10 WEB3 Tokens to Watch In 2023

Web3 is characterized by integrating various emerging technologies such as blockchain, smart contracts, decentralized applications, and cryptocurrencies. You may wonder what is Web3.

The concept of Web3 aims to create a more user-centric, transparent, and secure internet that gives individuals greater control over their digital assets and data. Unlike the centralized and monopolized Web 2.0, Web3 seeks to establish a democratic and open internet where people have more power and ownership.

Although the market capitalization of cryptocurrencies peaked at $3 trillion in 2021, it has since declined to $1 trillion, presenting a timely investment opportunity due to various financial factors. The key is to carefully choose coins that have the potential to provide profitable returns.

What are Web 3.0 Cryptocurrencies

To understand Web3 assets, it’s crucial to examine the Internet’s history and fundamental principles. The initial version, Web 1.0, had several performance issues when it emerged in the 1990s. Today, we have Web 2.0, characterized by its speed, 5G, and online streaming capabilities. However, Web 3.0 will prioritize integrating several technologies such as blockchain, smart contracts, cryptocurrency, decentralization, artificial intelligence, and machine learning. These technologies will work together seamlessly in the Web3 ecosystem. Investing in Web3 cryptocurrency assets is an excellent option for those who want to invest in the future, as tokens and blockchain technologies serve as the foundation of the Web 3.0 ecosystem.

Web 3.0 and Metaverse Compatibility

Efficient functionality in Web 3.0 is dependent on the presence of decentralization, security, and scalability. One perfect illustration of the compatibility between Web 3.0 and the metaverse is the metaverse itself. By utilizing modern technologies and virtual reality, users can interact with each other, while Web 3.0 enables simpler communication, trading, and other actions within the digital world.

Currently, Web 3.0 comprises a series of blockchain applications that are suitable for metaverse concepts. Decentraland is a remarkable example as it enables users to govern the virtual world by owning and trading digital assets. Users need Land, which serves as proof of ownership rights, to begin. The Mana cryptocurrency simplifies purchasing Land and other products within the virtual world, and users can trade Land tokens on the market and exchange items within the metaverse.

The Web 3.0 internet is the key component of the metaverse and has fewer constraints than Web 2.0, where interactions necessitate permission.

Top 10 Web3 Tokens for 2023

The technology sector, particularly digital assets, has undergone significant changes since the pandemic began in 2021. In 2023, numerous investment opportunities are emerging, along with news on cryptocurrencies and updates to blockchain technologies that will form the foundation of Web 3.0.

1. Chainlink (Link)

This project ranks 22nd in the cryptocurrency market and has a market capitalization of $3.3 billion. About 47% of the token supply is already in circulation. Chainlink is a decentralized network that employs oracles to link real-world data to smart contracts on various blockchains. Its primary objective is to enhance smart contract functionality by including dynamic outputs. Oracles act as bridges between real-world data and decentralized systems. Chainlink’s Link tokens are held in the Grayscale fund’s portfolio. Currently, short-term investors expect the token’s price to range from $73 to $114, while long-term investors anticipate $525 or more.

2. Filecoin (FIL)

With a market capitalization of 1.6 billion dollars, this project currently holds the 38th position in the global coin market.

Filecoin is a blockchain and coin-based decentralized network that operates on a peer-to-peer system primarily designed for data storage. In simple terms, users can purchase, sell, or rent digital space and earn FIL coins as a reward. This project is worth considering as it has demonstrated impressive growth in the past and is actively progressing.

While it is challenging to predict the potential cost in the future, the coin’s highest value was $200 according to the graph. Presently, the price is less than 7 dollars.

3. Basic Attention Token (BAT)

With a market capitalization of approximately 587 million dollars, this token is currently ranked 74th on CoinMarketCap. All available tokens are in circulation, indicating that there will be no additional assets issued. As the project grows, the price of the token is expected to increase significantly, in accordance with the law of supply and demand.

A basic Attention Token is essentially a marketing project that operates on the Ethereum blockchain with a PoS algorithm. Interested parties can advertise their products by visiting the developers’ websites and making deals. The token was introduced in 2017 and has been steadily developing since then, with numerous funds and companies possessing these valuable tokens.

From a technical standpoint, purchasing BAT at $0.3 and $0.23 would be considered reasonable prices. It is predicted that the price could potentially reach $2.2 and $3 in the near future.

4. Kusama (KSM)

Kusama is a blockchain network built on an open-source code project, operating on the Substrate framework that offers scalability. The platform aims to serve as a playground for innovation, allowing the swift implementation of new ideas and artistic expression. It challenges the traditional system and promotes user control. Kusama’s founder, Gavin Wood, is a key contributor to Ethereum and Polkadot’s development. KSM is the native token of the Kusama network, which functions to define validators, vote on referendums, and secure the network. According to WalletInvestor, KSM is expected to reach $4000–5000 per coin by 2026. Currently, the token is valued at approximately $50 to $70 with a market capitalization of over $5 billion.

5. Arweave (AR)

Arweave is an innovative decentralized data storage platform that provides an infinite storage capacity with no time restrictions. The project serves as a vast memory disk that guarantees data retention, enabling users to store any information, application, or history without modification. The Arweave network, also known as Permaweb, rewards users with AR cryptocurrency for contributing and storing data on the network.

Users can also earn money by lending their hard drive space or developing software for the network. The platform resolves issues such as 404 errors, application quality degradation, and obscured editing. The network uses a subtype of blockchain called block weave technology. Arweave has received funding from reputable companies such as Coinbase Ventures, Andreessen Horowitz, and Union Square Ventures. The token costs around $10 to $12, and the market capitalization is currently $385 million.

