financemagnates.com
Decentralized applications (dApps) on the blockchain can draw an audience of users looking for transparency and self-ownership. Moreover, as the number of applications and blockchains to support them grows, more options become available to solve real-world problems and enhance the growing Web3 space.
While headlines focus on declining token prices, blockchain technology is doing fine and attracts record levels of users, investment, and interest from mainstream organizations.
Global payment provider VISA recently showed its intentions with web3 infrastructure and blockchain, with a heavy focus on security, scalability, interoperability, and privacy. At the same time, Larry Fink, the CEO of BlackRock, one of the world's leading investment, advisory, and risk management firms, declared that open, decentralized ledgers would be an integral part of the global economy's future.
Layer one blockchains show promise as Ethereum buckles under the weight of its success. The metaverse becomes a buzzword for Web3, while genuinely decentralized finance bubbles to the top after the collapse of several centralized exchanges. NFTs command attention and show a path toward tokenizing everyday assets, while digital collectibles infusion with blockchain games takes the industry to an entirely new level.
Of the numerous Web3 projects vying for attention, these four show promise for 2023.
Flare
The Flare blockchain aims to create a true cross-chain reality by “Connecting Everything.” using decentralized systems. Before Flare, token bridging was only possible by using centralized systems as, fundamentally, it was a digital version of the traditional banking model. Moreover, the options for users were considerably slower, meaning they needed to choose between sluggish and unsafe systems.
Flare is an advanced network that features cross-chain interoperability to facilitate a fully decentralized cross-chain future, arguably safer than the current alternative. In addition, it provides developers with a comprehensive incentive program to ensure that the ecosystem has the connectivity required to thrive.
Budding layer one solution Flare takes on several sticky points for project teams building in Web3 by offering a blockchain that presents developers with a simple and coherent stack for decentralized interoperability. More simply, using The State Connector, dApps on Flare can safely access information from outside the network, including prices and blockchain state, helping establish a highly secure, interoperable cross-chain solution.
Moreover, Flare wants to ease user risks and believes that blockchain as an industry can scale to millions of users and benefit multiple sectors, from finance to healthcare, if they can solve these challenges. The network combines the value of the non-Turing complete tokens with the power of smart contracts on a network that can scale for value and transaction throughput. These two factors will be vital for decentralized finance and applications' long-term success.
Banger
Tech startup Banger Games wants to open up new opportunities for gamers by becoming the first hub to reward players for their in-game and community activity, regardless of the game, publisher, or platform they do this on. Simply put, gamers will be able to receive rewards for playing leading online games such as PUBG & Counter-Strike.
Banger Games states that it views gamers as gamers, not as products, and wants to establish one shared currency and economy for gamers by providing opportunities to compete, challenge themselves, earn, trade, and enjoy the experience. In addition, the gaming hub will reward players with NFTs, Banger Coins, and other prizes.
The project features automated Smart Tournaments run through smart contracts, with testing for a closed beta on the famous Counter Strike GO underway. In addition, it will include advanced features such as a Battle Pass, in-game achievements, an anti-cheat client, and P2P cloud gaming to enable users to share their unused processing power.
More interesting to game publishers is that they will receive access to a SDK that will connect any video game, including classic non-blockchain games that already have a massive player-base, to the Banger Games ecosystem. This will enable game publishers to tap into new monetization tools and access community grants and investment opportunities.
Taki
As business models like play-to-earn, move-to-earn, predict-to-earn, and more come to light, the decaying Web2 social media space has been trying to get in on the action of rewarding people for everyday activities they already do. Tokenized social network Taki, which runs on the highly competitive Solana network, is one player planting a flag in the ground.
Taki aims to create better online communities by rewarding users with a stake in the network. It has a reward-sharing concept to motivate users to post rewarding content for their followers, with a small portion of rewards shared amongst the followers of Taki users to build a positive feedback loop.
Thanks to crypto, creators and influencers can leverage their audience. For example, users who like a post made by anyone on Taki can reward them using Taki tokens. More interestingly, users can create and reward followers using Taki's custom crypto tokens.
Solana partnered with Taki to set up a $2.5 million fund to attract creators to the platform. While according to Dataportal, there are 4.74 billion social media users worldwide, representing 76% of the population over 13. Users spend an average of 2.5 hours daily on social media, meaning colossal potential. However, these platforms' problems are well publicized and offer opportunities for projects like Taki.
Web3 holds the potential to complete a social media revolution in a new paradigm as platforms like Taki could right many of the Web2 wrongs by bringing attributes like censorship resistance, data transparency, and self-sovereignty to social media.
Affyn
Affyn is a blockchain-powered metaverse featuring a play-and-earn mobile game with no initial investment required, incorporating augmented reality and geolocation capabilities. Based out of Singapore, the 40-plus team boasts personnel with backgrounds at Electronic Arts, Konami, Square Enix, Disney, Nintendo, Ubisoft, Epic games, and more.
What sets Affyn apart from most existing metaverse plays is that in-game characters, known as Buddies, are transferable to other games in different genres. Each Buddy is an NFT with its attributes and properties, with characteristics of the Buddies improving over time, while properties give certain advantages and disadvantages over other Buddies. Moreover, Players fully own the character within Affyn's NEXUS metaverse.
This unique blend of technologies enables the platform to offer players an immersive gaming experience where virtual and real worlds collide. In addition, revealing Singapore as the first city of the NEXUS world, Affyn releases 2,000 land plot NFTs corresponding with an actual location in Singapore to kick off its broader metaverse vision.
Each Land NFT has a unique corresponding geolocation. The more players participate in activities on a holder's land, the more rewards they can earn. As a Landowner, you can boost player traffic by hosting exciting events, activities, and campaigns.