Welp, you won't be able to own a website with the domain .ping.
Karsten Manufacturing, the parent company of Ping, won a private auction to secure the rights to the new generic top-level domain that otherwise would have been released for public purchase. Ping beat a company called Radix for the right to the domain, paying $1,501,000.
What this means it that only Ping will be able to create and own domains using .ping as it becomes what's called a brand top-level domain.
This auction is part of a process spearheaded by the nonprofit Internet Corporation for Assigned Names and Numbers (ICANN) as they have been setting up and releasing new top-level domain names. As folks have snatched up most of the desirable .com, .org and .net domains, ICANN decided to come up with more specific domain names that would allow businesses to use their full brand name and easily identify their business to potential customers.
However, before ICANN releases these domain names to the public through accredited registrars, companies whose names and intellectual property matches the name of the top-level domain can win the right to them through an auction.