It's not exactly the same as omg.lol is owned by someone who sells subdomains of it. The principle for .name was that the second-level domain was not in control of anyone (well, except VeriSign of course, but just like TLDs), it was a shared domain.
If you attempt a whois on omg.lol you get a normal whois. If you do a whois on a shared .name domain you get this:
Not available for second level registration.
Third level registrations may be available on this shared name.
To request access to data listed as “Redacted” or “Redacted for Privacy” in the
above WHOIS result, please contact Customer Service at info@verisign-grs.com
> Omg.lol does that, but it is an address with superpowers, although I think you can buy .lol domains too.
I've peeked at omg.lol and it looks like they aren't in the business of registering subdomains per se. They try to sell you a bunch of services that resemble a paid social network, and they provide you with a subdomain along with the deal. For that subdomain they charge you with about double what you would pay for an actual domain name.
If you attempt a whois on omg.lol you get a normal whois. If you do a whois on a shared .name domain you get this: