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 because of 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 undertaking 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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Knowledge 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 day by 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 value 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 enhance in reputation of NFTs and blockchain-based gaming.

New initiatives launch on Phantasma

One of many largest 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 present conducting its preliminary decentralized trade providing (IDO) on Flamingo Finance and could have its GM token out there to function on the six completely different networks that GhostMarket helps, however  together with Ethereum (ETH), Binance Sensible Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.

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

Phantasma can be licensed as a carbon-negative blockchain which has helped appeal to constructive 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 purpose 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 prime 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 an entire profit from having native oracles constructed straight 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. It will incentivize crypto customers to grow to be 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 purpose for the constructing power of Phantasma is the general reputation of gaming and NFT initiatives as blockchain adoption is on the rise.

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

Curiosity in NFT searches over time. Supply: Google Developments

On prime of the generalized rise in curiosity in NFTs, standard 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 beautiful choice for avid gamers seeking 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, initiatives that target facilitating their progress and adoption may proceed to see their values rise as NFTs grow to be extra mainstream.

The views and opinions expressed listed here 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, you must conduct your personal analysis when making a choice.