Without any doubt, the web3 space has, since a few years ago, begun to enjoy increasing adoption. Recall that it was coined by Ethereum co-founder Gavin Wood in 2014. According to Gavin, the new internet ecosystem possesses the potential to facilitate increased data security, scalability, and privacy for users. The Co-founder believed the internet should not be under the monopoly of a small circle of some big wigs within the sphere. Occasioned by these features, the web3 space returns power to control the internet space to the users. Notably, Web3 projects, including cryptocurrencies, blockchains, and NFTs are usually explored to achieve this goal.
Worth noting that the new internet ecosystem offers equal accessibility to its users. More so, it does not rely on third parties but rather uses incentives and economic mechanisms to function efficiently. Remarkably, as more projects continue to grace the space, its level of adoption increases too. Today, there are hundreds of web3 projects, each exploring the rudiments and prospects of the sphere to aid its users. With this article, the top 20 web3 projects, their backgrounds, and features will be brought to the limelight.
List of top web3 projects
1. Decentraland
Today, Decentraland remains one of the top web3 projects. Founded in 2017, Decentraland runs as a complete 3D metaverse. It is built on the Ethereum blockchain, with its layered elements on the blockchain’s smart contract. Additionally, the Decentraland consensus layer helps to sustain its ledger. This ledger helps to effectively monitor the ownership of land parcels. Also, the space paves the way for users to trade virtual real estate. Additionally, users harness Decentraland to interact and play virtual reality games.
Furthermore, it posseses two identifiable tokens, identified as MANA and LAND. MANA as a native token helps to aid trading of LAND and other digital products used on the space. More so, holders of MANA appears eligible to interact with the platform. The possession of the token also enable them to customize their avatars, interact with other users and build remarkable experiences in the space.
2. Sandbox
One of the top web3 projects is The Sandbox. It manifested in 2011 as a reality virtual world powered by Ethereum blockchain. As designed, Sandbox creates a platform for subscribers to initiate, own, play and monetize all their experiences and innovations in the digital arena. Additionally, the protocol runs on a play-to-earn mechanism for all game players to develop their gaming experiences.
Sandbox’s native token, identified as SAND, runs as an ERC-20 token. This token serves as a gaming token in the ecosystem, aiding all transactions and interactions on the network. Reportedly, it possesses a circulating supply of 1.3 billion coins and a total supply of 3 billion.
3. Chainlink
Chainlink also ranks well in the list of the top web3 projects. It runs as an Ethereum based crypto project. According to its whitepaper, Chainlink aims to promote the functionalities of the smart contract. This, according to the project, will be achieved by availing real word data to smart contracts through oracles. Notably, Chainlink posseses a native token, LINK.
This native token helps to power the network. More so, it helps in rewarding node operators for securely moving the data on and off the blockchain. Additionally, LINK fosters the interaction between oracles and smart contract creators.
4. Axie Infinity
Notably, Axie Infinity is also one of the leading web3 projects. It runs as “an open-ended flexible gaming universe.” Axie Infinity runs on the Ronin Network, a sidechain developed by Sky Mavis. It usually invites players to collect, breed, battle and trade digital creatures, identified as Axies. As designed, each of the Axies are distinctive and can be developed to create more Axies. However, each Axie can only be bred seven times.
Worth noting that the Axie Infinity in-game world is called Lunacia. As designed, Lunacia posseses over 50,000 plots of virtual lands. According to reports, these lands run as NFT, thereby open to trading by gamers. Generally, Axie Infinity runs to allow its community of players contribute to the in-game universe. As one of the notable web3 projects, Axie Infinity posseses a native token, AXS which functions as a governance ERC-20 token.
5. Filecoin
Filecoin is a decentralized storage network that allows users to host, save and access their data. The Filecoin storage network runs on the blockchain, and a dynamic-distributed cloud system powers it. Filecoin is rated highly among Web3 projects because of its decentralized storage. It gives users absolute control over their data by eliminating reliance on a third party.
Furthermore, Users are entitled to (FIL) whenever they offer storage solutions through their hardware to other users. The system strongly prioritizes the authenticity of users’ data. Filcoin uses cryptographic proofs that ensure that users’ data remain intact.
