During 2021, non-fungible tokens (NFT) and blockchain-based gaming projects have become widespread. This is due to their widespread appeal, which has caught the attention of both newcomers to cryptocurrency and experienced inventors. This trend has helped start the massive use of blockchain technology, and from that point of view, it will probably last until 2022.
One of the projects taking steps in 2022 is Phantasma (SOUL), a layer 1 blockchain protocol that specializes in building SmartNFT and decentralized gaming applications. Their prices reflect the fact that they are on the verge of reaching a record high.
Data from Cointelegraph Markets Pro and TradingView show that since reaching a low of $ 2.30 on December 30, SOUL has risen 61.73% to a daily high of $ 3.72 on January 3, as 24-hour trading volume increased from an average of $ 3.72 to $ 3 million. up to $ 12 million.
SOUL / USDT 1-day chart. Source: TradingView
Three reasons for the high price of SOUL are the launch of several new protocols on the Phantasma network, the addition of cross-chain support for several networks, and the general increase in popularity of NFT and blockchain-based games.
Launches new projects on Phantasma
One of the biggest developments in the Phantasma ecosystem in the last two weeks has been the launch of several projects online. This includes the Blood Run card game, the Ghost Festival mobile game and the NFT Ghost Markets.
GhostMarket NFT is currently running an initial decentralized exchange offering (IDO) on Flamingo Finance, and the GM token will be available to run on six different GhostMarket supported networks, including Ethereum (ETH), Binance Smart Chain (BSC) and Phantasma (Spirit). ) …), Melting Glacier (AVAX), Polygon (MATIC) and NEO N3.
One of the main benefits of using Phantasma on other chains is its dual token system where SOUL token holders can share their tokens to earn Phantasma Energy (KCAL). These can in turn be used to pay transaction fees. This basically makes transactions free for soulmates.
Phantasma has also been certified as a carbon-negative blockchain, which has helped to attract positive attention. This sets it apart from other networks such as Ethereum, which has a higher carbon footprint as it uses mining.
Interaction between networks
The second reason why Phantasma is becoming strong is to add interoperability across chains with multiple blockchain networks including Ethereum, BSC and NEO.
In addition to adding interoperability with other networks, the Phantasma series itself is capable of achieving high levels of bandwidth. This has to do with the ability to host endless side streams, while the network as a whole benefits from having its own oracle built right into the core of the architecture.
With interoperability set to become one of the main themes in the 2022 cryptocurrency ecosystem, projects that have already begun to turn it into a development hub are likely to outperform competitors that do not. This will stimulate cryptocurrency users to make it more convenient for them to make transactions on multiple networks.
Related: Samsung Announces NFT Platform for Smart TVs
NFT and popular games
The third reason why Phantasma is gaining ground is the general popularity of gaming projects and NFTs as blockchain adoption grows.
Interest in NFT has grown since early 2021 and peaked in mid-December, when Phantasma unveiled new projects and promoted its low-cost features, according to Google Trends.
Interest in NFT research over time. Source: Google Trends.
In addition to the general increase in interest in NFT, popular blockchain-based games such as Axie Infinity have given rise to games where you can make money through the crypto ecosystem. Phantasma’s high performance and low cost make it an attractive option for players who want to maximize the bottom line with the lowest transaction costs.
With interest in games and NFTs that will not fade in the near future, projects to promote their growth and adoption may continue to grow as NFTs become more widespread.