(Image source: One Million Web Links)

BY CHRISTINA HARTMAN

ANCHOR MEGAN MURPHY

A “dramatic expansion of the Internet” is what the non-profit overseer of global domain names is promising. KNXV explains.

“As of today, companies allowed to submit proposals to use specific words to replace the typical suffixes and web addresses like .com or .net.”

So forget .com and .org. Think .hotels, .cats -- or even -- .Newsy. The Internet Corporation for Assigned Names and Numbers -- or ICANN --is now taking applications for new top-level domain names.

That -- despite more than a few concerns from organizations like the Federal Trade Commission.

Fox Business’ David Asman has beef. Here’s one of his concerns.

“What happens if Pepsi buys dot.coca-cola or dot.soda?”
REPORTER: “In that case the businesses would negotiate. If it failed there would be an auction, driving the price of further.”

Not to mention -- some companies worry they’ll have to buy domains just to protect their trademarks -- a sort of defensive move to keep cyber squatters or scammers from banking on certain names.

But a piece for MarketingWeek sees the new domains as great for business and consumers. MaryLou Costa writes, just think of the possibilities.

“For example, if McDonald’s was to register .mcdonalds as a new domain, it could also open up countless sub-domains such as menu.mcdonalds, olympics.mcdonalds, jobs.mcdonalds... In the case of a department store or online retailer, brands could even issue customers their own pages...”

But what if there were a .bankofamerica AND a .bankamerica? Observers ask -- couldn’t that get confusing? And the application ain’t cheap. ICANN wants a $185,000 processing fee. NPR spoke with a rep from the advertising industry who isn’t a fan of the plan.

"All that money is just wasted money because it's money thrown away to property rights that will never be used, never add to competition, never add to innovation, never do any of the things that ICANN is touting will be the great benefits...”

But ICANN says it’s self-policing to address those concerns. Companies applying will need to answer 50 questions -- and the organization could take up to 20 months to process and fully vet the applications. On its website, ICANN lists a few risks and benefits.

Among the benefits -- entrepreneurship, increased control and better brand awareness.

And among the risks -- ICANN warns companies competition from other applications as well as the so-called “uncharted territory” of the technology.

ICANN is accepting applications through March -- but don’t expect to see any of the new top-level domains til next year.