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ICANN, a regulator of the some aspects of the Internet has voted to allow relaxation of rules around what are colled top level domain names that end in .com, .org,.co.uk etc. This means we may see an extension of available domains such as .nyc (New York City), .ldn (London) together with more personalised and more commercial domains that would be used for branding.
Some countries have made a profitable revenue stream by offering their country domain for other uses such as .tv for television companies when in fact it is the designated top level domain name for the small Polynesian island nation of Tuvalu.
We have yet to hear if non English characters will now be permissible within these domain names.