6. Helium Network (HNT)

HNT is a cryptocurrency project that is gaining traction as the “people’s network.” The Helium Network comprises a widely distributed wireless network with extensive coverage. The network uses Proof of Coverage as its consensus mechanism and rewards participants with HNT cryptocurrency. With over 300,000 access points, Helium Network is one of the largest IoT networks available.

Investors have several options for obtaining HNT cryptocurrency. One can easily buy it on a cryptocurrency exchange, or one can purchase a mining tool to earn coins by installing it at home or the office. Dish’s partnership with Helium in the past year was a notable highlight, providing net benefits to the company’s clients. The price has seen significant growth since the announcement of this partnership. If the network partners with more companies, investors can expect further price growth.

The current market price for HNT cryptocurrency is around $8 to $12, with a market capitalization of roughly $1.2 billion. The maximum coin offering is 223 million HNT, with 54% of coins already in circulation.

7. Theta Fuel (Tfuel)

Theta is a decentralized video streaming platform that incentivizes users for their computing power and bandwidth, aiming to revolutionize the online video industry. Steve Chen, the co-founder of YouTube, has stated that Theta has the potential to disrupt the industry similarly to how YouTube did in 2005. The platform addresses the challenge of delivering high-quality video content to all users globally while reducing delivery costs.

The Theta project has two tokens: TFuel and Theta. TFuel is used to compensate users who share their computing power and bandwidth on the platform, while Theta is a classic utility token used to manage the platform. The platform is open source, allowing developers to contribute new features and innovations. It employs PoS (Proof of Stake) and BFT (Byzantine Fault Tolerance) for security.

8. Ocean Protocol (Ocean)

The suite of tools offered by the project is vital for developing Web3 applications, and its importance is expected to grow in the next 1–2 years. Ocean Protocol’s mission is to decentralize data exchange and access, enabling complete transparency and openness in data acquisition and utilization. The project is highly dynamic, with frequent updates and improvements to the ecosystem.

The project’s creators have devised an innovative token distribution approach that promotes long-term stability and value growth for the asset. Currently, the asset is trading in the range of $0.2 to $0.3. The maximum token supply is 1.410 billion, of which 613 million are currently in circulation.

9. Kadena (KDA)

Kadena’s platform is designed to enhance global financial systems by leveraging cutting-edge efficiency, PoS security, and smart contracts. Unlike other platforms that experience performance degradation when network demands increase, Kadena’s braided chains technology maintains its efficiency while utilizing the same resources, with the capacity to process up to 480,000 transactions per second. With the addition of more chains, the protocol’s processing power increases.

KDA is the token used for transactions on Kadena’s blockchain, with a total issuance of 1 billion coins. Currently, the asset is trading between $1.5 and $2, with a market capitalization of $304 million.

10. Radicle (RAD)

This platform is a prime example of a decentralized system that employs open-source code. Access control is managed through smart contracts, and shared ownership is facilitated by multi-signature functionality. The project offers RAD cryptocurrency to its users, enabling them to support the project and participate in its governance.

Despite its importance in the development of Web 3.0, the project’s market capitalization is merely 57 million, and the coin’s current value is approximately $2. This undervaluation indicates that the project has significant growth potential and room for future development.

Benefits of Investing in Web3 Cryptocurrencies

When it comes to investing in Web3 assets, making an informed decision requires conducting comprehensive analyses and delving deep into the project details. This process provides the necessary confidence in selecting the most promising Web3 assets, which offer several advantages for investment.

Decentralization

Investing in Web3 tokens offers a significant advantage in terms of decentralization. This eliminates third-party involvement during transactions, making the entire process more straightforward. Additionally, with Web 3.0, information is stored across various servers located in different parts of the world, eliminating the possibility of access restrictions or bans on websites.

Lack of permissions and censorship

One of the advantages of investing in Web3 assets is the absence of censorship and authorization. Web 3.0 operates on a decentralized system that requires no permissions, ensuring complete freedom for users, with the network itself immune to censorship. As a result, people from any part of the world can access any web resource without restrictions.

Opportunity for growth and potential

Web3 assets have tremendous potential for growth, and with a well-crafted investment portfolio, there’s a chance for substantial returns as the Web 3.0 ecosystem evolves. One such example is the Mana asset, associated with the Decentraland project, which has shown exceptional growth, soaring up to 23,000% since its launch in 2017.

Ease of diversification

To mitigate the potential risks associated with investing in cryptocurrency, diversification is critical. By splitting your capital into multiple parts and investing in various assets, you can minimize the likelihood of losses. For instance, while Ethereum is a favored Web 3.0 blockchain platform, there are other promising options like Solana, Cardano, and Neo.

Likewise, Decentraland isn’t the sole meta-village for virtual real estate, and several other popular venues, including Sandbox and Axie Infinity, offer similar opportunities.

Bottom Line

The present market is witnessing a remarkable surge in demand for metaverse tokens, with Web3 coins playing a vital role in bolstering the virtual economy through their decentralized architecture.

Choosing to invest in Web3 cryptocurrencies could prove advantageous, given the nascent stage of this industry’s development. This presents an opportunity to invest in emerging projects within the ecosystem, potentially yielding profitable returns at a relatively low price per token.

Stfalcon is an able partner in helping you create a decentralized platform project that prioritizes security and transparency. You can choose our expertise and receive a free consultation.

Originally published at https://stfalcon.com.