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The rules which govern domain names for internet sites are being relaxed, allowing companies and individuals to register almost any suffix they choose.
Instead of being limited to options such as .com, .co.uk and .net, the changes will mean auction site eBay could have its own .ebay domain name and cities such as New York could opt for .nyc.
Domain name registration is overseen by the Internet Corporation for Assigned Names and Numbers (Icann), which yesterday voted to accept the relaxation at its Paris meeting.
Approval was also given to introduce domain names written in Asian, Arabic and other scripts.
"We are opening up a new world and I think this cannot be underestimated," says Roberto Gaetano, a member of Icann.
The new domain names will be available from 2009, with the first suffixes expected to be given to businesses and major organisations.
Some estimates suggest that the new names could cost from $50,000 (£25,200) to $100,000 or more.
Rebecca Samuel, associate and member of the technology and intellectual property team, comments: "This news is likely to open up a flurry of registrations of domain names utilising these alternative suffixes.
"Businesses need to be aware of these changes and ensure that, where possible, applications to register these domain names are made to ensure they don't miss out on these new opportunities."
Icann was formed in 1998 as a not-for-profit partnership dedicated to keeping the internet secure, stable and interoperable.
