Non-fungible tokens and blockchain-based gaming projects saw a breakout in popularity during 2021. It was because of their wide appeal that caught the attention of crypto newbies and seasoned hodlers alike. This trend helped drive the mass adoption of blockchain technology and, from the looks of things, it is likely to expand through 2022.
There is a project underway in 2022, Phantasma (SOUL), a layer-one blockchain protocol that specializes in building SmartNFT and decentralized gaming applications. Its prices indicate that it is about to race towards a new all-time high.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on December 30th, SOUL price has climbed 61.73% to a daily high of $3.72 on January 3, as it reached a daily high of $3.72. Hourly trading volume has increased above average. $3 million to $12 million.
Three reasons for the rising price of SOUL are the launch of several new protocols on the Phantasma network, cross-chain support for multiple networks, and the overall increase in the popularity of NFTs and blockchain-based gaming.
Phantasma. new project launch
One of the biggest developments to come out of the Phantasma ecosystem over the past few weeks is the launch of multiple projects on the network. Includes role-playing card game blood rune, mobile game Ghost Festival and NFT Marketplace Ghostmarkets.
Ghostmarket NFT Marketplace is currently conducting its Initial Decentralized Exchange Offering (IDO) on Flamingo Finance and its GM tokens will be available to operate on six different networks supported by Ghostmarkets, but also Ethereum (ETH), Binance Smart Chain ( BSc), including Phantasma, Avalanche, Polygon and NEO N3.
One of the main draws of using Phantasma over other chains 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 essentially makes transactions free for SOUL holders.
Phantasma has also been certified as a carbon-negative blockchain which has helped garner positive attention. This sets it apart from other networks such as Ethereum, which has a notoriously high carbon footprint because it uses mining.
cross-chain interoperability
Another reason for the strength of Phantasma’s creation is the addition of cross-chain interoperability with multiple blockchain networks, including Ethereum, BSC, and NEO.
5th day of christmas #Phantasma Gives you a Layer 1 smart contract ecosystem, with quad-chain interoperable $ETH, #BSc And $NEO For non-fungible tokens and soon for non-fungible tokens (#nft,$SOUL $bnb #SmartNFT #blockchaingaming #gamefi pic.twitter.com/vcpXmqO66r
— Phantasma (@PhantasmaChain) December 29, 2021
In addition to adding interoperability with other networks, the Phantasma series itself is capable of reaching high levels of throughput. This is due to the ability to host infinite sidechains, while the network benefits from having a native oracle built directly into the core of its design.
With interoperability being one of the key themes in the cryptocurrency ecosystem for 2022, projects that have made it the focus of development may outperform the competition that does not. This will encourage crypto users to become increasingly comfortable with transactions across multiple networks.
related: Samsung announces NFT platform for Smart TVs
NFT and gaming popularity
The third reason why Phantasma is building strength is the overall popularity of gaming and NFT projects as blockchain adoption continues to grow.
According to data from Google Trends, interest in NFTs has been increasing since early 2021 and peaked in mid-December as Phantasma launches new projects and taps into its low-cost capabilities.
On top of the generalized increase in interest in NFTs, popular blockchain-based games such as Axi Infinity has led to the rise of a play-to-earn game in the crypto ecosystem. Phantasma’s high throughput, low-cost capabilities make it an attractive option for gamers who want to maximize their earnings while minimizing transaction costs.
With interest in gaming and NFTs showing no signs of disappearing in the near future, projects that focus on facilitating their growth and adoption may continue to rise in value as NFTs become more mainstream. .
The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, so you should do your own research when making a decision.
