The city of New York is betting that the Big Apple's cache extends digitally, too.

New York City looks like it will be the first city in the country with a custom top-level domain of its own: .nyc. New York City Mayor Michael Bloomberg announced today that the new domain has been approved by the Internet Corporation for Assigned Names and Numbers (ICANN). Registrations are set to begin late this year.

Interestingly, while other domains such as .app or .art have received multiple applications (13 and 10, respectfully), the geographic domain has had no competition. 

The city encourages businesses to apply, saying that the top-level domain will enhance a company's reputation by "the power of the city's name."

The "dotnyc" domain will be available to a wide range of applicants, from organizations with a New York city address to individuals with a primary city residence. The domain will also be open to "those offering products or services to New Yorkers," which could potentially allow anyone from Amazon to Microsoft to register. 

Neustar, the organization that will provide the services and support to the city, explained that registrars that sell domain names will determine the annual fee, which is expected to be competitive with market prices. Companies like GoDaddy can charge as little as $3.99 annually for "dot us," whereas others charge anywhere between $1,000 and $10,000. ICANN itself requests a $185,000 registration fee for custom top-level domains. After all, New York's not known for its low cost of living.