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

The popularity of blockchain-based gaming and nonfungible tokens exploded in 2021. Their widespread appeal attracted both crypto novices and seasoned hodlers. This trend helped further encourage widespread adoption of blockchain technology, and it looks like it will continue into 2022.

Phantasma is a layer-one crypto protocol that specializes on the creation of SmartNFTs, decentralized gaming apps and other blockchain projects. Its prices indicate that it is on the verge of a new record.

Cointelegraph Markets Pro and TradingView data show that SOUL’s price has risen 61.73% since Dec. 30 when it was at $2.30. It is now at $3.72 per day on Jan. 3. The SOUL trading volume has increased from $3 million to $12,000,000 each hour.

SOUL/USDT 1-day chart. Source: TradingView

The three main reasons SOUL has been rising in price are: the launch of new protocols on Phantasma, cross-chain support and the popularity of NFTs, blockchain-based gaming, and the launch of several other protocols.

Phantasma launches new projects

The launch of multiple projects on Phantasma’s network has been one of the most significant developments in the Phantasma ecosystem. These include the role-playing game Blood Rune and the mobile game Ghost Festival.

GhostMarket NFT marketplace is currently running its first decentralized exchange offering (IDO), on Flamingo Finance. It will also have its GM token available for use on six networks GhostMarket supports, including Ethereum (ETH), Binance Smart Chain(BSC), Phantasma (Phantasma), Avalanche and Polygon.

The dual token system, where SOUL token holders can stake tokens to earn Phantasma Energy or KCAL, is one of the major advantages of Phantasma over all other chains. These tokens can then be used to pay transaction fees. Transactions are thus free for SOUL holders.

Phantasma has been certified as a carbon negative blockchain, which has attracted positive attention. This distinguishes it from Ethereum, which has a notoriously higher carbon footprint because it uses mining.

Cross-chain interoperability

The addition of cross-chain interoperability between multiple blockchain networks, including Ethereum, BSC, and NEO has also contributed to Phantasma’s strength.

On the 5th day of Christmas #Phantasma gives to you a Layer 1 smart contract ecosystem, quad-chain interoperable with $ETH, #BSC and $NEO for fungible tokens and soon for Non-Fungible Tokens(#NFTs)$SOUL $BNB #smartNFTs #blockchaingaming #GameFi pic.twitter.com/vcpXmqO66r
— Phantasma (@PhantasmaChain) December 29, 2021

The Phantasma network is capable of high throughput, in addition to interoperability with other networks. This is because the Phantasma chain can host infinite sidechains, while the network as whole benefits from native oracles integrated directly into its core.

Interoperability is expected to be a major theme in the cryptocurrency ecosystem by 2022. Projects that make it a priority for development will likely outperform those that don’t. This will encourage crypto users to feel more comfortable transacting across networks.

Related: Samsung Announces NFT Platform for Smart TVs

Gaming and NFT are very popular

A third reason that Phantasma has grown in strength is its popularity with NFT and gaming projects. Blockchain adoption is also on the rise.

Google Trends data shows that interest in NFTs is on the rise since early 2021. It reached its peak in December when Phantasma introduced new projects and touted its low-cost capabilities.

Interest in NFT search over time. Source: Google Trends

In addition to the rising interest in NFTs, popular crypto-based games such as Axie Infinity and others have led to the rise of play-to earn games in the crypto ecosystem. Phantasma’s low cost and high throughput make it a popular choice for gamers who want to maximize their earnings and minimize transaction costs.

Projects that are focused on NFTs and gaming will continue to be popular as NFTs become more mainstream.

com. You should do your research before making any investment or trading decision.

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Eileen Wilson

Eileen Wilson –Technology and Energy My Name is Eileen Wilson with more than 5 years of experience in the Stock market industry, I am energetic about Technology news, started my career as an author then, later climbing my way up towards success into senior positions. I can consider myself as the backbone behind the success and growth of topmagazinewire.com with a dream to expand the reach out of the industry on a global scale. I am also a contributor and an editor of the Technology and Energy category. I experienced a critical analysis of companies and extracted the most noteworthy information for our vibrant investor network.

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