Non-fungible tokens and blockchain-based gaming tasks noticed a surge in reputation over the course of 2021. This was on account of its widespread enchantment, which drew the eye of crypto newbies and seasoned hodlers alike. This development helped kickstart the mass adoption of blockchain know-how additional, and it appears to be like like it is going to doubtless prolong into 2022.

One venture in movement in 2022 is Phantasma (SOUL), a first-tier blockchain protocol that makes a speciality of constructing SmartNFTs and decentralized gaming purposes. The costs replicate that it’s about to hit a brand new all-time excessive.

Information from Cointelegraph Markets Professional and TradingView present that SOUL is up 61.73% from its low of $ 2.30 on December 30th to a every day excessive of $ 3.72 on January third as its 24th Hourly buying and selling quantity has elevated by a mean of three to 12 million {dollars}.

SOUL / USDT 1 day chart. Supply: TradingView

Three the reason why SOUL is hovering in value are the introduction of a number of new protocols on the Phantasma Community, the addition of cross-chain help for a number of networks, and the overall improve within the reputation of NFTs and blockchain-based video games.

New tasks begin on Phantasma

One of many largest developments that emerged from the Illusion Ecosystem in the previous few weeks was the beginning of a number of tasks within the community. These embrace the role-playing card sport Blood Rune, the cellular sport Ghost Pageant and the NFT market GhostMarkets.

The GhostMarket NFT market is at present conducting its first decentralized alternate providing (IDO) on Flamingo Finance and can have its GM token out there to function on the six totally different networks that GhostMarket helps, together with Ethereum (ETH), Binance Sensible Chain ( BSC), Phantasma, Avalanche, Polygon and NEO N3.

One of many important benefits of utilizing Phantasma over different chains is the twin token system the place SOUL token holders can use their tokens to earn Phantasma Vitality (KCAL). These, in flip, can be utilized to pay transaction charges. This makes transactions basically free for SOUL holders.

Phantasma can be licensed as a carbon damaging blockchain, which has helped entice optimistic consideration. This units it other than different networks like Ethereum, which is thought to have a better carbon footprint because it makes use of mining.

Cross-chain interoperability

A second cause for Phantasma’s energy is its cross-chain interoperability with a number of blockchain networks, together with Ethereum, BSC and NEO.

On Christmas Day #Phantasma will give you a stage 1 sensible contract ecosystem, quad-chain interoperability 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

Along with the extra interoperability with different networks, the Phantasma chain itself can obtain excessive throughput charges. That is because of the means to host infinite sidechains, whereas the community as a complete advantages from having native oracles constructed proper into the core of its design.

With interoperability showing to be one of many important themes within the cryptocurrency ecosystem for 2022, tasks which have already began making it a improvement focus are more likely to outperform competitors that do not. This may encourage crypto customers to grow to be more and more accustomed to transactions throughout a number of networks.

Associated: Samsung proclaims NFT platform for sensible TVs

NFT and gaming reputation

The third cause Phantasma’s energy is the overall reputation of gaming and NFT tasks as blockchain adoption grows.

In keeping with information from Google Developments, curiosity in NFTs has been growing since early 2021 and peaked in mid-December when Phantasma launched new tasks and touted its low-cost capabilities.

Curiosity in NFT searches over time. Supply: Google Developments

Along with the overall surge in curiosity in NFTs, in style blockchain-based video games like Axie Infinity have led to the emergence of play-to-earn video games throughout the crypto ecosystem. Phantasma’s excessive throughput and low value make it a gorgeous choice for gamers trying to maximize their income whereas minimizing transaction prices.

With curiosity in video games and NFTs not trying to go away anytime quickly, tasks centered on fueling their development and adoption may proceed to rise as NFTs grow to be extra mainstream.

The views and opinions expressed are these of the creator solely and don’t essentially replicate the views of Cointelegraph.com. Each step of investing and buying and selling includes threat, you must do your individual analysis when making a call.

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