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

Non-fungible tokens and blockchain-based gambling projects enjoyed great popularity over the course of 2021. This was due to its great appeal, which attracted the attention of both crypto newbies and seasoned users. This trend helped usher in the mass adoption of blockchain technology and it looks like it is likely to continue through 2022.

One of the projects that is taking steps in 2022 is Phantasm (SOUL), a layer-one blockchain protocol that specializes in building SmartNFTs and decentralized gaming applications. The prices reflect that it is on the verge of racing to a new all-time high.

Data from Cointelegraph Markets Pro and TradingView show that Since its low of $ 2.30 on December 30th, SOUL has risen 61.73% to hit a daily high of $ 3.72 on January 3rd. as the daily trading volume increased from an average of USD 3 million to USD 12 million.

SOUL / USDT 1 day chart. Source: TradingView
3 reasons Phantasma (SOUL) is chasing new all-time highs
3 reasons Phantasma (SOUL) is chasing new all-time highs

There are three reasons for the SOUL price increase the introduction of several new protocols on the Phantasma network, the addition of cross-chain support for multiple networks, and the general increase in the popularity of NFTs and blockchain-based games.

Start of new projects in Phantasma

One of the biggest advances in the Phantasm Ecosystem in the past two weeks has been the launch of several projects on the internet. Including the role-playing card game Blood rune, the mobile game Ghost Festival and the NFT market, Â GhostMarkets.

GhostMarket is conducting its first decentralized exchange offering (IDO) with Flamingo Finance and will make its GM token available for operation in the six different networks that GhostMarket supports. but including Ethereum (ETH), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of the main attractions of using Phantasma instead of other chains is the dual token system where SOUL token holders can use their tokens to win Phantasma Energy (KCAL). These in turn can be used to pay transaction fees. This makes transactions free for SOUL holders.

Phantasma is also certified as a carbon negative blockchain which has helped attract positive attention. This sets it apart from other networks like Ethereum, which is known to have a higher carbon footprint because it uses mining.

Interoperability between chains

A second reason for building the Phantasma troop was the cross-chain interoperability with several blockchain networks, including Ethereum, BSC and NEO.

In addition to interoperability with other networks, the Phantasma chain itself is able to achieve a high level of performance. This is due to the ability to host infinite sidechains, while the network as a whole benefits from having native oracles built right into the core of its design.

Given that interoperability will be one of the main themes of the cryptocurrency ecosystem in 2022, projects that have already started making it a development focus are likely to outperform the competition that don’t. This will encourage cryptocurrency users to become increasingly familiar with transactions across multiple networks.

NFT and the popularity of games

The third reason for building the Phantasmic Force is the general popularity of gaming and NFT projects as the adoption of blockchain technology is on the rise.

According to Google Trends data, interest in NFTs has increased since early 2021 and peaked in mid-December when Phantasma launched new projects and touted its low-cost capabilities.

Interest in NFT searches over time. Source: Google Trends

In addition to widespread interest in NFTs, popular blockchain-based games like Axie Infinity have led to the emergence of play-to-earn games across the cryptocurrency ecosystem. Phantasma’s high performance and low cost make it an attractive option for players looking to maximize their winnings while minimizing transaction costs.

With interest in games and NFTs not waning anytime soon, projects focused on fueling their growth and adoption could see their values ​​continue to rise as NFTs become something else.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph.com. Every movement of investment and trade carries a risk, you must conduct your own investigation when making a decision.

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