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

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

One venture is making strikes in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that focuses on 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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Information from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $2.30 on Dec. 30, the worth 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 help for a number of networks, and the general improve in recognition of NFTs and blockchain-based gaming.

New initiatives launch on Phantasma

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

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

One of many foremost 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 basically makes transactions free for SOUL holders.

Phantasma can also be licensed as a carbon-negative blockchain which has helped appeal to optimistic consideration. This units it aside from 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 skill to host infinite sidechains whereas the community as a complete profit from having native oracles constructed instantly into the core of its design.

With interoperability seeking to be one of many main themes within the cryptocurrency ecosystem for 2022, initiatives 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 change into more and more snug with transacting throughout a number of networks.

Associated: Samsung announces NFT platform for smart TVs

NFT and gaming recognition

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

Based on information from Google Developments, curiosity in NFTs has been rising since early 2021 and hit a peak in the course of December as Phantasma was introducing new initiatives and touting its low-cost capabilities.

Curiosity in NFT searches over time. Supply: Google Developments

On high of the generalized rise in curiosity in NFTs, fashionable 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 horny choice for players seeking to maximize their earnings whereas minimizing transaction prices.

With the curiosity in gaming and NFTs exhibiting no indicators of disappearing within the close to future, initiatives that concentrate on facilitating their development and adoption might proceed to see their values rise as NFTs change into extra mainstream.

The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Each funding and buying and selling transfer entails danger, it’s best to conduct your individual analysis when making a choice.