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Here’s why you should own this domain:

• Registering domains is an insurance policy against competitors. For major companies like eHarmony and MySpace, typically hundreds of domains are owned in nearly every variation to prevent typos and cases of mistaken identity. Smaller companies may own dozens of domain names with the common variations (.net, .org, .biz, .info, .us, etc.). .ly is becoming more popular, as it presents a fun twist on standard naming conventions. Source
 
• Set this .ly domain to redirect to your website, as an affiliate site, as a landing page or as your primary place of business. Use this domain as a source to drive traffic.
 
• .ly domains are more than just an Internet trend. Companies are snatching them up to capitalize on identity and Internet presence. Source
 
• Is the .com, .org or .net domain name you want taken? Forget about using hyphens – that’s just too confusing. You’re better off with a .ly site.
 
• How many times have you clicked on a link because of the domain name? Google notices the click-through rate for websites amongst websites and on its Search Engine Results Pages (SERP). A simple, interesting domain will get more clicks that a long, difficult-to-remember name.
 
• .ly domains can be added to any hosting company / service anywhere in the world. Although the .ly domain extension is associated with Libya, the up-time depends on the quality of the host. .ly domains may only be subject to content regulations imposed by NIC.ly. .ly domains can be registered with any hosting company – GoDaddy, DreamHost, HostGator, MediaTemple, etc. Source 1, Source 2
 
• Google has adjusted its searching algorithm to decrease priority of websites that use commonly searched key terms in their domain names. That means “buyrainjacket.com” will not rank as highly as a site like “jacket.com”. .ly allows for enough variation while keeping it simple. Source
 
• .ly domains fit the “Web 2.0″ concept for domains. Web 2.0 domains focus on offering unique respellings, interpretations of common words, and Internet lingo. Web 2.0 domain names are a hot commodity. Google “web 2.0 domain names” and you’ll find generators and lists of unique domains. Source
 
• This website is optimized for search engines and has Google Analytics and Adsense installed. This means half of your work is done (in terms of getting ranked). Also, Google gives credit (for SERP) to websites that have been on the net longer than new sites. Note that the WordPress theme, product and image content are not being sold in any way.