"We hope this allows the domain name system to better serve all of mankind," ICANN President and CEO Rod Beckstrom said in a statement.
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ICANN, which stands for the Internet Corporation for Assigned Names and Numbers, said it will accept applications for domains with new suffixes from January 12 next year.
Experts say corporations and cities should be among the first applicants to register for new generic top-level domain names (gTLDs), resulting in domain names ending in brands like .toyota, .apple, or place names like .newyork.
Today, just 22 gTLDs exist -- .com, .org and .info are a few examples -- plus about 250 country-level domains like .uk or .cn. After the change, several hundred new gTLDs are expected to come into existence.
(Reporting by Kevin Lim; Editing by Robert Birsel)