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The body that controls the way Internet domain names work, known as ICANN, has voted to open up the naming system so that any established organization with enough cash can apply to create its own version of .com, .org or .gov.
In the for-profit world, that means that instead of going to coke.com or nike.com, you might be able to go to drink.coke or justdoit.nike. Nonprofit groups could reserve the .school domain and hand one out to every elementary school. Cities could consolidate their online presence at .nyc or .losangeles. And interest groups could stake out their own corner of the Web by offering every auto junkie a .car domain name, every law firm a .law address, and every restaurant a site that ended with .food.
But just like real estate in the real world, this new virtual land won't come cheap. The price tag to get a new domain created is $185,000. Only "established public or private organizations" can apply, and all applications must prove they have the technical capability necessary to keep a domain running.
Search engines are going to have headaches
Seriously if someone wants to pony up for a new venture, I'd like to grab .mail and .chat