Blender is a free, open-source 3D graphics application that offers a comprehensive feature set similar to high-end software like Maya and 3ds Max. It was released under the GNU General Public License after its original developers went bankrupt, with significant community and industry adoption since then. Blender is utilized in various professional projects, notably starting with movies like 'Elephants Dream' and 'Big Buck Bunny', and it continues to evolve with a focus on user interface improvements and new functionalities.