Unlimited domain names are coming soon.

The Internet Corporation for Assigned Names and Numbers or ICANN which administrate the Internet domain names addresses, has planned to open up the system to allow business and organizations to purchase unlimited number of top-level domains. What that means is, business and organizations will no longer be limited to purchase domain names within the limits of the existing 21 top-level domains like .com, .net or .biz.
Anything, popular subjects, types of business, geographic locations, you named it, could constitute a top-level domain. ICANN has reportedly invested $10 million to build the infrastructure for the new system set to start next year. The cost for each of the new domains is estimated to start at $100,000 and the most sought after may be auctioned off. One of the appeal of this new top domains is the fact that buyers of these new domains, can turn around and sell the rights to sub addresses within the domain. For instance, someone who owns the domain .shoes, can sell as many sub addresses within the domain; with that in mind, a shoes retailer doing business under the name Original George, can purchase the unique sub address OriginalGeorge.shoes.
But , a lot of critics are worried that instead of helping , the new naming system may causes too much confusions.

For more, see WSJ.com