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The price of NEO has risen after China’s BSN approved the project for use on NFT marketplaces

NEO’s price is rising as a result of the release of N3, new NFT marketplaces, and integration with China’s blockchain-based Service Network.

As the field of viable layer-one blockchain protocols continues to grow, with newer entrants attempting to address the issue of high transaction costs and slow processing times, older projects are leveraging their history and track record to differentiate themselves and secure a market share that will ensure their survival through the next market cycle.

Neo (NEO) fits the bill described above, and the project is attempting to resurrect itself in 2022 as governments around the world gradually recognize the benefits of blockchains and digital currencies that can be integrated into public and private enterprise.

According to data received from various analysts, the price of NEO has risen 60% since hitting a low of $16.10 on Jan. 24 to a daily high of $25.68 on Feb. 11, and the project is once again on the move, with its 24-hour trading volume increasing 292 percent on Feb. 17.

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The adoption of the Neo blockchain by China’s Blockchain-based Service Network (BSN), the full rollout of Neo N3, and the launch of several nonfungible tokens (NFT) and decentralized finance (DeFi) projects on the network are three reasons for the increase in demand for NEO.

Adoption by the BSN

The most significant recent Neo development was an announcement from BSN China that the Neo-powered Jiuquan Chain will be one of the ten chains that will comprise the Chinese mainnet.

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Citizens in China will now be able to access NFT markets that operate on the BSN Open Permissioned Blockchain (OPB) while remaining compliant with Chinese regulations as a result of this integration.

As part of this process, NFTs on BSN are being renamed “Decentralized Digital Certificates” (DDCs) to help distinguish “Chinese NFTs” from those used by the rest of the world and to emphasize that the utility of NFTs extends beyond simple graphical images or music tracks.

The Jiuquan chain will also include an integration with the Neo domain name service, allowing users to replace hash strings and complicated wallet addresses with a unique, short sentence.

N3 is now fully operational

The successful launch of N3, the most advanced version of the Neo blockchain, is a second reason for Neo’s resurgence.

N3 was supposed to go live on August 2, 2021, but the network took a cautious approach to the transition of assets from N2 to N3 to ensure that there were no major bugs or issues with the process.

The codebase was revamped to help Neo compete with other top smart contract platforms as the concept of a smart economy gains traction due to the widespread proliferation of smart devices that transmit data to the web.

NFT and DeFi projects are being launched on N3

A third factor contributing to NEO’s momentum is the launch of multiple nonfungible tokens (NFT) projects on the network now that N3 has been fully launched.

MegaOasis, an NFT marketplace, is the newest addition to the Neo ecosystem, providing community members with access to NFTs created by famous artists that can only be found on the Neo network.

 

‘To the Moon Universe’ is another Neo-based NFT marketplace that has already completed its first NFT auction on N3.

Several DeFi protocols, including Flamingo Finance (FLM), which migrated from N2, and NeoBurger, a newer protocol that launched with the N3 rollout, have also been successful on N3.

Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.

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