Generic Top Level domain names (gTLDs) are domain extensions that are alternatives to the traditional .com, .co.uk and .de domain extensions that will be launching over the next two years. These domain extensions vary from practical extensions such as .web or .tech, to location based domain names such as .london or .wales, and even wacky extensions such as .ninja or .xyz.
There are also extensions that are restricted to people or entities that fufil certain criteria, for example, .bank.
Businesses have applied to ICANN (the organisation which oversees domain names) to operate these gTLDs. Individual new gTLD applicants are permitted to set their own criteria and restrictions for being able to register domains in their new gTLD space.
These domains will be launched gradually, starting at the end of this October 2013, running through to the end of 2015.