The .biz domain was created in June, 2001. It was part of the first batch of new generic TLDs that ICANN approved to expand the Domain Name System. Until 2020, it was administered by Neustar. Presently, GoDaddy administers the domain name, while accredited registrars like Openprovider process the registrations.
The purpose of the .biz domain is to help business-focused websites establish their online presence. It was created primarily with the objective to relieve the demand for .com top-level domains and give businesses an alternative to establishing their websites with more distinctiveness. It gives legitimacy and credibility to a website, allowing businesses to present themselves as strong players in the digital marketplace.