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

Nonfungible tokens and blockchain-based gaming projects saw a breakout in popularity over the undertow of 2021. This was due to their widespread request which attracted the sustentation of crypto newbies and experienced hodlers alike. This trend helped to remoter initiate the mass adoption of blockchain technology and from the squint of things, its likely to proffer throughout 2022. 

One project is making moves in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes in the megacosm of SmartNFTs and decentralized gaming applications. Its prices reflect that it’s well-nigh to make a run for a new all-time high. 

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on Dec. 30, the price of SOUL has climbed 61.73% to a daily upper at $3.72 on Jan. 3 as its 24-hour trading volume increased from an stereotype of $3 million to $12 million.

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SOUL/USDT 1-day chart. Source: TradingView

Three reasons for the surging price of SOUL are the launch of several new protocols on the Phantasma network, the wing of cross-chain support for multiple networks, and the overall increase in popularity of NFTs and blockchain-based gaming.

New projects launch on Phantasma

One of the biggest developments to come out of the Phantasma ecosystem over the past couple of weeks has been the launch of several projects on the network. This includes the role-playing vellum game Blood Rune, the mobile game Ghost Festival and the NFT marketplace GhostMarkets.

The GhostMarket NFT marketplace is currently conducting its initial decentralized mart offering (IDO) on Flamingo Finance and will have its GM token misogynist to operate on the six variegated networks that GhostMarket supports, but  including Ethereum (ETH), Binance Smart Uniting (BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of the main draws of using Phantasma over other villenage is its dual token system where SOUL token holders can stake their tokens to earn Phantasma Energy (KCAL). These in turn can be used to pay for transaction fees. This substantially makes transactions self-ruling for SOUL holders.

Phantasma is moreover certified as a carbon-negative blockchain which has helped vamp positive attention. This sets it untied from other networks like Ethereum, which notoriously has a higher stat footprint since it utilizes mining.

Cross-chain interoperability

A second reason for the towers strength of Phantasma has been the wing of cross-chain interoperability with multiple blockchain networks including Ethereum, BSC and NEO.

On top of the wing of interoperability with other networks, the Phantasma uniting itself is capable of reaching upper levels of throughput. This is due to the worthiness to host infinite sidechains while the network as a whole goody from having native oracles built directly into the personnel of its design.

With interoperability looking to be one of the major themes in the cryptocurrency ecosystem for 2022, projects that have once started making it a focus of minutiae are likely to outperform the competition that doesn’t. This will incentivize crypto users to wilt increasingly well-appointed with transacting wideness multiple networks.

Related: Samsung announces NFT platform for smart TVs

NFT and gaming popularity

The third reason for the towers strength of Phantasma is the overall popularity of gaming and NFT projects as blockchain adoption is on the rise.

According to data from Google Trends, interest in NFTs has been rising since early 2021 and hit a peak in the middle of December as Phantasma was introducing new projects and touting its low-cost capabilities.

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Interest in NFT searches over time. Source: Google Trends

On top of the generalized rise in interest in NFTs, popular blockchain-based games like Axie Infinity have led to the emergence of play-to-earn games wideness the crypto ecosystem. The upper throughput, low-cost capabilities of Phantasma make it an lulu option for gamers looking to maximize their earnings while minimizing transaction costs.

With the interest in gaming and NFTs showing no signs of disappearing in the near future, projects that focus on facilitating their growth and adoption could protract to see their values rise as NFTs wilt increasingly mainstream.

The views and opinions expressed here are solely those of the tragedian and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should self-mastery your own research when making a decision.

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