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Cross-chain interoperability, new project launches, and the popularity of NFT games are helping push SOUL’s price higher.
Unusable tokens and blockchain-based game projects have seen a surge in popularity throughout 2021. This is due to their wide appeal, attracting the attention of crypto newbies as well as experienced novices. This trend has helped further kickstart mass adoption of blockchain technology, and from the look of things, it’s likely to scale throughout 2022.
One project underway in 2022 is Phantasma (SOUL), a layer one blockchain protocol dedicated to creating SmartNFTs and decentralized gaming applications. Its price reflects that it is about to hit a new all-time high.
Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on December 30, the SOUL price has increased 61.73% to a daily high of $3.72 on the day. January 3 when its 24-hour trading volume increased from an average of $3 million to $12 million.
SOUL/USDT 1-day chart. Source: TradingView
The three reasons for the high SOUL price are the launch of several new protocols on the Phantasma network, the addition of cross-chain support to many networks, and the overall rise of NFTs and blockchain-based gaming.
New projects launched on Phantasma
One of the biggest developments of the Phantasma ecosystem in the past few weeks has been the launch of several projects on the network. This includes the role-playing card game Blood Runes, mobile games Ghost Festival and NFT GhostMarkets.
The GhostMarket NFT Marketplace is currently conducting an Initial Decentralized Exchange (IDO) offering on Flamingo Finance and will have its GM token 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 compared to other chains is its dual token system where SOUL token holders can stake their tokens to earn Phantasma Energy (KCAL). In turn, they can be used to pay transaction fees. This essentially makes transactions free for SOUL holders.
Phantasma is also certified as a carbon negative blockchain which has helped attract positive attention. This sets it apart from other networks like Ethereum, which are notorious for having a higher carbon footprint because it uses mining.
The second reason for Phantasma’s building strength is the addition of cross-chain interoperability with multiple blockchain networks including Ethereum, BSC, and NEO.
In addition to adding interoperability with other networks, the Phantasma chain itself is capable of achieving high levels of throughput. This is due to the ability to infinitely host sidechains while the entire network benefits from having native math built directly into the core of its design.
With interoperability set to be one of the key themes in the crypto ecosystem for 2022, projects that have begun to focus on it are developing the ability to outperform competitors that don’t. . This will incentivize crypto users to become more and more comfortable with transacting across multiple networks.
NFT and the popularity of the game
The third reason for Phantasma’s building strength is the overall popularity of game projects and NFTs as blockchain adoption is on the rise.
According to data from Google Trends, interest in NFT has been growing since early 2021 and peaked in mid-December when Phantasma introduced new projects and advertised its low-cost capabilities.
Interested in NFT searches over time. Source: Google Trends
Aside from the overall increase in interest in NFTs, popular blockchain-based games like Axie Infinity have led to the emergence of games for money in the crypto ecosystem. Phantasma’s low-cost, high-throughput capabilities make it an attractive choice for gamers looking to maximize their earnings while minimizing transaction costs.
With interest in the game and NFT showing no sign of disappearing in the near future, projects focused on facilitating their growth and adoption can continue to see the value of they increased as NFTs became more common.
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