In years past there have been a limited number generic top-level domain names, also known as “gTLDs” (specifically 22 existing ones such as .com and .org, and 280 country-specific ones such as .uk), but the online world is about to start looking a lot different as a boom of dots. take over, and more than 1,000 new gTLDs join the Internet. These changes are promised to be the largest expansion in the Domain Name System in history, while promoting global innovation and consumer choice.

Large companies such as Apple and Ford have already started to make moves with the new changes, and have applied to register their company names as gTLDs (e.g. .apple and .ford). These types of moves are likely prophylactic in nature and will prevent infringers or cyber-squatters from taking advantage of these new domains as they become available. Other companies are registering gTLDs similarly, such as Amazon, which recently applied for the gLTD .kindle. By registering gLTDs such as .kindle, companies like Amazon intend to profit from second level domains by selling them to others for an annual fee. All of these new gTLDs may prove to be advantageous to individuals and companies alike as they bring potential for new market opportunities and expanded market reach.

While obtaining your own gTLD might seem like a fantastic opportunity to expand branding, it may not be so easy for many due to the hefty price tag and accompanying risks. To apply for a gTLD, businesses must pay an $185,000 evaluation fee to ICANN (the organization in charge of controlling the Internet’s address book) along with their application, in addition to the required $25,000 annually for each year that the gLTD is used. As part of its application process, ICANN will also require that businesses demonstrate sufficient financial depth to keep the registry running for at least three years, even if the company’s business plan fails to meet objectives set out in its business plan. The bottom line here is that it’s going to get much more expensive for businesses to monetize on and protect their brand name, especially for those who are not giants in the marketplace.

Companies looking to obtain their own gTLD must also understand that it is not only expensive but involves certain risks. Amongst top risks include potential loss of investment, contractual obligation imposed by ICANN or a community-based top-level domains, and the mere fact that this is largely uncharted territory for any business, and may present new and unforeseeable obstacles (i.e. it’s going to be the Wild West as we know it for awhile). Despite risks, ICANN believes that introducing a host of new gTLDs will be tremendously beneficial and ultimately advance both competition and innovation in ways that we’ve never seen. These advancements will support the new generation of Internet users, and will provide more space for growth that is better suited for the Internet and brand identity.