Non-fungible tokens and blockchain-based gaming projects experienced huge popularity over the course of 2021 . This was due to its great appeal, which attracted the attention of both crypto newbies and seasoned ones. This trend helped initiate the mass adoption of blockchain technology and, from the looks of it, it is likely to spread throughout 2022.
One of the projects that is taking steps in 2022 is Phantasma (SOUL), a layer one blockchain protocol that specializes in creating SmartNFTs and decentralized gaming applications. Its prices reflect that it is about to make a run towards a new all-time high.
Data from Cointelegraph Markets Pro and TradingView show that since hitting a low of $ 2.30 on Dec 30, SOUL’s price is up 61.73% until reaching a daily high of USD 3.72 on January 3, as its daily trade volume increased from an average of USD 3 million to USD 12 million.
Three reasons for the SOUL price increase are the launch of several new protocols on the Phantasma network, the addition of cross-chain support for multiple networks, and the general rise in popularity of NFTs and blockchain-based games.
Launch of new projects in Phantasma
One of the greatest advances of the Phantasma ecosystem in the last two weeks has been the launch of several projects on the network. Among them, the role-playing card game Blood Rune , the mobile game Ghost Festival and the market of NFT, GhostMarkets.
GhostMarket is conducting its initial exchange offering decentralized (IDO) in Flamingo Finance and will have its GM token available to operate on the six different networks that GhostMarket supports, but including Ethereum ( ETH ), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.
One of the main attractions of using Phantasma instead of other chains is its dual token system, in the that SOUL token holders can stake their tokens to win Phantasma Energy (KCAL). These, in turn, can be used to pay transaction fees. This makes transactions free for SOUL holders.
Phantasma is also certified as a carbon negative blockchain, which has helped attract positive attention. This differentiates it from other networks such as Ethereum, which notoriously has a higher carbon footprint since it uses mining.
Interoperability between strings
A second reason for strength building Phantasma’s has been adding cross-chain interoperability with multiple blockchain networks including Ethereum, BSC, and NEO.
On the 5th day of Christmas # Phantasma gives to you a Layer 1 smart contract ecosystem , quad-chain interoperable with $ ETH , # BSC and $ NEO for fungible tokens and soon for Non-Fungible Tokens ( # NFTs ) $ SOUL $ BNB # smartNFTs # blockchaingaming # GameFi pic.twitter.com/vcpXmqO66r
— Phantasma ( @PhantasmaChain) December 29, 2021
In addition to adding interoperability with other networks, the Phantasma chain itself is capable of reaching high levels of performance. This is due to the ability to host infinite sidechains, while the network as a whole benefits from having native oracles built right into the core of its design.
Since interoperability will be one of the main themes of the cryptocurrency ecosystem in 2022, Projects that have already started to make it a focus of development are likely to outperform the competition that does not. This will incentivize cryptocurrency users to become increasingly comfortable with transactions across multiple networks.
NFT and the popularity of games
The third reason for the Building the strength of Phantasma is the general popularity of gaming and NFT projects, since the adoption of Blockchain technology is on the rise.
According to According to Google Trends data, interest in NFTs has been on the rise since early 2021 and peaked in mid-December when Phantasma was pitching new projects and touting its low-cost capabilities.
In addition to the widespread increase in interest in NFTs, popular blockchain-based games, like Axie Infinity, they have fostered the appearance of “play-to-earn” games throughout the cryptocurrency ecosystem. Phantasma’s high performance and low cost capabilities make it an attractive option for players looking to maximize their profits while minimizing transaction costs.
With interest in games and NFTs showing no signs of fading anytime soon, projects that focus on facilitating their growth and adoption could continue to see their values rise as NFTs become more mainstream.
The views and opinions expressed here They are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Each investment and commercial movement implies a risk, you must carry out your own research when making a decision.
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