The familiar .com, .net, .org and 18 other suffixes — officially "generic top-level domains" — could be joined by a seemingly endless stream of new ones next year under a landmark change approved last summer by the Internet Corp. for Assigned Names and Numbers, the entity that oversees the Web's address system.
Tourists might find information about the Liberty Bell, for example, at a site ending in .philly. A rapper might apply for a web address ending in .hiphop.
To beat a competitor to the punch, a company might decide it needs to control a new generic domain, such as .cereal or .detergent, but it would be costly. The currently proposed application fee is $185,000, plus an annual "continuance" fee of $25,000. If more than one company wants a suffix, there could be a bidding war.
I can imagine the porn industry fiercely competing for domains like ".ass", ".tits" and you name it, or spammers and scammers getting popular names with a ".corn" ending.
Be prepared and grab a name before it will be too late.
 These spectacular examples are from Slashdot commenters.
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