Dot-NEO Domain Extensions now a Possibility as NEO Name Service Launches

Neo" domain name will now be able to bid on the unique domain suffix as the NEO Name Service went live on Oct. 9, according to a tweet.

The NNS launch is NELs latest product; successfully won domain names can be used to create custom wallet addresses, smart contract hashes, email addresses, and websites.

Successful bids win an amount equivalent to the GAS they initiate deposit for the bid.

Over 2,000 domain names have already been auctioned in the first six hours of NNS' launch.

Bids start at a meager $0.60, but bids have gone as high as $600, depending on the uniqueness of a particular domain.

Several features and updates are lined up for the NNS in the coming months, including the O3 wallet that supports domain name transfers and bidding directly from the app interface.

The latter provides privileges to users in the form of voting on root domain names and paying out auction proceeds to holders as a dividend.

"Bidding on.neo domains needs GAS, but in the future, if you buy and sell pre-owned domains, only NNC is accepted. We are developing the.neo domain name exchange."

The impartial token allocation aside, the NNS provides competition to the Ethereum Name Service, a 2017-launched product that quickly found recognization in the cryptocurrency community.

Name change services increase accessibility and inclusivity between the general audience and cryptocurrencies, a feature largely absent from the digital asset market.