[IANAD]

"Additionally, bids can also be retracted at any time, even if you’re the current winning bidder. To prevent a name from rapidly switching between multiple resolutions, the parties that have existing control of a name have a reasonable period of time to respond to counter bids before a name’s resolution switches."

"Since LBRY names are the equivalent to content storefronts, we believe that LBRY names will hold the most value to rightsholders who produce content associated with a given name."

"As names in demand on LBRY will be more expensive, the names themselves will also serve as a signal of reputation, legitimacy, and quality. If a user searches LBRY for Spider Man and sees one at lbry://spiderman and one at lbry://spiderman_russhaxor, there will be little doubt that the latter is less legitimate."

Yes, this sounds somewhat like DNS. First come, first serve, try to snatch up domains first and then sit on them and try to sell them.

But, that places way too much assumed value in the name. All is takes is a search service to resolve "lbry://asdfaljsfd" to a good copy of Spider Man, and now it no longer matters what LBRY URL looks legit.