Web3 Projects Worth Watching in the Near Future
If NFTs and metaverse were the buzzwords of 2021, then 2022 could well be the year that sees the rise of web3. While the concept of web3 has been around for some time, it has still yet to settle into a commonly agreed definition, meaning different things to different people. Longtime Bitcoin advocate ex-CEO of Twitter Jack Dorsey has been openly skeptical of web3 in recent months, citing the heavy funding the space has received from Silicon Valley VC giants like Andreessen Horowitz. But despite the fact that many people are divided over web3, there are a steady influx of high-quality projects. BigONE believes that four web3 tokens in particular merit our attention.
What is web3?
Simply put, web3 is the prototype for the next generation of the internet. When we browse the web or post on social media, tech companies and operators will no longer act as intermediaries, instead allowing internet users to dominate. This will make decentralization even easier to implement, allowing users to control their data in a more transparent manner. When we connect to the internet, we can browse the web, contribute to our community on social media, play games, listen to music, watch videos, or do a plethora of other online activities, and the central theme of web3 is to allow users to profit. Consider how great it would be if a company stopped selling users’ data for ad revenue, and instead allowed users to share a portion of the revenue when using the company’s internet services.
Typically, there is a lot of overlap between web3 and cryptocurrencies; after all, one of the most exciting aspects of blockchain technology is that it eliminates intermediaries in many transactions, and of course decentralization is also a key feature of web3.
Video is becoming a popular way to share and consume content on the internet. However, transcoding the video for different devices and bandwidths is an expensive process. By comparison users don’t need a lot of expensive hardware with Livepeer; they can contribute their computer processing power to form a network that transcodes videos, and in return users can get rewarded for their contributions, which means companies can stream video content at a fraction of the cost compared to centralized solutions.
Audius is one of the more established and well-known new decentralized music platforms that have emerged recently. For years, musicians have complained that current rules do not fairly compensate them for their contributions. Audius’s appearance is intended to address this issue. Audius is a user-friendly decentralized music streaming platform that allows artists to be paid directly by their fans.
Audius announced a streaming partnership with TikTok last summer, allowing Audius users to share content on TikTok with a single click, surprising music industry insiders who expected it to work with Apple Music or Spotify. It was initially built on POA network, but now lives on Solana. The total supply of AUDIO is 1 billion tokens, with a current circulating supply of 411m. The yearly inflation is 7%, and 50 million AUDIO were distributed to the top 10 artists and fans, with 75% going to artists based on stream count.
Helium provides a decentralized solution for wireless network infrastructure by powering vast decentralized wireless networks with remote Wi-Fi hotspots. Users can earn HNT tokens by turning their home or office tethering into a hotspot, allowing them to have unlimited network coverage. Network participants purchase Hotspots which are a combination of a wireless gateway and a miner. Each hotspot provides network coverage, as well as mining Helium’s native token, HNT.
Internet hotspots support the Internet of Things, which refers to a wide range of internet-connected devices such as smart appliances, pet collars, smart homes, and driverless cars.
Sandbox is a virtual world in which players can buy and develop land, create and trade NFTs, and so on. NFTs are important in many metaverse and blockchain games because they enable users to own digital assets, and Sandbox is one of the best performing cryptocurrencies in 2021.
Sandbox recently announced the start of a web3 LANDS promotion. Through this event, Sandbox hopes to attract the attention of exclusive collectibles, start-up brands, DAOs, and individual users, as well as expand their own influence into the Sandbox metaverse. LANDS are parts of the virtual world, owned by players to create and monetize experiences.
BigONE believes that Sandbox’s LAND promotion will be an excellent opportunity for users to engage with the community. SAND recently completed a US$93 million round of financing led by Softbank, a leading investor in the blockchain space. There are three billion SAND tokens, and a third of its total supply is circulating at $3.06.
Web3 is still in its early stages
The projects listed above have one thing in common: they all use a decentralized network to solve real-world problems with shared bandwidth, storage space, and processing power. In addition to addressing these issues, some web3 projects that combine both NFTs and the metaverse merit our attention. It is too soon to tell which projects have development potential. Because many cryptocurrency projects can only solve a small part of the problems that exist in the crypto world, having more real-world problems to solve distinguishes these projects. However, many high-quality web3 projects are still in their early stages, and no one knows what the future holds.
While these projects featured currently have a first-mover advantage, they may be replaced by new projects using improved technologies in the future. Furthermore, some established tech behemoths are unlikely to relinquish market share easily. With the growth of the industry, the tug-of-war between centralized and decentralized projects has reached a critical point. According to our assessment, decentralization is by no means guaranteed.
Tokens for Livepeer, Audius, Helium, and Sandbox can be purchased from major cryptocurrency exchanges such as BigONE. It is critical, as with any cryptocurrency investment, to only invest money that you can afford to lose. It is important to note that, while these tokens have the potential to generate high returns, they are also high-risk investments with the potential for losses. If you’re going to invest in web3 tokens, do your homework and research first, and make sure you understand the potential risks.
Listen to the latest news about Sandbox’s partnering with World of Women on our March 9 ‘Crypto Daily News Daily Recap’ on YouTube here, with co-hosts Vibin and the Crypto Beast.