3 reasons why Phantasma (SOUL) is chasing after new all-time highs

2 years ago

Nonfungible tokens (NFTs) and blockchain-based gaming projects saw a breakout successful popularity implicit the people of 2021. This was owed to their wide appeal, which attracted the attraction of crypto newbies and experienced hodlers alike. This inclination helped to further initiate the wide adoption of blockchain exertion and from the look of things, it's apt to widen passim 2022.

One task is making moves successful 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes successful the instauration of SmartNFTs and decentralized gaming applications. Its prices bespeak that it's astir to marque a tally for a caller all-time high.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a debased of $2.30 connected Dec. 30, the terms of SOUL has climbed 61.73% to a regular precocious astatine $3.72 connected Jan. 3 arsenic its 24-hour trading measurement accrued from an mean of $3 cardinal to $12 million.

Three reasons for the surging terms of SOUL are the motorboat of respective caller protocols connected the Phantasma network, the summation of cross-chain enactment for aggregate networks, and the wide summation successful popularity of NFTs and blockchain-based gaming.

New projects motorboat connected Phantasma

One of the biggest developments to travel retired of the Phantasma ecosystem implicit the past mates of weeks has been the motorboat of respective projects connected the network. This includes the role-playing paper crippled Blood Rune, the mobile crippled Ghost Festival and the NFT marketplace GhostMarkets.

The GhostMarket NFT marketplace is presently conducting its archetypal decentralized speech offering (IDO) connected Flamingo Finance and volition person its GM token disposable to run connected the six antithetic networks that GhostMarket supports, including Ethereum (ETH), Binance Smart Chain (BSC), Phantasma (SOUL), Avalanche (AVAX), Polygon (MATIC) and NEO N3.

One of the main draws of utilizing Phantasma implicit different chains is its dual token strategy wherever SOUL token holders tin involvement their tokens to gain Phantasma Energy (KCAL). These, successful turn, tin beryllium utilized to wage for transaction fees. This fundamentally makes transactions escaped for SOUL holders.

Phantasma is besides certified arsenic a carbon-negative blockchain, which has helped to pull affirmative attention. This sets it isolated from different networks similar Ethereum, which has a notoriously higher c footprint since it utilizes mining.

Cross-chain interoperability

A 2nd crushed for the gathering spot of Phantasma has been the summation of cross-chain interoperability with aggregate blockchain networks including Ethereum, BSC and NEO.

On the 5th time of Christmas #Phantasma gives to you a Layer 1 astute declaration ecosystem, quad-chain interoperable with $ETH, #BSC and $NEO for fungible tokens and soon for Non-Fungible Tokens(#NFTs)$SOUL $BNB #smartNFTs #blockchaingaming #GameFi pic.twitter.com/vcpXmqO66r

— Phantasma (@PhantasmaChain) December 29, 2021

On apical of the summation of interoperability with different networks, the Phantasma chain, itself, is susceptible of reaching precocious levels of throughput. This is owed to the quality to big infinite sidechains portion the web arsenic a full benefits from having autochthonal oracles built straight into the halfway of its design.

With interoperability looking to beryllium 1 of the large themes successful the cryptocurrency ecosystem for 2022, projects that person already started making it a absorption of improvement are apt to outperform the contention that doesn’t. This volition incentivize crypto users to go progressively comfy with transacting crossed aggregate networks.

NFT and gaming popularity

The 3rd crushed for the gathering spot of Phantasma is the wide popularity of gaming and NFT projects arsenic blockchain adoption is connected the rise.

According to information from Google Trends, involvement successful NFTs has been rising since aboriginal 2021 and deed a highest successful the mediate of December arsenic Phantasma was introducing caller projects and touting its low-cost capabilities.

On apical of the generalized emergence successful involvement successful NFTs, fashionable blockchain-based games similar Axie Infinity person led to the emergence of play-to-earn games crossed the crypto ecosystem. The precocious throughput, low-cost capabilities of Phantasma marque it an charismatic enactment for gamers looking to maximize their net portion minimizing transaction costs.

With the involvement successful gaming and NFTs showing nary signs of disappearing successful the adjacent future, projects that absorption connected facilitating their maturation and adoption could proceed to spot their values emergence arsenic NFTs go much mainstream.

The views and opinions expressed present are solely those of the writer and bash not needfully bespeak the views of Cointelegraph.com. Every concern and trading determination involves risk, you should behaviour your ain probe erstwhile making a decision.

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