A domain name is a Web address, such as godaddy.com, that is linked to an IP address (which represents a physical point on the Internet). When someone types a domain name into a Web browser, the requested Web page displays.

A domain name consists of a top-level and a second-level domain. A top-level domain (TLD) is the part of the domain name located to the right of the dot (godaddy.com). The most common top-level domains are .COM, .NET, and .ORG. Some other popular top-level domains are .BIZ, .INFO, .NAME and .WS. These TLDs have certain guidelines but are, for the most part, available to any registrant, anywhere in the world.

The part of the domain name located to the left of the dot ?? "godaddy," in this case ??is called the second-level domain (SLD) name. The second-level domain name is the "readable" part of the address and refers to the organization or entity behind the Internet address. Second-level domain names must be registered with an Internet Corporation for Assigned Names and Numbers (ICANN)-accredited registrar.

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Where to register a domain?

 

There are many domain registration services available out there. Some are expensive with added features, some are more economical with less features.

1WT recommends GoDaddy.com for domain registration for the outstanding service and unbeatable prices, but these domain registrants is worth a look:

• FXDomains.com
  Very similar to GoDaddy.com in terms of service & price.
   
• Yahoo! Domains
  If you're used to Yahoo! 's interface & layout, you will love doing domain registration with them.
   
• Dotster
  A long time player in the domain registration scene, Dotster offers an excellent package

 

Domains on eBay?

 

Believe it or not, even domains are up for sale on eBay (you can sell almost anything with them, remember?)

Most of the domains up for auction on eBay usually comes with an established website. So that's a shortcut for you if you are too lazy to build a website, or for you to get started on a website.

Just like real estate investment, domain names prices may sky-rocket if you have the right "property" or name. For an example  Business.com - It was put up for sale and the expected selling price was from $300 million to 400 million! I wished I bought the domain 10 years ago ;)