Named after Wilhelm Ostwald - German chemist; Nobel laureate (1853-1932).
Ostwald is a lunar impact crater on the far side. It lies just to the east of the crater Guyot, and near the northern border of Ibn Firnas. Recht lies along its eastern rim. This is a worn and eroded crater formation with an irregular rim and inner wall due to multiple small impacts. (wikipedia entry)
A crater is a circular depression likely created by an impact event. On the Moon they are named after deceased scientists, polar explorers, astronauts or cosmonauts.