There is consistent proximity throughout the logotype. The negative space forming the "N" makes sense with the name because looking at the logotype engages the audience when locating the "N". I also think the logotype font works well bold.
A beautiful use of playful, yet classic ligatures in this logo for a Budapest night club. Here the ‘r’ and ‘f’ in the logotype complete the letter next to them. It was designed by Miklós Kiss, a Hungarian graphic designer