6. Polkadot
Undoubtedly, the Polkadot protocol is one of the top web3 projects. It runs as a cross-chain interoperable platform, enabling an easy transfer of data between two unrelated blockchain networks. Furthermore, Polkadot runs as a scalable and rapid network. It explores numerous parallel blockchains, or parachains. Occasioned by these parachains, it is able to process over 1,000 transactions within one second. Notably, the protocol posseses a native token, DOT. This token helps users to participate in buying, selling, and staking, and governance of the Polkadot platform.
7. The Graph
The Graph is an emerging Web3 initiative that answers problems like the lack of decentralized indexing and querying software in the blockchain sphere. It is highly rated among leading Web3 projects. It allows prominent cryptocurrency solutions and developers to employ its Application Programming Interfaces (API). The Graph’s API is referred to as subgraphs; they are used to extract data from external origins in a decentralized manner. The project has attracted experts and prominent projects in the industry. This is because it empowers ecosystem decentralization, offering a good user experience and extraction of data seamlessly. Also, the Graph bridges the gap of insufficient decentralized indexing and querying solutions in the Web3 space. These attributes have bestowed The Graphs with the tag of “game changer” among other Web3 projects.
8. Ocean Protocol
According to findings, the Ocean protocol is also on the list of the top web3 projects. This protocol runs on the Ethereum blockchain. It enhances the exchange of data between corporate institutions and private individuals. With Ocean, Purchasers are able to redeem their “datatokens” in a bid to secure access to the data. More so, data providers, on the protocol avail their data in exchange for the native token of Ocean protocol. Notably, its native token is OCEAN, which runs as a multipurpose coin. Apart from aiding the exchange of data on the network, it helps to allow holders participate in the governance of the protocol. Meanwhile, the protocol posseses a market where purchasers and data providers exchange the token for data.
9. Theta
Over time, the Theta blockchain has proven to be one of the top web3 projects. It runs as a decentralized ledger, aiming to incentivizes creators of contents. With Theta, creators accumulate rewards for sharing its bandwidth and content on video platforms. Notably, the platform is based on the POS consensus mechanism and utilizes Byzantine Fault Tolerance for high transactions. Additionally, Theta avails support to a micropayment pool, with a “pay-per-byte mechanism.” With this, it is able to support the video streaming content creators. Just like others, it has a native token, identified as Theta. The native token, as designed, helps to power the ecosystem. the native token of the economy.
10. WEMIX
One of the notable Web3 projects is WEMIX. The project is a blockchain outlet structured for Web3-oriented games and others. WEMIX is rated highly among the top Web3 projects because of it’s distinctive features. Also, WEMIX has a decentralized marketplace that aids users in designing collectibles for NFTs, then aid them in trading them. Similarly, WEMIX users can trade the native token of an ecosystem with one another on the marketplace. The platform allows users to exchange Game tokens for WEMIX.
11. Flow Blockchain
The Flow Blockchain is among the most rated Web3 projects in the cryptocurrency space due to its distinctiveness. The ecosystem powers numerous applications, digital assets, and games. Additionally, Flow blockchain prioritizes users’ data safety while offering them exclusive privacy. It also supports users in trading virtual collectibles on the open market. The Flow blockchain is specifically designed to power Web3 games and NFTs. This feature earns it a good reputation among other Web3 projects.
12. MetaHero
On this list of top 20 web3 projects, MetaHero stands out with a distinguished system. The project allows the scanning of physical objects into Metaverse avatars. This feature of MetaHero is pursuing the adoption of cryptocurrency, web3, and metaverse uniquely. The project serves as a link between Metaverse and the physical world. Notably, MetaHero allows users to earn money by scanning items for sale on Metaverse. Furthermore, the project employs Ultra-realistic 3D technology to design Avatars and virtual items that are useful across different sectors. This implies that MetaHero isn’t limited to Web3 alone.
13. Floki Inu
A dog-themed metaverse cryptocurrency coin that got his name from Shiba Inu, Floki Inu also makes the list of top Web3 projects. The token has other projects that are aimed at gaining utility for it. These projects are Valhalla, FlokiPlaces and FlokiUniveristy. Also, the project is attaining greater heights due to its embracement of cryptocurrency education via Floki University. Floki Inu has a marketplace where community members can trade their digital collectibles. Furthermore, the project has bagged numerous collaboration deals that have helped boost its popularity among top Web3 projects. More so, Its community members are the major driving force for the project, and their efforts haven’t gone unnoticed. Floki Inu community has featured in the LunarCrush social engagement leaderboards.
