ENS is the Ethereum Name Service, a distributed, open, and extensible naming system based on the Ethereum blockchain.
The Ethereum Name Service (ENS) started auctioning domains in May. You can see how that is going here: https://registrar.ens.domains/
ENS can be used to resolve a wide variety of resources. The initial standard for ENS defines resolution for Ethereum addresses.
This is helpful because instead of having to ask people to send ETH to your address 0x012s0m3th1ng012s0m3th1ng012, you can just tell them to send lots of ETH to mycoolname.eth.
A list of Ethereum domains that you might find entertaining or that you could speculate on:
averagejoe.eth blackstone.eth nyancat.eth
janedoe.eth messenger.eth stanford.eth
0009001.eth lemonparty.eth teeeeee.eth
1000000.eth harvard.eth whatsapp.eth
1234567.eth feeeeee.eth satoshi.eth
7777777.eth ermahgerd.eth nakamoto.eth
abracadabra.eth coinbase.eth deeznuts.eth
studio54.eth maryjane.eth bankrolls.eth
benjamins.eth megatron.eth thisisdog.eth
tryndamere.eth piratebay.eth scooby-dooby.eth
silkroad.eth al-qaeda.eth sillicon-valley.eth
ginormous.eth chillax.eth nakatomi.eth
pornhub.eth brazzers.eth tryhardsaurusrekt.eth
hotmail.eth premium.eth boatymcboatface.eth
blingbling.eth supreme.eth kingkong.eth
network.eth megazord.eth abc-123.eth
namaste.eth rainbow.eth millennial.eth
hogwarts.eth fidelity.eth 0000001.eth
eeeeeee.eth eth-eth.eth bankofamerica.eth
Auctions are staggered, so don't think that it is too late to buy the perfect name for you. Some of them won't be available for another 30 days.
Let me know if you buy any of these!