Google recently filed for a couple of top level domains (TLDs) with the ICANN (Internet Corporation for Assigned Names and Numbers) on May 31st which include .google, .youtube, .doc, and .lol. If the ICANN office approves these domain names, they will be added to the list of available TLDs that currently include .com, .org, .net, .gov, etc in June.
The nice thing about adding unusual TLDs to the Internet is that they can serve niche websites easily. Websites like LolCats.com can easily take on Cats.lol, which is much easier to type. Adding more TLDs to the domain name pool also opens up more opportunities for business to go online. Thanks to domain name hoarders, website flippers, and unorganized individuals, most good .com and .net domain names are already taken and have to be purchased second-hand for high prices.
I can’t see how effective the .LOL domain will be for opening up new opportunities for businesses, but humour and joke sites can move to a .LOL for branding purposes.