Last time we discussed NFTs we went on to create an information chuck piece full of useful content, but without giving away any particular name. Today, we will do the opposite and address some of the projects we scouted out, and some projects that can become interesting from a macro market perspective
2023 has been a strange year up until now, and while we are seeing many bullish signs at the moment, we have to remember that the market can change at any time, as showcased by the correction experienced after the ETH staking pools opened, and thus we aren’t out of hot waters yet.
But we believe that by taking a more careful approach and keeping in mind the long-term potential that the DeFi ecosystem has, you can still make educated decisions on what to invest in.
And, just like we mentioned in our last NFT-related article, non-fungible tokens have opened up new opportunities for many industries, bringing along a breath of fresh air in a market that was quite stale. In addition, they offer buyers the certainty of purchasing an authentic product and allow ownership to be tracked securely, without any risk of duplication or fraud.
This is why our experts have kept an eye on this particular DeFi niche, and why now we want to compile a short list that showcases the prowess of the teams that brought them to life.
Projects that everyone should know about that are releasing new features every month and can achieve a lot of success simply on their current bases.
Decentraland and Sandbox: The Bigs
The Sandbox is a gaming metaverse and ecosystem, created on the Ethereum blockchain, that allows users to create, share and monetise their in-game assets. Created by Pixowl, it contrasts the traditional gaming marketplace where platforms own and control user-generated content, allowing creators to have complete ownership of it.
The Sandbox consists of VoxEdit for creating 3D objects (ASSETS) using a standard token known as ERC-1155, the Sandbox Marketplace for publishing and selling ASSETS on the InterPlanetary File System (IPFS) and the Sandbox Game Maker for creating 3D games.
Transactions are supported by SAND tokens and, like many of the best NFT projects, users can generate revenue by selling NFTs on the Marketplace or creating games with the Game Maker, while players can earn rewards from other users’ games or rent their LAND plots. The Sandbox is trying to pioneer a major change in the games industry, where creators are rewarded for their generation of value for platform owners.
Decentraland is another virtual world created on Ethereum, owned and governed by its users, with three native tokens: MANA, LAND and Estate. The tokens are used to access activities such as visiting the Crypto Valley Art Gallery to purchase artwork, trading in Bartertown with other users or learning at Decentraland University. MANA is Decentraland’s currency, while LAND and Estate are NFTs representing small pieces of digital land.
Decentraland offers a unique metaverse experience where users can own the value they create in the virtual world and transfer it directly into tangible assets. By decentralising the project, Decentraland has created a metaverse with a novel approach that allows users to explore various digital places developed by the community, from an astrology centre to car races, and even allows users to become digital owners.
Decentraland’s ownership and governance structure is decentralised through a DAO (Decentralised Autonomous Organisation), which requires users to own MANA, LAND or Estate tokens in packages to have voting rights on proposed changes that could be made to the protocol, giving further value to the token.
Both projects have made enormous technological strides in the last couple of years and for everyone interested in LITRPG games, VRMMO and other gaming-related media, they are the projects with the highest chance to develop a truly enjoyable second life experience thanks to their open take on Metaverse development.
EnjinCoin: The Industry Pillar
Enjin is a blockchain platform that allows its users to create and manage their own NFTs without having to have programming skills. Enjin offers several tools, including the Enjin Marketplace, where more than 2 billion tokens have been launched, most of which are NFTs that can be used in projects focused on virtual gaming.
Using Enjin’s tools for creating blockchain assets without the need for programming knowledge, companies can unlock new promotional options for customers, while developers have access to implement digital assets hosted on the blockchain in their projects with ease. Enjin offers an open platform to anyone who wants to experiment with a new technology, which could open the door to many future use cases.
The big challenge for Enjin is whether or not it succeeds in establishing itself as a place of reference for the creation of NFTs and whether ENJ will be able to grow much more than it already has. Utilities have been a pain point in the NFT market, and Enjin is trying to solve real problems by offering real solutions. Definitely something that we want to keep an eye on, and something that should also interest our community if only to get more info about Enjin’s future movements.
Relatively unknown projects that we feel have a lot of potential but are not on our Network/have not achieved their peak yet.
Metacade: An ambitious vision.
Metacade is an ambitious new project that seeks to use blockchain technology to create the largest virtual play-to-earn arcade in the metaverse. It will be a hub for gamers to connect with other gaming enthusiasts, earn money by playing P2E titles and contribute to the Web3 gaming revolution.
In addition to the main P2E gaming experience, users can earn passive income through various other methods, such as being rewarded for contributing to and interacting with the community (such as writing game reviews or participating in live chat).
The project is supported by its utility and governance token, MCADE, which is used throughout the platform. The token can also be staked to earn its holders a passive income for the benefit of the community. With staking rewards paid in stablecoins to prevent the circulating supply from increasing, steps are clearly being taken to keep the value of the token stable.
Quant Network — Utility For Businesses.
Quant Network is not often mentioned alongside the most popular NFT projects, but the London-based startup’s progress has been steady. Aimed at corporate payments and CBDCs with its Overledger interoperability platform, it more recently entered the world of NFTs by releasing Overledger Tokenize.
One of the areas where NFTs can have a significant advantage is the world of fractional investments, and Quant Network is hoping to gain adoption from large, established financial players.
If they succeed, they could unlock a huge market that would rank it as one of the best NFT projects, but since the project keeps virtually everything secret, it is risky to put many eggs in this basket, while it is also easy to be annoyed by the lack of updates, turning their amazing concept into a waiting game to see if their success will bring a new massive network to the defi world.
Projects that we believe have a chance to make waves in their particular niches. The projects chosen for this article all come from a list made by our experts, with the writing team showcasing the following 2 by personal preference. New projects can always be found here on the Synapse Network Website.
Nakamoto Games: Maximised Earnings.
Nakamoto’s takes on the Play 2 Earn genre are both brilliant and useful. By developing an arcade-like ecosystem of P2E games all in the same platform, adding multiple additional features, staking opportunities and much more.
They have managed to create an ecosystem in which you can both go all in on earning profits while playing nice games or simply get addicted to the fun gameplay loop posed while passively earning something on the side.
Furthermore, Nakamoto’s versatility isn’t used to hide any particular pitfall, their quality is high across the board and they keep adding new features even as they keep growing in size, a feat that not many other projects can accomplish.
Versatile platform, versatile ecosystem, nice technical performance, and a very good project to follow.
DecentraWeb: NFTs and Domains.
DecentraWeb’s manoeuvre to break into the domain market by utilizing the various properties of NFT technology was brilliant, and their growth has been amazing also thanks to the effort they have put into the development of their website and their core technologies.
Great presentation, great idea, everything is smooth and the use cases are all already there, making it one of the first projects in the entire market to sell NFTs related to utilities instead of infotainment.
This particular choice has led to their explosive growth, and the quality of their project keeps going up, meaning that right as we speak, new clients are flocking to their doors to check out what this interesting new player has to say in the domain game.
A breath of fresh air in a market that has been a monopoly for as long as I can remember, with technical prowess able to compete with all the big names in their market.
A project combining multiple technologies to grab a share of a stale market and revolutionize it, DWeb deserves to be looked at very closely.
About Synapse Network
Synapse Network is developing a cross-chain investment and start-up acceleration ecosystem based on blockchain technology to give everybody an equal chance to contribute to great upcoming projects and to do so early on. We are bridging the gap between the traditional & crypto market. The idea of the Synapse Network technology goes beyond the standard offer of launchpads available on the market, becoming a true technological brand providing tech solutions.