Marco Verch / Flickr

NewEconoLabs, a China-based community of open source developers to support the NEO ecosystem, recently launched the NEO Name Service, a domain name service for the NEO blockchain that provides “.neo” domains.

According to a report published by NeoNewsToday, auctions for domain names started on October 9 and reached more than 9,000 listings in the first week. These domains can ultimately replace the long, irregular strings tied to blockchain public keys, opening up the NEO network for additional real-world utility.

The auction is accessible directly through the project’s website and links directly to users’ web wallets for simple domain bids. Neo Name Service also has a native token, Neo Name Credits (NNC), which allow users to earn a percentage of the GAS spent on new domains by holding the token.

Some top domains already auctioned off include wallet.neo, sold for 1035 GAS, crypto.neo, sold for 1026 GAS, and google.neo, sold for 318 GAS. Currently, GAS is worth roughly $5.10.

NEL

“The number of domain names started is more than 10,000 in a few days after its mainnet launch. Currently, it is the most used dApp on NEO,” said NewEconoLabs founder Liu Yongxin.

Additionally, on October 15, Japan-based O3 Labs announced support for .neo addresses on both its mobile and desktop wallets on October 15, according to NeoNewsToday. This will likely further boost the daily active users on the dApp.

NEO is currently up slightly to $16.63, giving the project a $1.08 billion market cap and making it the 14th largest cryptocurrency in the AltDex 100 Index (ALT100), a benchmark index for large-cap cryptocurrencies and tokens.

More: NEO Name Service launches and surpasses 10,000 registered .neo domains
Related: NEO Launches Vulnerability Bounty Program With up to $10,000 per Bug
Photo: Marco Verch / Flickr

Disclaimer: This article’s author has cryptocurrency holdings that can be tracked here. This article is for informational purposes only and should not be taken as investment advice. Always conduct your own due diligence before making investments.