A domain name, commonly referred to as “web address”, is a set of characters that people type into a browser address bar in order to locate your website on the World Wide Web. e.g. www.google.com.
It functions on the Internet similarly to a piece of land in the physical world. Buying a domain name is like “buying” a piece of land, but in the case of domains, there is an annual renewal fee for as long as you wish to possess that domain. You can’t permanently purchase a domain, but you can pre-pay for it for up to a maximum of 10 years.