A domain is essentially your address on the internet. Think of it as a blank piece of land on the internet. On that land, you can host a website, web app or other digital assets.
In short, no.
Domain ownership is something that needs to be renewed on an annual basis. If you were to own your domain indefinitely, the internet would run out of addresses.
Every year, you need to pay a small fee to rent your domain and state that you are still interested in owning it.
As a domain owner, you have the right to renew your domain ownership. This means you get first to pick on your domain. It is important to note, however, that if you choose not to renew your domain ownership, someone else may buy it.