NEO’s price has risen as a result of the launch of N3, additional NFT marketplaces, and integration with China’s Blockchain-based Service Network.
The number of layer-1 blockchain protocols that are feasible is growing. Newer entrants are attempting to address the problem of high transaction charges and lengthy processing times.
Older projects are relying on their history and track record to differentiate them. Also, they get a market share that will allow them to survive the next market cycle.
Neo (NEO) meets the criteria outlined above. The initiative is hoping to resurrect in 2022 when governments around the world begin to recognize the benefits of blockchains and digital currency. Both public and private organizations can implement these features.
After hitting a low of $16.10 on Jan. 24, the price of NEO has risen 60% to a daily high of $25.68 on Feb. 11. Now, the project is again on the move, with a 292 percent increase in 24-hour trading volume on February 17.
NEO’s Increased Demand
Three factors caused the increased demand for NEO. China’s Blockchain-based Service Network (BSN) adopted the Neo blockchain. The full rollout of Neo N3 would be another factor. Finally, the launch of numerous non-fungible tokens (NFTs) and decentralized finance (DeFi) initiatives on the network would be the last factor.
The most recent noteworthy Neo development is China’s BSN’s declaration that the Neo-powered Jiuquan Chain will be one of the ten chains that will make up the Chinese mainnet.
Citizens in China will now be able to use NFT marketplaces that run on the BSN Open Permissioned Blockchain while remaining compliant with Chinese rules thanks to this integration.
“Decentralized Digital Certificates” (DDCs) are NFTs on BSN as part of this procedure. It’s a technique of distinguishing “Chinese NFTs” from those used around the world. It’s also worth noting that NFT’s capabilities go beyond simply graphical representations and music recordings.
The Jiuquan Chain integrates the Neo domain. Users will be able to substitute hash strings and difficult wallet addresses with a unique, brief sentence.
Roll Out of N3
The great success of N3, the most powerful version of the Neo blockchain, is a second cause for Neo’s revival.
N3 was supposed to be online on Aug. 2, 2021, but the network adopted a cautious approach to the asset transfer from N2 to N3 to ensure that there were no major problems or concerns.
The concept of the smart economy continues to gain traction. This is all thanks to the mass proliferation of smart devices that communicate data to the web. Moreover, they revamped the codebase to help Neo compete with other leading smart contract platforms.
NFT and DeFi Projects
The introduction of various NFT initiatives on the network now that they completely launched N3 is a third reason that is helping to improve NEO’s momentum.
MegaOasis is an NFT marketplace. It’s the most recent addition to the Neo universe. Furthemore, it gives community members’ access to NFTs developed by well-known artists that are only available on the Neo network.
Another N3-based NFT marketplace that debuted on Neo is ToTheMoon Universe. On N3, it has already finished its first NFT auction.
On N3, they have also successfully launched several DeFi protocols. N2 transferred Flamingo Finance (FLM). Another is NeoBurger, a newer protocol that debuted with the release of N3.