What does ens mean?

Could you please explain to me, in layman's terms, what does ENS stand for and what it signifies in the realm of cryptocurrency and finance? I've heard it mentioned frequently but I'm still a bit hazy on its exact purpose and functionality. Could you elaborate on how it works, its benefits, and any potential drawbacks that might be associated with it? Additionally, how does it fit into the broader cryptocurrency ecosystem and what kind of impact does it have on the overall market? I'm really curious to know more about this intriguing topic.