if is a trademak you can loose the domain. If you will copycat the other site you will be delisted by DMCA... so it you will build a completelly diffetent site there is no problem... unless for google they already "own" the brand
But check the trademark first. Some are Limited to specific niches like clothing companys may register a trademark, but some times you can use the name for lets say software or so ething unrelated to this trademark.
There are lots of potential problems that you could face.
1. As others have said if the example.com is a trademarked name you could find your self in hot water.
2. Even if its not trade marked there is still a possibility of getting in trouble of "passing off" if your business is highly similar
3. Building a business around .xyz can potentially lose you traffic. For example most people will automatically type in .com as opposed to xyz.
Why not come up with something brandable and build your business around that? Lots of cool brandable domains can be found in various places. Search expireddomains.net as a starting point.
I personally prefer brandable domains even though I own some exact match category killer domains.
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