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3 the clarification why Phantasma (SOUL) is chasing after contemporary all-time highs

3 the clarification why Phantasma (SOUL) is chasing after contemporary all-time highs

Nonfungible tokens (NFTs) and blockchain-primarily based mostly gaming projects noticed a breakout in recognition over the course of 2021. This changed into as soon as in consequence of their standard attraction, which attracted the eye of crypto learners and skilled hodlers alike. This model helped to extra provoke the mass adoption of blockchain technology and from the peep of things, it’s likely to develop at some point soon of 2022. 

One project is making strikes in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes in the creation of SmartNFTs and decentralized gaming capabilities. Its costs focal point on that it’s about to originate a lumber for a brand contemporary all-time excessive. 

Files from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on Dec. 30, the mark of SOUL has climbed 61.73% to a day-to-day excessive at $3.72 on Jan. 3 as its 24-hour procuring and selling volume elevated from a median of $3 million to $12 million.

SOUL/USDT 1-day chart. Source: TradingView

Three causes for the surging mark of SOUL are the launch of so much of contemporary protocols on the Phantasma community, the addition of unsuitable-chain enhance for added than one networks, and the general develop in recognition of NFTs and blockchain-primarily based mostly gaming.

Recent projects launch on Phantasma

Likely the most biggest tendencies to come abet out of the Phantasma ecosystem all the strategy during the last couple of weeks has been the launch of so much of projects on the community. This entails the position-playing card game Blood Rune, the mobile game Ghost Festival and the NFT marketplace GhostMarkets.

The GhostMarket NFT marketplace is currently conducting its preliminary decentralized commerce providing (IDO) on Flamingo Finance and might possibly possibly smooth absorb its GM token available to operate on the six diversified networks that GhostMarket supports, including Ethereum (ETH), Binance Orderly Chain (BSC), Phantasma (SOUL), Avalanche (AVAX), Polygon (MATIC) and NEO N3.

Likely the most principle attracts of the enlighten of Phantasma over other chains is its twin token machine the build SOUL token holders can stake their tokens to manufacture Phantasma Vitality (KCAL). These, in flip, can be liable to pay for transaction charges. This in actuality makes transactions free for SOUL holders.

Phantasma can be certified as a carbon-negative blockchain, which has helped to entice sure attention. This units it rather then other networks bask in Ethereum, which has a notoriously elevated carbon footprint since it makes use of mining.

Unhealthy-chain interoperability

A 2nd reason for the building strength of Phantasma has been the addition of unsuitable-chain interoperability with extra than one blockchain networks including Ethereum, BSC and NEO.

On the 5th day of Christmas #Phantasma provides to you a Layer 1 natty contract ecosystem, 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/vcpXmqO66r

— Phantasma (@PhantasmaChain) December 29, 2021

On high of the addition of interoperability with other networks, the Phantasma chain, itself, is capable of reaching excessive ranges of throughput. Right here is in consequence of the capability to host countless sidechains while the community as a complete benefits from having native oracles built straight into the core of its develop.

With interoperability taking a peep to be thought to be one of the well-known issues in the cryptocurrency ecosystem for 2022, projects which absorb already started making it a focal point of model are inclined to outperform the competitors that doesn’t. This will incentivize crypto customers to develop to be extra and extra proud of transacting across extra than one networks.

Related: Samsung broadcasts NFT platform for natty TVs

NFT and gaming recognition

The third reason for the building strength of Phantasma is the general recognition of gaming and NFT projects as blockchain adoption is on the upward thrust.

Per records from Google Trends, curiosity in NFTs has been rising since early 2021 and hit a height all the strategy through December as Phantasma changed into as soon as introducing contemporary projects and touting its low-cost capabilities.

Curiosity in NFT searches over time. Source: Google Trends

On high of the generalized rise in curiosity in NFTs, standard blockchain-primarily based mostly video games bask in Axie Infinity absorb ended in the emergence of play-to-fabricate video games across the crypto ecosystem. The excessive throughput, low-cost capabilities of Phantasma originate it an unheard of chance for avid gamers taking a peep to maximize their earnings while minimizing transaction costs.

With the curiosity in gaming and NFTs displaying no indicators of disappearing in the finish to future, projects that attention on facilitating their enhance and adoption might possibly possibly proceed to seem for their values rise as NFTs develop to be extra mainstream.

The views and opinions expressed here are completely those of the creator and originate no longer essentially focal point on the views of Cointelegraph.com. Every investment and procuring and selling transfer entails chance, you would smooth habits your fill study when making a resolution.

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