How domains work
When you register a domain, you do not have to create and upload a website. You can also:
Sell it. If you have registered a domain that you are not using, maybe someone else can. Log in to your Account Manager and set up a For Sale parked page for your domain. Don’t forget to include your contact information.
Protect your brand online. The more domains you register, the better. Prevent others from registering a similar domain to yours—just to steal away your customers. What to do with all these names? Forward them to your main domain.
Hold on to it. Maybe you haven’t decided what to do with your new domain. Don’t worry – there’s no rush. You can leave it parked with us for the length of your registration.
For new .COM and .NET domains and updates, it may take up to eight hours for changes to become effective. It may take up to 48 hours for changes made to all other domain extensions to become effective. This is because of the number of networks and agencies involved. Delays apply to all domains and registrars. Please allow for this delay when planning websites or configuring a domain to work with your email.
Source: Help Center
Find More at TLD page.