• Reuters, Tuesday, June 9, 2009 1 PM

A whopping two-thirds of businesses are unaware that they will be able to use their own name in place of domain extensions such as .com, .org, .net, or .edu, according to a new survey. Reuters points out that the change will allow companies like Kraft and Nike to control their own domain and better exploit their brands, and also counter cyber-squatters who buy variations of brand names inside the 280 or so existing domain extensions.

"If you have '.nike', for example, you can create real and specific branded Websites, like 'running.nike' or 'runlondon.nike'," Joe White, chief operating officer of domain registrar Gandi.net, told Reuters. The organization that oversees domain names, the Internet Corporation for Assigned Names and Numbers (ICANN), will start taking applications for new top-level domains early next year, but according to Future Laboratory, which conducted the research for Gandi.net, the majority of companies are unaware of the move.

"This change has not yet permeated into the mainstream for businesses or consumers," said White. "However, those businesses which are aware actually see the prospect as being quite exciting." ICANN is expecting 300-500 applications when it opens its doors in the first quarter of next year. The price of $185K will likely limit applications to the largest corporations and organizations, said Tom Savigar, Strategy and Insight Director at The Future Laboratory.

Read the whole story at Reuters »