You probably already know what is a domain name. And you also know that you can register a domain name with many possible extensions like .com, .net, .org, .in etc. But now you can have almost anything, like .shop, .bank etc. as a domain extension.
ICANN, the Internet Corporation for Assigned Names and Numbers, has started to take the applications for custom domain name extensions and companies like Google can now apply for .google extension. Companies can also apply for generic custom domain extensions like .bank.
Not only companies, but individuals can also apply for custom domain name extensions. For example, I can apply to get a .techylabs extension for this website.
Techylabs.techylabs domain name will look odd, its not the only reason I am not applying for a custom domain name extension. The real reason is that only big corporations and individuals with deep pockets can apply for the custom domain name extension as it costs a lot.
The application fee is $185,000. The architecture and technology required to run a domain extension will cost about $500,000 to implement and about $150,000 per year to maintain.
So, although the custom domain name extensions are beyond the reach of common people, it will surely change how internet works. Lets wait and watch and they will be available soon.