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

Nonfungible tokens and blockchain-based video gaming jobs saw a breakout in appeal throughout 2021. This was because of their prevalent appeal which brought in the attention of crypto newbies and knowledgeable 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 throughout 2022.

One job is making relocations in 2022 is Phantasma (SOUL), a layer-one blockchain procedure that focuses on the development of Smart NFTs 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 considering that striking a low of $2.30 onDec 30, the rate of SOUL has actually climbed up 61.73% to a daily high at $3.72 onJan 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 rate of SOUL are the launch of numerous brand-new procedures on the Phantasma network, the addition of cross-chain assistance for several networks, and the general boost in appeal of NFTs and blockchain-based video gaming.

New jobs introduce on Phantasma

One of the most significant 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 Ghost Market 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 Ghost Market 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 charges. This basically makes deals totally free for SOUL holders.

Phantasma is likewise accredited as a carbon-negative blockchain which has actually assisted bring in favorable attention. This sets it apart from other networks like Ethereum, which infamously has a greater carbon footprint considering that it uses mining.

Cross- chain interoperability

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

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 environment for 2022, jobs that have actually currently begun making it a focus of advancement are most likely to exceed the competitors that does not. This will incentivize crypto users to end up being significantly comfy with negotiating throughout several networks.

Related: Samsung reveals NFT platform for clever TVs

NFT and video gaming appeal

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

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, low-priced abilities of Phantasma make it an appealing alternative 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 viewpoints and views revealed here are exclusively those of the author and do not always show the views ofCointelegraph com. Every financial investment and trading relocation includes danger, you ought to perform your own research study when deciding.



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