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3 Reasons why Phantasma (SOUL) is chasing after new all-time Highs

One of the venture companies that will strike in 2022 is a layer-one blockchain protocol Phantasma (SOUL), which focuses on SmartNFT creation and distributed gaming applications.


  • Jan 06, 2022
  • 2 Mins
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  • Updated : Oct 11, 2022

In 2021, awareness of non-fungible tokens and blockchain-based gaming initiatives broke. This was due to its wide appeal, which is eye-catching for both crypto beginners and experienced holders. This pattern helps to further induce mass adoption of blockchain expertise and from the look of the issue; it is likely to be much longer until 2022.

One of the venture companies that will strike in 2022 is a layer-one blockchain protocol Phantasma (SOUL), which focuses on SmartNFT creation and distributed gaming applications. Its cost replicates that it is trying to run for the brand new every time excessive.

Given that the knowledge from Cointelegraph Marketplaces Professional and TradingView hit a $2.30 low on December 30, the value of the SOUL increased by 61.73%, showing that its 24-hour trading volume rose from $3 million to $12 million, which was higher daily at $3.72 on January 3.

The price of SOUL has surged because of three reasons: the launch of multiple new protocols on the Phantasma network, cross-chain support for multiple networks, and the overall growing popularity of NFT and blockchain-based games.

1.     New tasks launch on Phantasma.

The debut of a slew of initiatives on the community has been one of several biggest returns out of the Phantasma ecosystem in recent weeks. Blood Rune, the role-playing card game, Ghost Competition, and GhostMarkets are all examples of this.

The GhostMarket NFT market is now running its first decentralized alternative offering (IDO) on Flamingo Finance, and the GM token may be acquired to work on the six distinct networks that GhostMarket supports, together with Ethereum (ETH), Binance Good Chain (BSC), Phantasma, Avalanche, Polygon, and NEO N3.

The twin token system of Phantasma, in which SOUL token holders may stake their tokens to earn Phantasma Power (KCAL), is one of the many reasons why it is so popular. These in turn can be used to pay for transaction expenses, making transactions considerably more inexpensive for SOUL holders.

2.     Cross-chain interoperability

The second goal of Phantasma's empowering force has been the integration of cross-chain compatibility with multiple blockchain networks, including Ethereum, Bitcoin Satoshi's Chain (BSC), and NEO.

For 2022, interoperability will be one of the main themes in the cryptocurrency environment, and initiatives that have already begun improving it are more likely to outperform their competitors who haven't. It will encourage crypto consumers to get more comfortable with transacting across a variety of networks.

3.     NFT and gaming recognition

The third aim for Phantasma's building power is to assist in the wider acceptance of gaming and NFT projects as blockchain adoption grows.

In line with Google Development, interest in NFTs has been growing since early 2021 and peaked during the middle of December, when Phantasma was launching new projects and touting its low-cost capabilities.

"Curiosity in NFT searches over time. Supply: Google Developments"

The interest in gaming and NFTs is showing no signs of dissipating in the near future, making initiatives that assist them to develop and adopt more appealing.

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Arsalan Afzal is one of our Freelance Associates at WWCrypto, Arsalan Afzal is tasked with writing high quality content on a regular basis for us. Arsalan Afzal joined us in January 2022.


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