Web 3.0 is a new technology that hopes to revolutionize how people use the internet. The goal is to dramatically change how apps are built, and data is accessed by end-users. It was built to solve the challenge of big tech, which have been criticized for their substantial power.
In this article, we will look at some of the best web 3.0 blockchain projects and platforms. Precisely, we will assess the consumer-facing projects in the industry as well as the underlying technologies that are used to build these apps.
STEPN
STEPN is a web 3.0 project that is at the intersection of gaming, non-fungible tokens (NFT), and fitness. These are multi-billion dollar industries that are expected to grow big. Its main product is a platform that lets people buy sneaker NFTs and do simple exercises like running and jogging.
People are then rewarded using their GMT token for doing some of the basic things like walking and jogging. They can then cash out by selling their tokens in some of the leading exchanges like Binance.
STEPN is a relatively new platform that was launched in 2022. In a short period, GMT has become the 81st biggest cryptocurrency in the world, with a market cap of over $1.6 billion. There is a likelihood that its price will keep doing good as more people join the network.
Siacoin
File storage is one of the leading industries that web 3.0 is attempting to solve. It is a large industry that is dominated by large conglomerates like Amazon and IBM. In the past few years, the sector has been on strong growth curve.
Everyone is consuming storage products on a daily basis. For example, whenever you use a company like Spotify, you are basically using Google Cloud services. Similarly, whenever you are using Uber, you are indirectly using technology provided by Amazon.
Siacoin is one of the several web 3.0 projects that is solving the cloud computing challenge. Anyone can download the Siacoin platform and store their data on the platform. Instead of relying on complicated servers, Siacoin uses a network of people who provide their free storage to the network. These people are paid using the SCS token that is valued at over $724 million.
NEXO
Nexo is a fintech company in the blockchain industry. The firm offers multiple services, such as an exchange and a marketplace where people can buy and sell cryptocurrencies. Further, it has a platform that enables people to borrow cryptocurrencies by providing collateral to the network.
According to its website, Nexo users can borrow between $50 to $2 million within minutes. It is a better solution since it does not have an origination fee and it has no monthly repayments. Also, the platform is insured for up to $375 million.
Nexo is a web 3.0 project because it bypasses the traditional method of finance. To achieve that, the company has the NEXO token, which gives users rewards and discounts when they transact in the network. The token has a total market capitalization of over $1.4 billion.
Maker DAO
Maker DAO is a web 3.0 platform in the financial industry. It offers some similar products like those provided by Nexo. However, it is a radically different platform in how it was built. For example, while Nexo is a centralized platform, Maker uses a decentralized autonomous organization (DAO) model where holders of its MKR token can take part in its governance.
Maker is an ecosystem that allows people to borrow money and provide liquidity in its network. It solves the volatility challenge that other DeFi networks face by having its stablecoin known as Dai. It is backed by the US dollar and has a market cap of over $14 billion. MKR, its native token, has a market cap of over $2 billion.
Audius
The music streaming industry is a large one, with a company like Spotify having over 200 users globally. Apple Music and Amazon Prime Music have millions of users as well. While musicians have benefited because of these platforms, the biggest beneficiary is music labels like Warner, Universal, Sony, and Island.
Audius is a Solana-built web 3.0 project that gives power to artists. It lets independent artists submit music and earn money whenever people stream their songs. It has a partnership with TikTok and has millions of monthly users. While the Audius price has dropped, there is a likelihood that its price will recover as the ecosystem grows.
Ethereum
Ethereum is not necessarily a web 3.0 cryptocurrency. But it is one of the most useful projects in the industry. It is a layer 1 network that lets people build projects. Indeed, in the past few months, it has been used by some of the biggest decentralized applications (dApps) in the industry. For example, it was used to build apps like Maker, Aave, Uniswap, Compound, and Instadapp.
With Ethereum moving to a proof-of-stake model, there is a likelihood that ETH prices will continue growing in the near and longer-term.
Gala
Gaming is another industry that is being disrupted by web 3.0 technology. It is an industry that has been dominated by the likes of Microsoft and Take-Two Interactive. As a result, many web developers have come up with decentralized gaming platforms.
Gala is one of these ecosystems. It allows developers to build decentralized games and then offer them for free or at a small fee. These developers then make money using non-fungible tokens (NFT). Some of the games offered in Gala are Townstar, Mirandus, and The Walking Dead. In the coming months, the developers will launch Galachain, a platform that will help it cut costs and improve throughput.
Gala is one of these ecosystems. It allows developers to build decentralized games and then offer them for free or at a small fee. These developers then make money using non-fungible tokens (NFT). Some of the games offered in Gala are Townstar, Mirandus, and The Walking Dead. In the coming months, the developers will launch Galachain, a platform that will help it cut costs and improve throughput.
Summary
There are many developed and upcoming web 3.0 projects in most industries like gaming and DeFi. We have not included some notable mentions here: Brave, Nexus Mutual, Theta, Arweave, and STEPN. Still, while their tokens are expected to do well, it is unclear whether they will become mainstream projects in the future.