What is Phantasma Crypto and How Does it Work? | Benefits & Problems the Layer 1 Blockchain Solves

3 min read

The following article covers what Phantasma is in the Crypto space and how it works. Plus the benefits it provides and the problems it attempts to solve.

Fantastic Phantasma

As a decentralized blockchain network, Phantasma (SOUL) caters to the growing play-to-earn and GameFi communities.   For better user experience, Smart NFTs (non-fungible tokens) are introduced as part of the protocol. The protocol introduces a new layer 1 blockchain, custom cryptocurrency, and custom non-fungible tokens.

What Problems Does Phantasma Attempt to Fix?

Phantasma seeks to solve some P2E problems. Congestion-related market issues are addressed through the network. Currently, Ethereum is the top Dapp blockchain in the world. Due to the system’s technical structure, the protocol suffers from record-high gas fees.

Phantasma provides smoother gameplay, lower fees, and more options to gamers and developers. The protocol provides high-performance and scalability that can grow to meet the needs of the market. Gamers can secure returns and save on fees when they use Phantasma-powered applications.

Phantasma (SOUL) - Twitter

Phantasma (SOUL) – Twitter

Multiple Ways to Passive Income

Another major concern for developers was creating a viable form of passive income for users. It can seem difficult to secure reliable passive income using traditional methods. If you can’t afford rental properties or aren’t talented enough to create something that pays royalties, you are already facing an uphill battle.

Phantasma provides multiple ways for users to secure returns. The network offers low-risk staking options. Staking is one of the best ways for new traders to secure consistent returns. Staking is a term used to describe the process of adding liquidity to a smart contract for a predetermined time. The number of tokens you add and the time determine your returns.

The best thing about staking is it takes the guesswork out of earning DeFi profits consistently. Phantasma users can stake their tokens on KuCoin and other popular platforms. Best of all, staking rewards are paid out in SOUL, the network’s utility tokens, which means you can add these to your next round and secure even more returns.

Lower Developer Revenue

Another major problem that Phantasma helps to reduce is lowering developer revenues. For years developers have tried to think of new ways to secure higher profits to meet their growing overhead. This desire led to strategies such as the pay-to-play model used by many apps today. Phantasma focuses on increasing developer revenue which creates options for creators in the future.

Increased Flexibility

Today’s protocols need to be flexible to meet the needs of today’s and tomorrow’s gaming communities. Phantasma introduces a host of features that enable content creators to connect with fans like never before. For example, the protocol’s smart NFTs can be set up as collectibles, tokens, tickets, and more. They can even include limited-time access to accounts or infuse multiple assets into a single token.

Benefits of Phantasma?

There are a lot of reasons why Phantasma continues to see growing adoption. The network provides a smooth user experience that can support immersive gaming titles. The protocol has proven to be fast, secure, reliable, and decentralized. Additionally, Phantasma is a community platform that enables users to vote via its governance options.

Sustainable

Another major draw to Phantasma is its low carbon footprint. The developer wanted to ensure their network could stand the test of time. They managed to create a carbon-neutral system that reduces the energy requirements on every step of the blockchain.

NFT Support

At the core of Phantasma is its NFT support. NFTs are unique tokens that can represent individual items or assets. They can be issued by users in batches, collections, or as unique assets. One of the most powerful aspects of NFTs is that regular users can confirm the validity without the need for a third party. Anyone can use a blockchain explorer to see the scarcity and authenticity of their NFTs.

NFTs change the game because they enable users to take their digital assets out of the gaming ecosystem. NFT tokens can be traded on DEXs (decentralized exchanges) alongside other projects. This approach enables gamers to secure real-world returns for their in-game activities. It also enables readers to provide more value to their fans via unique videos, digital arts, memes, and much more.

How Does Phantasma Work?

The first thing to note about Phantasma is that it was designed specifically for gaming.  The network supports Smart NFTs and dapp integration as part of their strategy to “empower gamers through true digital ownership.” To accomplish this task, the network leverages a multi-token economy.

Phantasma (SOUL) - Homepage

Phantasma (SOUL) – Homepage

uMint

One of the main features of Phantasma is the uMint protocol. This feature streamlines the creation of digital assets on the Phantasma network. Self-minting can be accomplished in minutes using the streamlined interface.

GhostMarket

You can trade and sell all of your NFTs to the community securely using the GhostMarket. The market is packed with helpful features such as stats and data on potential NFT purchases you are considering. Best of all, the system enables you to trade in a p2p manner which improves security and protects your privacy.

Token

The main utility token for the network is SOUL. SOUL functions as both an in-game and real-world electronic cash system and Defi protocol. Token holders can secure passive returns by staking tokens. They can also use the token to create NFTs or send value globally. Interestingly, the developers refer to their token holders as ‘SOULdiers’.

How to Buy Phantasma (SOUL)

Currently, Phantasma (SOUL) is available for purchase on the following exchanges.

KuCoin – This exchange currently offers cryptocurrency trading of over 300 other popular tokens.  It is often the first to offer buying opportunities for new tokens.  This exchange currently accepts International & United States residents.

Gate.io – This exchange was established in 2013, and is one of the more popular & reputable exchanges. Gate.io currently accepts most international jurisdictions including Australia & the UK.  USA & Canada residents are prohibited.

Phantasma – Demand for GameFi & P2E

When you review the stats, it’s easy to see there is a real demand for GameFi and P2E gaming protocols like Phantasma. These networks seek to create the much-needed infrastructure and standards required to take the market into the next phase of large-scale adoption. As such, you can expect to hear a lot more about Phantasma as more gaming titles go live in the coming months.

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