The Ethereum Name Service (ENS) is a naming service for wallet addresses, hashes, and other machine-readable identifiers. It turns difficult to read strings of data into easily readable addresses. It works similarly to the Domain Name System (DNS) used for websites.
You can now easily purchase names without an auction and rent them by the year. Prices are dependent on the length of the name you want to rent. Also, if you owned an ENS domain on October 31, 2021, you’re entitled to an airdrop of $ENS governance tokens. You have until May 04, 2022, to collect them.