These can be used to direct one domain to another.
A company may want to protect its brand and register the following domains
mybusiness.com, mybusiness.net and mybusiness.info
However, the business would not want to duplicate the content across 3 separate sites so it would build 1 website “mybusiness.com” for example and then create 301 redirects from the other 2.
Then when a user types in either mybusiness.net or mybusiness.info they would automatically be re-directed to mybuisness.com.
301 redirects are also frequently used to mask affiliate links.
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