Blockchain technology is progressing rapidly, and as we transition into Web3, our understanding of the tech, its use cases, and applications is evolving. Numerous projects across niches, such as NFTs, metaverse, and DeFi within the blockchain industry, are making significant advancements.
If you’re new to the space, have recently entered the field, and are looking for some of the best projects in the industry, then I’ve got you. Let’s jump in and look at the top 5 blockchain projects of 2022.
Bored Ape Yacht Club
To kick us off, we have the BAYC (Bored Ape Yacht Club) project. The project began as an NFT collection of 10,000 NFTs, which were ape characters, which would act as an access pass to an elite club of NFT holders. However, today it has various facets, with a full-fledged metaverse game called ‘Otherside’ in the making.
Today the BAYC universe consists of NFTs such as the Bored Kennel and Mutant Ape Yacht Club. In the former case, the holders could adopt an NFT dog that behaves similarly to the BAYC NFT.
Holders were also given a serum using which they could generate their Mutant Ape.
Besides this, the project has hosted multiple events and get-togethers across countries such as the UK, the US, and China. It has also partnered with brands such as Adidas and Gucci. Overall it is a proliferating project which numerous celebrities are a part of.
Axie Infinity began as a play-to-earn (P2E) card game, slowly transforming into a metaverse. P2E game allows you to play games and earn money for them. The game's development can be categorized into three versions. Initially, it was a card game with little control over the in-game characters.
Its second version/era included more aspects from the blockchain and gaming perspectives. It made much better use of NFTs by having all in-game assets in that form, which could be bought/sold on the on-platform marketplace. It also included the Axie Infinity Shard (AXS), which acted as a governance token. A governance token enables people holding it to determine significant decisions about the platform’s future and development fairly and democratically.
The third version/era is the future. It began with the game being available for mobile phones for both iOS and Android, in the form of Axie Infinity Origin, and almost instantly became a hit and made a mark of its own.
In the DeFi space, Aave is one of the successful projects that enable people to lend and borrow money with the help of smart contracts. Smart contracts are programs that can automate transactions based on user-defined criteria. The project was initially built on the Ethereum blockchain and later expanded to Avalanche, Harmony, and Fantom.
To lend money, you need to deposit your cryptocurrency into the platform’s liquidity pool, from which borrowers can borrow the crypto, and you can earn interest from it. In the case of borrowing, you have to pay interest. In other words, Aave is one of the best utility tokens so far with the purpose of providing users with direct liquidity.
Besides, the platform has partnered with companies to enable people to tokenize real-world assets and lend/borrow them through the protocol. These help people earn even with their tangible assets.
Decentraland is one of the leading metaverse projects which enables people to buy land within the platform. The purchased land can be used to build anything, ranging from a small building/environment to curated experiences and games for the audience. Thus, the platform acts as a tool that helps construct 3D virtual worlds where people can physically move around in the form of their character avatars within the platform.
Metaverse is a fundamental part of the web, and celebrities and brands have invested heavily in the field. Musicians like Snoop Dogg create their own experiences within the metaverse and perform on the platform or other metaverse events. Brands of various industries, such as fashion, food, finance, sports, gaming, and more, have invested in the platform. The possibilities are truly endless.
The Sandbox is another metaverse platform similar to Decentraland. It has a similar craze and is considered the biggest competitor of the latter. However, as a platform, The Sandbox is more inclined towards gaming and enables people to participate in various tournaments held at regular intervals.
Furthermore, the number of land plots in this is more than in the previous one. The experiences are more immersive from the gaming perspective because it was built with gamers in mind.
Overall these are the top 5 blockchain projects of 2022. Besides these, there are several others, such as CryptoPunks, Uniswap, SushiSwap, Battle Infinity, Chainlink, and more.