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Domain names are subject to purchase and sale in a market that is growing in importance. The creation of new first-level (top-level) domain names is controlled by an organization that enjoys a monopoly position: the Internet Corporation for Assigned Names and Numbers (ICANN). The policy of this organization is based on scarcity of supply, which creates many rents. The first part of this study showcases the consequences of this policy by distinguishing between the market for first registration and the resale market for domain names. The ongoing reform of the creation of new top-level names will dramatically change the rules of the domain names market by liberalizing the supply. In the second part of the study, the conditions and the consequences, notably on competition and for owners of trademarks, of this profound change in the rules of the game are analyzed.