Waves Domains is the Waves ecosystem's naming service that gives users an opportunity to truly own their names in the form of NFT. Initially, NFT names are sold through a sealed-bid Vickrey auction to ensure fair market prices. An NFT name can be stored, transferred, or traded at any time. Besides being a proof of ownership, NFT names bear some additional functionality, such as the ability to be linked to a wallet address or a website. In the future updates, an NFT name will also grant governance rights to the early adopters.