Nonfungible tokens and blockchain-based gaming initiatives noticed a breakout in recognition over the course of 2021. This was on account of their widespread attraction which attracted the eye of crypto newbies and skilled hodlers alike. This development helped to additional provoke the mass adoption of blockchain know-how and from the look of issues, its more likely to lengthen all through 2022.
One undertaking is making strikes in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that focuses on the creation of SmartNFTs and decentralized gaming purposes. Its costs mirror that it is about to make a run for a brand new all-time excessive.
Data from Cointelegraph Markets Pro and TradingView reveals that since hitting a low of $2.30 on Dec. 30, the worth of SOUL has climbed 61.73% to a every day excessive at $3.72 on Jan. 3 as its 24-hour buying and selling quantity elevated from a median of $3 million to $12 million.
SOUL/USDT 1-day chart. Source: TradingView
Three causes for the surging worth of SOUL are the launch of a number of new protocols on the Phantasma community, the addition of cross-chain help for a number of networks, and the general improve in recognition of NFTs and blockchain-based gaming.
New initiatives launch on Phantasma
One of the most important developments to come back out of the Phantasma ecosystem over the previous couple of weeks has been the launch of a number of initiatives on the community. This consists of the role-playing card sport Blood Rune, the cell sport Ghost Festival and the NFT market GhostMarkets.
The GhostMarket NFT market is at present conducting its preliminary decentralized alternate providing (IDO) on Flamingo Finance and can have its GM token accessible to function on the six totally different networks that GhostMarket helps, however together with Ethereum (ETH), Binance Smart Chain (BSC), Phantasma, Avalanche, Polygon and NEO N3.
One of the primary attracts of utilizing Phantasma over different chains is its twin token system the place SOUL token holders can stake their tokens to earn Phantasma Energy (KCAL). These in flip can be utilized to pay for transaction charges. This primarily makes transactions free for SOUL holders.
Phantasma can also be licensed as a carbon-negative blockchain which has helped appeal to optimistic consideration. This units it aside from different networks like Ethereum, which notoriously has the next carbon footprint because it makes use of mining.
Cross-chain interoperability
A second cause for the constructing power of Phantasma has been the addition of cross-chain interoperability with a number of blockchain networks together with Ethereum, BSC and NEO.
On the fifth day of Christmas #Phantasma provides to you a Layer 1 sensible contract ecosystem, quad-chain interoperable with $ETH, #BSC and $NEO for fungible tokens and shortly for Non-Fungible Tokens(#NFTs)$SOUL $BNB #smartNFTs #blockchaingaming #GameFi pic.twitter.com/vcpXmqO66r
— Phantasma (@PhantasmaChain) December 29, 2021
On prime of the addition of interoperability with different networks, the Phantasma chain itself is able to reaching excessive ranges of throughput. This is as a result of means to host infinite sidechains whereas the community as a complete profit from having native oracles constructed straight into the core of its design.
With interoperability trying to be one of many main themes within the cryptocurrency ecosystem for 2022, initiatives which have already began making it a spotlight of improvement are more likely to outperform the competitors that doesn’t. This will incentivize crypto customers to develop into more and more comfy with transacting throughout a number of networks.
Related: Samsung pronounces NFT platform for sensible TVs
NFT and gaming recognition
The third cause for the constructing power of Phantasma is the general recognition of gaming and NFT initiatives as blockchain adoption is on the rise.
According to information from Google Trends, curiosity in NFTs has been rising since early 2021 and hit a peak in the course of December as Phantasma was introducing new initiatives and touting its low-cost capabilities.
Interest in NFT searches over time. Source: Google Trends
On prime of the generalized rise in curiosity in NFTs, fashionable blockchain-based video games like Axie Infinity have led to the emergence of play-to-earn video games throughout the crypto ecosystem. The excessive throughput, low-cost capabilities of Phantasma make it a pretty possibility for players trying to maximize their earnings whereas minimizing transaction prices.
With the curiosity in gaming and NFTs displaying no indicators of disappearing within the close to future, initiatives that concentrate on facilitating their progress and adoption might proceed to see their values rise as NFTs develop into extra mainstream.
The views and opinions expressed listed below are solely these of the writer and don’t essentially mirror the views of Cointelegraph.com. Every funding and buying and selling transfer includes threat, you need to conduct your individual analysis when making a call.
