTLDs because they were able to pass a comprehensive array of ICANN evaluation tests. Rounds of evaluations are required before approval is granted. The process is long-winded and very detailed, and it’s designed to ensure that only the best websites have access to these new domain name extensions. Turnaround times for evaluations range between nine and twenty months.
Web-savvy men and women will also know that these companies or persons were able to pay very high amounts of money in order to apply for (and gain ownership of) these “cream of the crop” domain names. Since these impressive domains send a message of personal or corporate success, they are definitely in demand. In fact, it could be argued that these stellar domain name extensions are currently the ultimate online status symbols.
Which Organization Creates gTLDs?
This new crop of generic, top-level domain names was created by the Internet Corporation for Assigned Names and Numbers (ICANN). Founded in order to foster competition in terms of domain name registration (and to ensure a safe and stable World Wide Web), this corporation is currently focused on creating the sorts of coveted and impressive gTLD designations that discerning firms and persons want most. Those who are willing to pay so much for domain names are typically doing so in order to significantly boost their chances of making a truly profound impact online.
By offering entrepreneurs and institutions more choices in terms of domain names, ICANN fills a need in the virtual marketplace.
When the corporation announced the creation of its new gTLD program (this happened in early 2012), over one thousand applications were received within just a few weeks. During the summer of 2013, the first wave of applicant evaluation results were made public. As the process continues to unfold, Web-savvy entrepreneurs and analysts spend lots of time discussing the intensive evaluation process (and keeping tabs on who is being approved for these new domain names). They are doing this because they understand that the gTLD program is a “game-changer”. In other words, it’s actually altering the online landscape…
Now that you know more about the significance of these new domain name extensions, you’ll be ready to decide if applying for one of these gTLDs is the right choice. If you’ve got the cash on hand and you don’t mind winding your way through the red tape which is inevitably part and parcel of the intensive application process, it may be time to visit the official ICANN website – you may find it here: http://newgtlds.icann.org/en/. When you do, you’ll be able to learn more about the new generation of domain name extensions, and how they are opening up choices for those who operate online.