In Azure, we can have two types of IP addresses, private and public. Public addresses can be accessed over the internet. Private addresses are from the VNet address space and are used for private communication on private networks. Addresses can be assigned to a resource or can exist as a separate resource.
Create a public IP address
Public IP Address can be created as a separate resource or created during the creation of some other resources (a VM, for example). Therefore, a public IP can exist as part of a resource or as a standalone resource.
The Stock Keeping Unit (SKU) can be either Basic or Standard. The main differences are that Standard is closed to inbound traffic by default (inbound traffic must be whitelisted in NSGs) and that Standard is zone redundant. Another difference is that a Standard SKU public IP address has a static assignment, while a Basic SKU can be either static or dynamic. You can choose either the IPv4 or IPv6 version for the IP address, or both, but choosing IPv6 will limit you to a dynamic assignment for the Basic SKU and static assignment for the Standard SKU.
The DNS Name Label is optional—it can be used to resolve the endpoint if dynamic assignment is selected. Otherwise, there is no point in creating a DNS label, as an IP address can always be used to resolve the endpoint if static assignment is selected.