"We hope this allows the domain name system to better serve all of mankind," ICANN President and CEO Rod Beckstrom said in a statement.
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.
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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)