In the crypto space, an underdog is a cryptocurrency that is underrated but at the same time has exciting potential. Introducing 5 unknown coins that could explode in 2023.
The coins have received too little attention so far, but they should not be underestimated. Like Immutable X, which focused on scaling NFT applications in the Ethereum ecosystem.
#1 unknown coin with potential – immutable X
Australian startup Immutable X has been able to attract big-name investors such as Bitkraft Ventures and King River Capital and raise over US$60 million in the second round of funding in 2021. As a layer 2 solution, Immutable X is based on the Ethereum blockchain, but incurs no gas charges when used. One of the reasons for the high potential in the next year is the market rise of NFT markets and the merging of meme coins with NFT. According to KPMG, banks also have the opportunity to approach the field of NFT activity.
According to KPMG, the global trading volume of NFTs was around US$2 billion in the first quarter of 2021, but already exceeded US$16 billion in the spring of 2022. An impressive growth of 714%. Another reason is in
Advantages of Immutable X
- Fast transactions and high scalability when creating NFTs
- Zero gas fees for NFT minting and trading
- Over 9,000 transactions and keystroke processes per second
- Uses zero-knowledge technology, ZK-Rollup, for scaling
#2 unknown room with potential – Everdome
Everdome wants to bring realistic avatars to the metaverse. As if that weren’t enough, the company also wants to teleport Ultra HD avatars and digitized real-world objects into the Everdome metaverse, allowing users to interact with each other. A full Web3 experience is at the heart of hyper-realistic graphics. Everdome was created by Robert Gryn, Poland’s youngest self-made entrepreneur to feature in the Forbes Top 100.
The roadmap foresees important milestones for 2022 and the team, which currently has 25 employees, is expected to expand in the near future. The goal is to create the first hyper-realistic metaverse and, above all, access to virtual terrain in the form of NFTs. Real estate can be bought, rented, and leased in the Everdome. According to Everdome, the principle of scarcity should promote higher prices for land NFT.
Benefits of Everdome
- Everyone should be able to create their own 3D avatars
- The coin is a BEP-20 token on the Binance Smart Chain
- Q4/22 Coin List Planned for Other Crypto Exchanges
- CMO Bally Singh was named Metaverse Marketing Leader of the Year on October 22
#3 Unknown piece with potential – Gnosis
While Ethereum has just transitioned to low-powered proof-of-stake, the blockchain remains hugely popular, leading to long latency and high transaction fees. Gnosis wants to solve exactly these problems and allow users to create, trade and hold crypto assets. Even though the platform is still small, its business model as a forecast trading platform is extremely interesting.
The DeFi market is growing and the Gnosis V1 protocol provides liquidity to decentralized trading platforms via ring orders. The Asian market in particular is currently investing heavily in the DeFi sector, as there is a huge market volume here. Gnosis specializes in prediction markets. This means that centralized exchanges create their marketplaces with Gnosis, and then their clients can access events from that marketplace.  bet
Benefits of Gnosis
- Prediction markets are a popular financial instrument
- Forecasts are processed in the form of trading
- Information comes quickly from a large number of users
- Token seed capital for new users
#4 unknown piece with potential – Enjin
Enjin’s project is all about NFT. Whether as a game, with fashion, as an incentive or for marketing, NFTs require platforms for creation, storage and exchange. To be able to control these assets, Enjin was developed and the platform now has more than 20 million active users. ENJ is the native coin of the platform implemented on the Ethereum blockchain and is particularly easy to use via a content management system.
The project can not only enable transactions, but also smart contracts. With its own Efinity scaling solution, many transactions can be processed in a short time. The own online marketplace for NFT now includes more than 12 million digital assets. The NFT can be easily sent using a simple QR code.
Advantages of Enjin
- Developers can easily integrate existing projects
- Your own smart wallet with over 1.2 million downloads
- Leverages Polkadot’s parachain for scaling
- Allows minting of Ethereum-based NFTs
#5 Unknown piece with potential – Flow
The company Dapper Labs, developer of CryptoKitties, among others, has developed the Flow Blockchain, on which interactive experiences such as blockchain-based games or other decentralized applications can take place. The architecture was specifically designed for NFTs, dApps and games where scalability is important. With Proof-of-Stake, Flow has extremely low power and token holders can participate in staking, which also gives them governance rights.
To achieve high transaction throughput, Flow distributes data and work in the network to different nodes, making the project unique. FLOW, the native blockchain coin, is required for payments but is also distributed as a reward.
Advantages of the stream
- Developers can create their own apps
- Efficient architecture enables transactions to be finalized quickly
- Highly scalable environment for NFT, decentralized applications and games
- Renowned Game Developer Owner of Flow
Why Unknown Coins Will Be In High Demand In 2023
Underdogs are well suited for diversifying your own portfolio. However, investing exclusively in underdogs and unknown coins in 2023 is not recommended. Not only the underdogs presented here offer investors great opportunities. In principle, cryptocurrencies will continue to grow in importance and Web3 is a prerequisite for this. While experts say the traditional stock market is overvalued, the crypto market continues to boom.
Virtual environments like the Metaverse are everywhere, not just in the realm of avatars and digital real estate or games. Decentralized financial services have also become part of the daily life of crypto investors. And NFT is taking over the world, as the chart below shows.
Unknown coins 2023 should be in every wallet, and not only if investors are not satisfied with the possibilities of the traditional financial system. Even though cryptocurrencies are seeing significant momentum, further growth is likely.
From: Stefanie Herrnberger
Stefanie Herrnberger works as a freelance speaker and writer. His many years of professional experience in the areas of blockchain, cryptocurrencies and digitization provide him with the perfect background to report on the use cases of distributed ledger technology in industry and global business.
As an enthusiastic investor, Stefanie has been investing in cryptocurrencies, DeFi coins and NFTs for several years and can therefore experience firsthand the world of digital currencies and their potential. In addition, Stefanie deals intensively with the political, legal and tax framework in Germany and the EU, with tokenization, the digital euro and non-fungible tokens.