The price of NEO climbed by 6.2% over the last 24 hours to US$25.13 on Thursday morning Asia time, following China-based Neo’s Tuesday announcement of its Jiuquan Chain’s integration to China’s state-backed blockchain network.
See related article: BSN to integrate Neo’s chain to bolster NFT issuance in China
NEO hit a daily high of US$25.88 on Thursday from US$20.87 on Tuesday, recovering from a low of US$16.25 on Jan. 24, according to CoinGecko.
China has not banned NFTs as it did with crypto, but warnings directing from state-owned media organizations have diverted local businesses from the term “NFTs” to “digital collectibles.”
Neo’s token price bump since its jump into the local “digital collectibles” market comes as cryptocurrencies categorized under NFT coins dropped by 1% over the past 24 hours.
See related article: China’s BSN names eight partners for its non-crypto NFT platform