ElevenLabs Voice Design is an online platform that allows users to design and generate custom voices through simple text prompts. The significance of this technology lies in its ability to quickly create voices that match specific descriptions, such as age, accent, tone, or character, including fictional characters like trolls, elves, and aliens. It provides a powerful tool for audio content creators, advertisers, game developers, and others for various commercial and creative projects. ElevenLabs offers a free trial for users to register and try out their services.