The launch of N3, the new NFT marketplace, and integration with China’s blockchain-based service network is driving NEO price up.

As the field of Layer 1 blockchain protocols continues to grow with new market entrants trying to solve the problem of high transaction costs and slow processing times, legacy projects are using history and records to differentiate themselves and maintain market share to do so to ensure survival in the next market cycle.

Neo (NEO) is meeting the condition outlined above and is attempting to recover in 2022 as governments around the world begin to accept the fact that blockchain and digital currencies have benefits and opportunities, certain capabilities that will be incorporated into public and private businesses be able.

Data from TradingView shows that NEO price up 60% since its bottom of $16.1 on Jan. 24, hitting an intraday high of $25.68 on Feb. 17.

NEO/USD 4 hour chart | Source: TradingView

The three reasons behind the rise of NEO are the adoption of the Neo blockchain by China’s blockchain-based Services Network (BSN), the full implementation of Neo N3, and the launch of multiple NFTs and DeFi projects on the network.

Acceptance of BSN

The most notable recent development from Neo is a notification by China’s BSN that Neo-powered Jiuquan chain will be included as one of ten chains that will make up China’s mainnet.

“We are excited to announce that the Neo blockchain will be the framework provider at the BSN DDC! Users can now digitize and automate wealth management through smart contracts powered by NEO.”

With this integration, citizens in China can now access BSN-approved blockchain-powered NFT markets and comply with Chinese regulations.

As part of this process, the NFTs on the BSN will be renamed “Decentralized Digital Certificates (DDC)” to distinguish the “NFT of China” from the NFTs used by the rest of the world and emphasizes the utility of NFT transitions simple graphic images or music titles.

Jiuquan Chain will also integrate with the Neo domain name service, allowing users to choose a unique, short phrase to replace complex hash strings and wallet addresses.

Release N3 full version

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

N3 originally went live on August 2nd, 2021 but has taken a measured approach to the asset migration from N2 to N3 to ensure there are no major bugs or issues.

Codebase improvements have been made to help Neo compete with other leading smart contract platforms as the concept of a smart economy continues to gain traction thanks to the widespread proliferation of smart devices and data transmissions onto the internet.

Launch NFT and DeFi projects on N3

The third factor that gave NEO a boost was the launch of several NFT projects on the N3 network.

MegaOasis, an NFT marketplace, is the newest addition to the Neo ecosystem, offering community members access to NFTs created by well-known artists and exclusive to the Neo network.

“Mega Oasis, an NFT marketplace designed to give collectors access to unique NFTs crafted specifically for the platform, launches February 14. It will begin selling Meta Panacea, a collection by famed artist Zhenchen Liu.”

ToTheMoon Universe is another N3-based NFT marketplace that launched on Neo and completed its first NFT auction on N3.

Several DeFi protocols have also been successfully launched on N3, including Flamingo Finance (FLM), which was ported from N2, and NeoBurger, a newer protocol launched with the N3 implementation.

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