I just discovered an old video that explains New gTLDs. The video was released by FairWinds Partners on beyondthedot.com that was just updated today. The youtube.com description is:
So, you want to learn about what’s going on beyond the dot? You’ve come to the right place. The letters beyond the dot in a web address are known as a gTLD. gTLD stands for generic top-level domain. A gTLD is what you see to the right of the dot in a domain name; think .com, .gov, or .edu. There have only been 22 gTLDs in use until now. Then, in 2011 for the first time ever, anyone willing to pay 185,000 dollars could apply for almost anything as a new gTLD. 650 applicants from around the world submitted 1,930 applications. Some are generic such as .shop or .bank; others geographic such as .nyc or .paris; and others are brands such as .walmart. New gTLDs represent the biggest change to happen to the Internet since it was first created. It might seem confusing at first, but once you learn more, you’ll see all the possibilities. In the meantime, we’re here to lend you a hand to help you understand and safely navigate this exciting new Internet space. Welcome to the new world of gTLDs.
Here is the video: