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

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Nonfungible tokens and blockchain-based gaming tasks noticed a breakout in popularity over the course of 2021. This was attributable to their widespread enchantment which attracted the eye of crypto newbies and skilled hodlers alike. This development helped to additional provoke the mass adoption of blockchain know-how and from the look of issues, its prone to prolong all through 2022. 

One mission is making strikes in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that makes a speciality of the creation of SmartNFTs and decentralized gaming purposes. Its costs mirror that it is about to make a run for a brand new all-time excessive. 

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Knowledge from Cointelegraph Markets Pro and TradingView exhibits that since hitting a low of $2.30 on Dec. 30, the value of SOUL has climbed 61.73% to a every day excessive at $3.72 on Jan. 3 as its 24-hour buying and selling quantity elevated from a mean of $3 million to $12 million.

SOUL/USDT 1-day chart. Supply: TradingView

Three causes for the surging worth of SOUL are the launch of a number of new protocols on the Phantasma community, the addition of cross-chain assist for a number of networks, and the general enhance in reputation of NFTs and blockchain-based gaming.

New tasks launch on Phantasma

One of many greatest developments to come back out of the Phantasma ecosystem over the previous couple of weeks has been the launch of a number of tasks on the community. This consists of the role-playing card sport Blood Rune, the cell sport Ghost Competition and the NFT market GhostMarkets.

The GhostMarket NFT market is at the moment conducting its preliminary decentralized change providing (IDO) on Flamingo Finance and can have its GM token out there to function on the six completely different networks that GhostMarket helps, however  together with Ethereum (ETH), Binance Good Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of many essential attracts of utilizing Phantasma over different chains is its twin token system the place SOUL token holders can stake their tokens to earn Phantasma Power (KCAL). These in flip can be utilized to pay for transaction charges. This primarily makes transactions free for SOUL holders.

Phantasma can also be licensed as a carbon-negative blockchain which has helped appeal to constructive consideration. This units it other than different networks like Ethereum, which notoriously has the next carbon footprint because it makes use of mining.

Cross-chain interoperability

A second motive for the constructing power of Phantasma has been the addition of cross-chain interoperability with a number of blockchain networks together with Ethereum, BSC and NEO.

On high of the addition of interoperability with different networks, the Phantasma chain itself is able to reaching excessive ranges of throughput. That is as a result of means to host infinite sidechains whereas the community as an entire profit from having native oracles constructed straight into the core of its design.

With interoperability trying to be one of many main themes within the cryptocurrency ecosystem for 2022, tasks which have already began making it a spotlight of growth are prone to outperform the competitors that doesn’t. This may incentivize crypto customers to turn into more and more comfy with transacting throughout a number of networks.

Associated: Samsung announces NFT platform for smart TVs

NFT and gaming reputation

The third motive for the constructing power of Phantasma is the general reputation of gaming and NFT tasks as blockchain adoption is on the rise.

In accordance with information from Google Tendencies, curiosity in NFTs has been rising since early 2021 and hit a peak in the midst of December as Phantasma was introducing new tasks and touting its low-cost capabilities.

Curiosity in NFT searches over time. Supply: Google Tendencies

On high of the generalized rise in curiosity in NFTs, common blockchain-based video games like Axie Infinity have led to the emergence of play-to-earn video games throughout the crypto ecosystem. The excessive throughput, low-cost capabilities of Phantasma make it a pretty possibility for avid gamers trying to maximize their earnings whereas minimizing transaction prices.

With the curiosity in gaming and NFTs displaying no indicators of disappearing within the close to future, tasks that target facilitating their development and adoption may proceed to see their values rise as NFTs turn into extra mainstream.

The views and opinions expressed listed here are solely these of the creator and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer includes threat, it’s best to conduct your personal analysis when making a choice.