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

Nonfungible tokens ( NFTs ) and blockchain-based gambling projects saw a break in popularity over the naturally of 2021. This was ascribable to their far-flung solicitation, which attracted the attention of crypto newbies and experienced hodlers alike. This swerve helped to further initiate the mass adoption of blockchain engineering and from the attend of things, it ‘s likely to extend throughout 2022. One project is making moves in 2022 is Phantasma ( SOUL ), a layer-one blockchain protocol that specializes in the creation of SmartNFTs and decentralized gambling applications. Its prices reflect that it ‘s about to make a run for a modern all-time high. Data from Cointelegraph Markets Pro and TradingView shows that since hitting a gloomy of $ 2.30 on Dec. 30, the price of SOUL has climbed 61.73 % to a day by day high at $ 3.72 on Jan. 3 as its 24-hour trade volume increased from an modal of $ 3 million to $ 12 million .SOUL/USDT 1-day chart. Source: TradingView Three reasons for the scend price of SOUL are the establish of several new protocols on the Phantasma network, the addition of cross-chain support for multiple networks, and the overall increase in popularity of NFTs and blockchain-based bet on.

New projects launch on Phantasma

One of the biggest developments to come out of the Phantasma ecosystem over the past copulate of weeks has been the launch of several projects on the network. This includes the role-playing tease game Blood Rune, the mobile game Ghost Festival and the NFT marketplace GhostMarkets. The GhostMarket NFT marketplace is presently conducting its initial decentralize exchange oblation ( IDO ) on Flamingo Finance and will have its GM token available to operate on the six different networks that GhostMarket supports, including Ethereum ( ETH ), Binance Smart Chain ( BSC ), Phantasma ( SOUL ), Avalanche ( AVAX ), Polygon ( MATIC ) and NEO N3. One of the main draw of using Phantasma over other chains is its dual token organization where SOUL token holders can post their tokens to earn Phantasma Energy ( KCAL ). These, in turn, can be used to pay for transaction fees. This basically makes transactions free for SOUL holders. Phantasma is besides certified as a carbon-negative blockchain, which has helped to attract positive attention. This sets it apart from other networks like Ethereum, which has a notoriously higher carbon paper footprint since it utilizes mining .

Cross-chain interoperability

A second reason for the build military capability of Phantasma has been the addition of cross-chain interoperability with multiple blockchain networks including Ethereum, BSC and NEO.

On top of the addition of interoperability with other networks, the Phantasma range, itself, is capable of reaching high levels of throughput. This is due to the ability to host infinite sidechains while the network as a unharmed benefits from having native oracles built directly into the core of its design. With interoperability looking to be one of the major themes in the cryptocurrency ecosystem for 2022, projects that have already started making it a focus of exploitation are likely to outperform the contest that doesn ’ deoxythymidine monophosphate. This will incentivize crypto users to become increasingly comfortable with transacting across multiple networks. Related: Samsung announces NFT platform for smart TVs

NFT and gaming popularity

The third rationality for the build potency of Phantasma is the overall popularity of gambling and NFT projects as blockchain adoption is on the rise. According to data from Google Trends, interest in NFTs has been rising since early 2021 and hit a peak in the middle of December as Phantasma was introducing new projects and touting its low-cost capabilities.

Interest in NFT searches over time. Source: Google Trends On top of the generalize get up in interest in NFTs, popular blockchain-based games like Axie Infinity have led to the emergence of play-to-earn games across the crypto ecosystem. The high throughput, low-cost capabilities of Phantasma make it an attractive option for gamers looking to maximize their earnings while minimizing transaction costs. With the matter to in gaming and NFTs showing no signs of disappearing in the about future, projects that focus on facilitating their growth and adoption could continue to see their values rise as NFTs become more mainstream. The views and opinions expressed here are entirely those of the writer and do not necessarily reflect the views of Cointelegraph.com. Every investment and trade move involves risk, you should conduct your own inquiry when making a decision .

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