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

Over the course of 2021, nonfungible tokens and blockchain-based game initiatives enjoyed a surge in popularity. This was owing to their extensive appeal, which drew in both cryptocurrency beginners and seasoned hodlers. This tendency aided in the mass acceptance of blockchain technology, and it appears that it will continue beyond 2022.

Phantasma (SOUL), a layer-one blockchain technology that specialises in the establishment of SmartNFTs and decentralised gaming applications, is one project making waves in 2022. Its pricing indicate that it is on the verge of setting a new all-time high.

Since hitting a low of $2.30 on Dec. 30, the price of SOUL has risen 61.73 percent to a daily high of $3.72 on Jan. 3, while its 24-hour trading volume has soared from an average of $3 million to $12 million, according to data.

The launch of various new protocols on the Phantasma network, the addition of cross-chain functionality for multiple networks, and the overall increase in popularity of NFTs and blockchain-based gaming are three causes for the SOUL price increase.

New projects launch on Phantasma

The introduction of various projects on the Phantasma network has been one of the most significant developments in the ecosystem in recent weeks. The role-playing card game Blood Rune, the smartphone game Ghost Festival, and the NFT marketplace GhostMarkets are all examples of this.

The GhostMarket NFT marketplace is currently conducting its initial decentralised exchange offering (IDO) on Flamingo Finance, and its GM token will be available for use on the six GhostMarket supported networks, which include Ethereum (ETH), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon, and NEO N3.

One of the biggest advantages of Phantasma over other networks is its dual token system, which allows SOUL token holders to stake their tokens in exchange for Phantasma Energy (KCAL). These can then be used to cover transaction costs. SOUL holders will be able to conduct transactions for free as a result of this.

Phantasma is also a carbon-neutral blockchain, which has aided in gaining positive attention. This distinguishes it from other networks such as Ethereum, which is known for having a bigger carbon impact due to its mining.

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Cross Chain Interoperability

The addition of cross-chain compatibility with many blockchain networks, including Ethereum, BSC, and NEO, is a second cause for Phantasma’s growing power.

In addition to interoperability with other networks, the Phantasma chain can achieve significant levels of throughput on its own. This is owing to the network’s ability to support limitless sidechains, as well as the fact that native oracles are integrated right into the heart of its design.

Interoperability is expected to be one of the primary themes in the bitcoin ecosystem in 2022, thus projects who have already started focusing on it are likely to beat those that haven’t. Crypto users will be encouraged to become more comfortable transacting across numerous networks as a result of this.

NFT and Gaming Popularity

The third reason for Phantasma’s increasing power is the growing popularity of gaming and NFT projects as blockchain use increases.

Interest in NFTs has been building since early 2021, according to Google Trends, and peaked in the middle of December, when Phantasma was presenting new projects and advertising its low-cost capabilities.

Popular blockchain-based games like Axie Infinity have led to the growth of play-to-earn games across the crypto ecosystem, on top of the overall rise in interest in NFTs. Phantasma’s high throughput and low transaction costs make it an appealing alternative for gamers trying to maximise their winnings while lowering transaction expenses.

With the popularity of gaming and NFTs showing no signs of waning in the foreseeable future, projects aimed at enabling their growth and adoption may see their worth climb as NFTs become more mainstream.