14. BAT
As one of the powerful web3 projects, BAT runs as the native token of Brave Ads ecosystem. As designed, BAT functions as a utility token employed by digital marketers to pay for ads on the Brave browser. The native protocol of BAT, Brave usually blocks ads and tracking by default. Furthermore, BAT links digital publishers and advertisers directly by eliminates third parties. With this development, publishers transfer BAT tokens to the wallet of the advertisers through the Brave browser. Also, users tend to accumulate rewards in BAT tokens just by viewing ads.
15. Alien Worlds
Remarkably, Alien Worlds has grown to become one of the top web3 projects. It runs as a DeFi metaverse game. Interestingly, Alien world possesses numerous decentralized elements in the game. As designed, every gamer must posseses a WAX Cloud Wallet. With this, players get to mine as soon as they begin to explore the game. This, as reported, allows them to earn rewards in Trillium (TLM), thereby earning voting rights in the Planet DAO. Additionally, gamers tends to also earn NFTs. These NFTs, as reported, is usually harnessed in completing in-game quests, battle with other players, or mine TLM. Likewise, players use TLM token to mine NFTs too. Notably, the gaming project usually reward its most active users with TLM.
16. Livepeer
Without any doubt, Livepeer also makes the list of top web3 projects. The project manifested to advance streaming of videos. Also, Livepeer explores Blockchain to enable creators transcode their video contents. Additionally, the platform possesses numerous orchestrators who harness their computing energy to spread the content on other platforms.
Furthermore, the platform has delegators who assist the orchestrators in carrying out the transcoding role. As designed, Livepeer has a native token, LPT. The orchestrators and delegators usually stake these tokens so as the power the network. However, Livepeer rewards both groups through the fees paid by creators or broadcasters.
17. BitTorrent
BitTorrent is a popular peer-to-peer file sharing solution that provides services for Mac, Android, Windows, and other software. Additionally, the platform hosts more than 2 billion users and 200 million wallets, thus, dubbing itself the “World largest distributed network.” BitTorrent offers safe streaming and downloading services for torrent products. Also, the platform charges users a certain amount to upgrade to premium membership. With the upgrade, users can make use of perks like digital private network capabilities and browsing that are free from ad disturbance. Furthermore, BitTorrent and its services are earning raves among other Web3 projects.
18. Helium
Also On the list of top Web3 projects is Helium. The project is a decentralized network with a backing from blockchain for the Internet of Things (IoT) devices. Also, the network is specially designed for IoT devices that uses the proof-of-coverage algorithm. With the network, users can design decentralized wireless systems of any size. More so, it aids low-power gadgets to connect with one and another for smooth communication.
With Helium, these gadgets can exchange data via a network that comprises nodes known as hotspots. These nodes cover a specific part of the network. Users can as well utilize these hotspots as miners. Users who have them can mine the native token of the ecosystem, HNT.
19. Siacoin
Siacoin is a peer-to-peer virtual outlet where users can lease out their cloud storage space. The platform encrypts users’ data in 30 different components and uploads them to various hosts. Developed by Skynet, Siacoin is popular among Web3 projects due to the fame of its developer. Skynet has designed numerous Sia-based solution that includes file exchange, streaming, and content delivery.
Also, Siacoin carry out transactions through smart contracts, and SC it’s native coin serves as a means of payment within the ecosystem. The project intends to establish itself as the “backbone storage layer of the internet. Additionally, Siacoin is competing with prominent cloud storage providers like Google, Microsoft, and Amazon.
20. Flux
Flux emerges on the list of top 20 web3 projects, surprisingly. It aids developers in designing Web3-oriented apps and deploying them on different systems simultaneously. Furthermore, it provides an oracle design that has an exclusive decentralized structure and allows users to utilize data within and outside its blockchain.
Additionally, Flux has attracted different uses, which includes acquiring resources, monetizing nodes and enhancing transactions on FluxOS. Also, Flux fiercely pursues the movement of ushering people into the Web3 space by providing supporting solutions.
Conclusions on Web3 projects list
The Web3 projects were rated based on the services they offer, their relevance, and their prominence in the cryptocurrency space. However, the ranking contains the opinion and findings of the author, and it doesn’t reflect any form of preference for one project above the other.
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