There is an entity that actually takes responsibility of all domain names on the internet. The Internet Corporation for Assigned Names and Numbers (ICANN) oversees and has overall responsibility for controlling and managing the domain name system (DNS). While the country code top level domains (e.g. “.com.us” for the US, “.com.au” for Australia, etc.) are owned by the same country, ICANN governs over generic Top-Level Domains (the famous names).
While ICANN oversees, there are other smaller entities responsible for managing domain name hosting. Generally speaking, if a domain name is not used yet, then, no one owns it. However, if someone wants to take ownership of a specific name, he can do so on a first come first served basis with the use of a domain name registrar or host.
Most registrars would host the same domain name. You can actually choose among a long list of domain name registrars. These registrars do not actually own the names, but they “host” the name for you and makes sure it’s not taken by anybody else.
Some domain hosts maintain domain names and you may need to contact them if they happen to be maintaining the host you want to use. Hosts are doing this in order to save the number from other entities and therefore, attract more subscribers.
The more value or demand there is for a specific name, the higher its cost would be. But, this is not a one-time deal as it will appear that you can only take ownership of a domain name for a specific time. If the company or individual decides to cease ownership of that domain name, then it goes back to the available pool and “after-sales” start. Other entities can then make use of the just freed name.
