Multicast addresses are used to send data from one source to multiple recipients simultaneously. They can be used at both the IP layer and link layer. At the IP layer, IPv4 uses addresses between 224.0.0.0/4 and 239.255.255.255 for multicast, while IPv6 uses addresses with a prefix of ff00::/8. Specific addresses within these ranges are reserved for important network protocols. Multicast addressing schemes allow for addresses to have different scopes from the local link to global routing.