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

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

Nonfungible tokens and blockchain-based video gaming tasks saw a breakout in appeal throughout2021 This was because of their prevalent appeal which drew in the attention of crypto newbies and skilled hodlers alike. This pattern assisted to even more start the mass adoption of blockchain innovation and from the appearance of things, its most likely to extend throughout2022

One job is making relocations in 2022 is Phantasma (SOUL), a layer-one blockchain procedure that focuses on the development of SmartNFTs and decentralized video gaming applications. Its rates show that it’s about to make a run for a brand-new all-time high.

Data from Cointelegraph Markets Pro and TradingView reveals that because striking a low of $2.30 on Dec. 30, the rate of SOUL has actually climbed up 61.73%to a daily high at $3.72 on Jan. 3 as its 24- hour trading volume increased from approximately $3 million to $12 million.

SOUL/USDT 1-day chart. Source: TradingView

Three factors for the surging cost of SOUL are the launch of a number of brand-new procedures on the Phantasma network, the addition of cross-chain assistance for numerous networks, and the total boost in appeal of NFTs and blockchain-based video gaming.

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New tasks introduce on Phantasma

One of the greatest advancements to come out of the Phantasma environment over the previous number of weeks has actually been the launch of numerous jobs on the network. This consists of the role-playing card video game Blood Rune, the mobile video game Ghost Festival and the NFT market GhostMarkets.

The GhostMarket NFT market is presently performing its preliminary decentralized exchange offering (IDO) on Flamingo Finance and will have its GM token offered to run on the 6 various networks that GhostMarket supports, however consisting of Ethereum (ETH), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of the primary draws of utilizing Phantasma over other chains is its double token system where SOUL token holders can stake their tokens to make Phantasma Energy (KCAL). These in turn can be utilized to spend for deal costs. This basically makes deals complimentary for SOUL holders.

Phantasma is likewise licensed as a carbon-negative blockchain which has actually assisted draw in favorable attention. This sets it apart from other networks like Ethereum, which infamously has a greater carbon footprint because it makes use of mining.

Cross-chain interoperability

A 2nd factor for the structure strength of Phantasma has actually been the addition of cross-chain interoperability with numerous blockchain networks consisting of Ethereum, BSC and NEO.

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On the 5th day of Christmas #Phantasma offers to you a Layer 1 clever agreement environment, quad-chain interoperable with $ETH, #BSC and $NEO for fungible tokens and quickly for Non-Fungible Tokens( #NFTs)$ SOUL $BNB #smartNFTs #blockchaingaming #GameFi pic.twitter.com/vcpXmqO66 r

— Phantasma (@PhantasmaChain) December 29, 2021

On top of the addition of interoperability with other networks, the Phantasma chain itself can reaching high levels of throughput. This is because of the capability to host unlimited sidechains while the network as an entire take advantage of having actually native oracles developed straight into the core of its style.

With interoperability seeming among the significant styles in the cryptocurrency community for 2022, jobs that have actually currently begun making it a focus of advancement are most likely to surpass the competitors that does not. This will incentivize crypto users to end up being significantly comfy with negotiating throughout numerous networks.

Related: Samsung reveals NFT platform for wise TVs

NFT and video gaming appeal

The 3rd factor for the structure strength of Phantasma is the general appeal of video gaming and NFT tasks as blockchain adoption is on the increase.

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According to information from Google Trends, interest in NFTs has actually been increasing considering that early 2021 and struck a peak in the middle of December as Phantasma was presenting brand-new jobs and promoting its low-priced abilities.

Interest in NFT searches with time. Source: Google Trends

On top of the generalized increase in interest in NFTs, popular blockchain-based video games like Axie Infinity have actually caused the development of play-to-earn video games throughout the crypto environment. The high throughput, inexpensive abilities of Phantasma make it an appealing choice for players seeking to optimize their profits while decreasing deal expenses.

With the interest in video gaming and NFTs revealing no indications of vanishing in the future, jobs that concentrate on facilitating their development and adoption might continue to see their worths increase as NFTs end up being more traditional.

The views and viewpoints revealed here are entirely those of the author and do not always show the views of Cointelegraph.com. Every financial investment and trading relocation includes threat, you ought to perform your own research study when deciding.

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