The existent 22 gTLDs that include popular TLDs such as .com, .net, .org, etc… will become limited by only the dictionary, or maybe not even that. ICANN decided to allow any word to become a gTLD, that means that domains such as .microsoft or .google or .pepsi will populate the Internet.
The applications for the new gTLDs will start from 12 January 2012 and end on 12 April 2012. Corporations, cities will most likely be among the first to apply for the new gTLDs.
The new gTLDs will not be cheap, a new gTLD will cost 185,000$, a cost that will make it unaffordable for small companies. There are more obstacles that makes it difficult to buy a gTLD. The very high required standards for the applicant’s IT infrastructure and Legal protection will make it impossible for small and medium companies to get their own gTLD.
To get one of the new gTLDs the applicant has to prove Trademark ownership for the requested domain.
The expansion of the gTLDs means a new era in communication but this will change very little, for most of the domain names owners, at least in the initial phase. ICANN expects to increase the number of gTLDs to hundreds of them. This is very little, but it’s a start.