Nonfungible tokens (NFTs) and blockchain-based gaming projects saw a breakout in popularity over the course of 2022. This was due to their widespread entreatment, which attracted the attention of crypto newbies and experienced hodlers alike. This trend helped to farther initiate the mass adoption of blockchain engineering and from the wait of things, it's likely to extend throughout 2022.

1 project is making moves in 2022 is Phantasma (SOUL), a layer-one blockchain protocol that specializes in the creation of SmartNFTs and decentralized gaming applications. Its prices reverberate that it's virtually to brand a run for a new all-time high.

Data from Cointelegraph Markets Pro and TradingView shows that since hitting a low of $2.30 on Dec. xxx, the cost of SOUL has climbed 61.73% to a daily high at $3.72 on Jan. iii equally its 24-60 minutes trading volume increased from an average of $3 million to $12 1000000.

SOUL/USDT 1-mean solar day chart. Source: TradingView

Three reasons for the surging cost of SOUL are the launch of several new protocols on the Phantasma network, the addition of cross-chain support for multiple networks, and the overall increase in popularity of NFTs and blockchain-based gaming.

New projects launch on Phantasma

One of the biggest developments to come out of the Phantasma ecosystem over the past couple of weeks has been the launch of several projects on the network. This includes the office-playing menu game Blood Rune, the mobile game Ghost Festival and the NFT market place GhostMarkets.

The GhostMarket NFT marketplace is currently conducting its initial decentralized exchange offering (IDO) on Flamingo Finance and will take its GM token available to operate on the half dozen different networks that GhostMarket supports, including Ethereum (ETH), Binance Smart Chain (BSC), Phantasma (SOUL), Avalanche (AVAX), Polygon (MATIC) and NEO N3.

1 of the main draws of using Phantasma over other chains is its dual token system where SOUL token holders tin can pale their tokens to earn Phantasma Energy (KCAL). These, in turn, can be used to pay for transaction fees. This essentially makes transactions free for SOUL holders.

Phantasma is also certified equally a carbon-negative blockchain, which has helped to attract positive attending. This sets information technology apart from other networks similar Ethereum, which has a notoriously higher carbon footprint since it utilizes mining.

Cross-chain interoperability

A second reason for the building strength of Phantasma has been the addition of cross-chain interoperability with multiple blockchain networks including Ethereum, BSC and NEO.

On elevation of the addition of interoperability with other networks, the Phantasma chain, itself, is capable of reaching loftier levels of throughput. This is due to the ability to host infinite sidechains while the network as a whole benefits from having native oracles congenital directly into the core of its pattern.

With interoperability looking to be 1 of the major themes in the cryptocurrency ecosystem for 2022, projects that have already started making it a focus of development are probable to outperform the competition that doesn't. This volition incentivize crypto users to become increasingly comfortable with transacting across multiple networks.

Related: Samsung announces NFT platform for smart TVs

NFT and gaming popularity

The third reason for the edifice force of Phantasma is the overall popularity of gaming and NFT projects every bit blockchain adoption is on the rise.

According to data from Google Trends, interest in NFTs has been rising since early 2022 and hit a peak in the heart of December as Phantasma was introducing new projects and touting its low-cost capabilities.

Interest in NFT searches over time. Source: Google Trends

On top of the generalized rise in interest in NFTs, popular blockchain-based games similar Axie Infinity accept led to the emergence of play-to-earn games across the crypto ecosystem. The high throughput, low-cost capabilities of Phantasma make it an attractive selection for gamers looking to maximize their earnings while minimizing transaction costs.

With the interest in gaming and NFTs showing no signs of disappearing in the well-nigh future, projects that focus on facilitating their growth and adoption could continue to see their values rise as NFTs get more mainstream.

The views and opinions expressed here are solely those of the author and do non necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your ain inquiry when making a decision.