The selector is used to identify the public DKIM Key details of the Domain. It is an attribute for the DKIM Signature and is included in the DKIM header of the email. You can use multiple selectors for a single domain in cases where you need to provide Special Signatory Controls for different sets of users.
Once you have added a selector and verified the selector, you need to make it as default and enable it for the domain. Once enabled, all the outgoing emails based on the domain will be signed by the default selector, unless the users have been associated with a different selector in the Users section.