Who is in charge of all of these processes? Most countries manage a Network Information Center (NIC). An NIC is the main database that has all the information regarding what domain names have been registered and the IP address associated with each of those domains. The nonprofit organization the Internet Corporation for Assigned Names and Numbers (ICANN) is in charge of creating and managing the procedures for internet namespaces.
Classic domain extensions work for both options, as well as country specific extensions to build up local relevance. nTLD domain names such as .design, .business, or the eye-catching .nyc are good, .business especially in the case of a website builder package. There's often confusion surrounding the nTLDs, and it's good to know that the TLDs that imply a geographical reference are classified as generic top level domains by Google. For those who opt for website builder packages, it may be worth registering more than one domain extension, especially the classic extensions such as .com, as many users will remember this one better than the nTLDs – if you own the .com version but prefer the nTLD, you can always set up domain forwarding to avoid competition from other websites.
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Premium domains (also known as aftermarket or pre-registered domains) are short domains, often just one word or even just 3-5 letters. Most of them have a .com extension but many premium domains end with .org, .net, and .biz. These domains include common words and are generally the most memorable. Because companies value short domains that match their company name or products, these domains are typically the most desirable. Additionally, certain domains sold by different registries are considered premium and therefore have a higher price point. In some cases, the renewal costs of these higher-priced domains are also quite expensive. Some high-priced premium domains, though, renew at a regular (lower cost) rate, giving you a better value in the long term. Make sure to research the overall cost of the domain plus renewal to find the right domain for your budget. You can browse Namecheap's premium domains in our Marketplace.