The .me domain name was previously assigned to Montenegro after the country gained independence in June 2006.
However, owing to the widespread potential appeal of the name it is now available for general use.
The new domain follows the recent vote by the Internet Corporation for Assigned Names and Numbers to allow users to register whatever domain suffix they want for their site.
"Everyone can and should have their own personalised domain name," said Jonathan Robinson, chief operating officer at NetNames.
"The release of the .me suffix is an exciting and immediately available opportunity for consumers to stake their claim in cyberspace."
Robinson believes that .me will appeal strongly to the younger social networking generation, despite the fact that similar previous implementations such as .name and .me.uk have been somewhat slow to take off.
"The true demand for the .me suffix is yet to be seen but the launch highlights how important it is for marketers, brand owners and trademark professionals to keep on top of this rapidly changing area," he added.