ICANN Approves Historic Change to Internet's top level Domain Name System i.e .apple or .brand etc

The Internet Corporation for Assigned Names and Numbers (ICANN) - finally plan to open up the generic top-level domain (gTLD) system - i.e. .com, .net, etc - at a meeting in Singapore, and approved it. This means that, you can create your own gTLD now -i.e .honda, and it will be registered by ICANN.
ICANN has opened the Internet's naming system to unleash the global human imagination," said Rod Beckstrom, President and CEO of ICANN. "Today's decision respects the rights of groups to create new Top Level Domains in any language or script. We hope this allows the domain name system to better serve all of mankind."
There are currently 21 gTLDs such as .com, .net, .org, but ICANN will expand upon that number later on this year. According to ICANN, “choice and competition are key to the continued success and reach of the global network.” ICANN will be accepting applications for gTLDs in Q4 of this year. Possible new gTLDs include: .hotel, .law, .facebook, .ebay, etc.
The application fee for obtaining a new gTLD is $185,000. Clarke says there will be additional fees if the application moves forward. Annual fees could be greater than $75,000 or 5 percent of your generated revenue. Clarke’s suggested ballpark of bankroll needed for this venture is $1 million. 

According to Melbourne IT Digital Brand Services, 92 % of the 150 organizations which have expressed interest to the company about applying for a new Top Level Domain (TLD) indicated their preferred choice would be their core brand name, or a ‘.brand’ like .honda, .apple etc. A further 11% indicated they were interested in applying for a generic term as a TLD (example generic names could be .bank, .hotel and so on).

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