The Etherium name Service (ENS) is looking to solve one of the issues in making cryptocurrency payments easier for humans. Currently, all wallet addresses on the Etherium network consist of a string of 42 random characters making it quite difficult for people to remember or offer as a payment instruction.
Their service, much like domain names for web sites, aims to give these addresses names that can be used and mapped accordingly to the wallet address. Currently, names are purchased via auction where bids are sealed and the winning bidder purchases the name at the amount of the next highest bid.
With cryptocurrency having a stellar year and gaining even more exposure many of these domain names are premium in nature and selling accordingly. As a result, we can only foresee more secondary markets and services opening up and premium domains expanding here.
For more information on ENS, visit their website https://ens.domains