Next Generation Domain Naming System - ICANN

Internet Corporation for Assigned Names and Numbers (ICANN) announced a historic change to the Internet's domain naming system on 20th June 2011

ICANN board approved a plan to expand the number of possible internet domain name that new domain naming system allows you to create new Top Level Domains in any language or script, For example .facebook,.hacker, .mac. Currently there are 22 gTLDs (.com, .net, .org) and 250+ ccTLDs (.fr, .de, .cn).To acquire a new generic top-level domain, Organization will be required to pay ICANN $185,000.
Below are some examples for new top level domain announced by ICANN
www.bmw.car
www.nokia.mobile
www.icici.bank
Thus, ICANN give a freedom to user/organization to choose their own new custom gTLD

New gTLDs will change the way people find information on the Internet and how businesses plan and structure their online presence. Internet address names will be able to end with almost any word in any language, offering organizations around the world the opportunity to market their brand,products,community or cause in new and innovative ways.

Applications for new gTLDs (generic top-level domains) will be accepted from 12 January 2012 to 12 April 2012.