NEO price climbs after China’s BSN gives the project the green light on NFT marketplaces
As the field of viable layer-one blockchain protocols continues to expand with newer entrants trying to solve the issue of high transaction costs and slow processing times, older projects find themselves utilizing their history and track record to set themselves apart 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 stage a revival in 2022 as governments around the world slowly open to the fact that blockchains and digital currencies have certain benefits that can be integrated into public and private enterprise.
Data from Cointelegraph Markets Pro and TradingView shows that the price of NEO has climbed 60% since hitting a low of $16.10 on Jan. 24 to hit a daily high of $25.68 on Feb. 11 and the project is once again on the move as its 24-hour trading volume surged 292% on Feb. 17.
Three reasons for the increase in demand for NEO include 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.
The most significant recent development for Neo was an announcement from BSN China that the Neo-powered Jiuquan Chain will be included as one of the ten chains that will form the Chinese mainnet.
Through this integration, citizens in China will now be able to access NFT markets that operate on the BSN Open Permissioned Blockchain (OPB) and remain compliant with Chinese regulations.
As part of this process, NFT’s on BSN are being renamed “Decentralized Digital Certificates” (DDCs) as a way to help differentiate "Chinese NFTs" from those used by the rest of the
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