This is known as a Top Level Domain (TLD) which started in South America but is now available worldwide.
The abbreviation .co can be interpreted as any number of things, from company, community, commerce or any other word you like that begins with “co” such as con.
Is this just another way of wasting your money?
True, some people think this is just another way of getting you to pay a premium amount of money to reserve yet another version of your domain to prevent others from getting it. While .com is the most popular choice, you also have .net, .org, .info and much more. How many people reserved a .mobi domain for mobile phones and now wonder why they bothered?
On the other hand, if you have a company name and cannot get a .com domain for it, now’s your chance to reserve a .co version. I’ve already registered creativejuices.co and cjuices.co. See if your domain name is available at my Creative Juices Domains website. And if you do reserve it there you’ll be contributing to the survival of Creative Juices since I am a GoDaddy registered reseller. Yay me.
How this plays out remains to be seen. Will search engines like this new domain extension? Will people get confused between .co and .com thinking it’s a misspelling and end up going to your competition by mistake? Do you want to take a chance and ignore this opportunity and let somebody else get your desired domain name… again?
Read “New domain .co goes up for sale” by Jennifer Scott from ITPRO for more information.