How can a domain exist without a TLD extension

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I came across this by accident, and am quite confused how it is working, can anyone explain why or how:

http://nike/

points to a webpage when there is not a TLD extension?

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Most resolver libraries will when given a name with no dots in it append a default suffix before they try to resolve it. That suffix is local to your setup, but very commonly you get it from the same server that gave you your IP address. So you'd end up at nike.yourisp.com or something like that.

That said, NIKE is one of the upcoming ccTLDs, with a current status of "in contracting". So that URL should start working as is in a few weeks.