Neo Price (NEO/USD) Recorded Some Significant Gains Attributed To The Developments Happening Across The Neo Ecosystem

The price of NEO is up about 60% from its January 24 lows and hits a daily high of $25.68 in February. On February 17, token trading volumes increased by 292% in 24 hours. One of the major developments related to Neo is the announcement that Neo will be added to China's Blockchain Service Network (BSN). It will be one of ten blockchains in BSN.

Chinese citizens will use BSN to access non-fungible token (NFT) markets that comply with the country's laws. China plans to differentiate its NFTs from others in the market by calling them “decentralized digital certificates.” The integration will also affect the Neo domain name service. This will allow users to access simple wallet addresses, which will be easier to use as they will now use unique short sentences.

Neo's growth is also linked to the successful launch of N3. Neo launched N3 in August 2021, but migrating assets to N3 was a slow and carefully considered process to reduce the risk of vulnerabilities. N3 is now fully launched, which is fuelling the adoption of the network by NFT projects. MegaOasis, an NFT marketplace, has recently launched in the Neo ecosystem. This marketplace allows community members to access NFTs designed by top artists. Another NFT marketplace that also launched on N3 is ToTheMoon Universe. The marketplace has already run its first blockchain NFT auction.

Image: Medium