3 reasons why Phantasma (SOUL) is chasing record highs

Irreplaceable tokens and blockchain-based game projects Popularity breakthrough in 2021This is due to their broad appeal that has attracted the attention of novices and experienced holders of cryptocurrencies. This trend helps to further promote the large-scale adoption of blockchain technology, and on the surface, it may continue until 2022.

One project to take action in 2022 is Phantasma (SOUL), a first-layer blockchain protocol dedicated to the creation of SmartNFT and decentralized gaming applications. Its price reflects that it is about to hit a record high.

Data from Cointelegraph Markets Pro and Transaction view Shows that since hitting a low of $2.30 on December 30, as its 24-hour trading volume increased from an average of $3 million to $12 million, the price of SOUL has risen by 61.73% to the daily high of 3.72 on January 3 Dollar.

SOUL/USDT 1-day chart. Source: TradingView

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

New project launched on Phantasma

In the past few weeks, one of the biggest developments in the Phantasma ecosystem has been the launch of several projects on the web.This includes role-playing card games Blood rune, mobile game Midyear Festival And GhostMarkets, the NFT market.

The GhostMarket NFT market is currently conducting its initial decentralized exchange product (IDO) on Flamingo Finance, and its GM tokens can be used to run on six different networks supported by GhostMarket, but including Ethereum (Ethereum), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of the main attractions of using Phantasma over other chains is its dual token system, where SOUL token holders can pledge their tokens to earn Phantasma Energy (KCAL). These in turn can be used to pay transaction fees. This essentially allows SOUL holders to trade for free.

Phantasma is also certified as a negative carbon blockchain, which helps attract positive attention. This sets it apart from other networks such as Ethereum, as it uses mining and is therefore known to have a higher carbon footprint.

Cross-chain interoperability

The second reason for Phantasma’s strength is to increase cross-chain interoperability with multiple blockchain networks including Ethereum, BSC and NEO.

In addition to interoperability with other networks, the Phantasma chain itself can also achieve high levels of throughput. This is because it can host unlimited side chains, and the entire network benefits from building native oracles directly into its design core.

As interoperability is expected to become one of the main themes of the cryptocurrency ecosystem in 2022, projects that have already begun to make it a development focus may outperform other competitions that do not. This will incentivize crypto users to become more accustomed to transacting across multiple networks.

related: Samsung announces the launch of the NFT platform for smart TVs

NFT and game popularity

The third reason for Phantasma’s strength is the overall popularity of games and NFT projects as the adoption rate of blockchain rises.

According to data from Google Trends, since the beginning of 2021, interest in NFTs has been on the rise and peaked in mid-December as Phantasma is launching new projects and promoting its low-cost features.

Interest in NFT search over time.Source: Google Trends

In addition to the general rise in interest in NFTs, popular blockchain-based games such as Axie Infinity have also led to the emergence of money-making games in the entire crypto ecosystem. Phantasma’s high throughput and low cost capabilities make it an attractive choice for gamers seeking to maximize revenue while minimizing transaction costs.

As interest in games and NFTs shows no signs of disappearing in the near future, and as NFTs become more mainstream, projects focused on promoting their growth and adoption may continue to see their value rise.

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