Interesting cryptos to watch out for this year | The Financial Express

Interesting cryptos to watch out for this year

Although the past year was a rough ride for cryptocurrencies, 2023 appears promising with many interesting new cryptos in the fray

Interesting cryptos to watch out for this year

The year 2022 was a bleak one for cryptocurrencies. While prices fell for some major cryptocurrencies, the FTX’s failure brought the sector to a meltdown. Although caution persists, 2023 seems interesting for the sector with a number of new and innovative crypto projects already creating a buzz. 

FightOut 

Given that it is almost a month since the start of 2023, chances are you might have abandoned your new year resolution of keeping fit. And why not? Gyms are boring, self-discipline is a long shot, and most importantly, remaining motivated to work out, consistently, is easier said than done. Somewhat solving the motivation trouble is FightOut, an intriguing move-to-earn (M2E) crypto project that helps you earn, not just in terms of health, but literally, for working out. Hence, it tracks your movement and rewards based on performance.

The platform mints two crytos: REPS and $FGHT. While the latter is the default currency, the former help you with in-app purchases. This space is to watch out given the buzz FightOut has generated during pre-sale that will end on March 31. It has offered its $FGHT for pre-sale with each token priced at $0.016. It raised a whopping $2.5 million within a week of launching the presale. Offering a blend of blockchain, NFTs, and cryptocurrecies, each user gets an NFT avatar on FightOut. However, unlike other NFTs, you cannot sell this one, but it serves as unique identity. Through it, you can socialise in the FightOut metaverse, and engage to earn rewards. “Level up your health, earn rewards, and compete in the metaverse,” it says on its website. The FightOut is expected to launched in the first quarter this year as an invitation-only beta, as per media reports. The full version is expected in Q2.

C+ Charge (CCHG)

The rising environmental awareness has driven the interest in electronic vehicles (EVs). But interest solely cannot drive this sector that deals with a host of challenges such as lack of charging stations and non-transparent pricing.

Solving that problem is C+Charge, a crypto which aids EV drivers to find charging stations and also works as a payment system. Using the C+Charge, you charge your EV by paying in CCHG coins. It is pretty ironic given cryptocurrencies are themselves termed as the biggest emitters. However, this space will be interesting to watch this year. The CCHG token is currently up for presale with each token priced at $0.013.

RobotEra (TARO)

While Covid-induced increased digital time stirred much interest in the metaverse, the technology is increasingly getting mainstream. For all the metaverse fans is RobotEra, a new metaverse project, which draws inspiration from The Sandbox. The game’s theme is based on Taro, a planet ruled by robots. It allows the users to engage with their robot companions in various activities and get rewards. $TARO is the native token on RobotEra, and hence, is central to its payment system. The theme is interesting and despite concerns, interest persists in cryptocurrency as well as the metaverse. Hence, there is no point in guessing that RobotEra might be an interesting bet this year. 

IMPT

Another crypto project that is generating quite a buzz is IMPT, a green crypto project that aims to revolutionise the carbon credit system. The project raised a whopping $20.5 million in less than two months of its presale, which concluded on December 11, 2022. 

Starting December 14, it started listing its native $IMPT on some crypto exchanges. What sets this apart is the innovative concept. The carbon credits are designed to bring down carbon emissions, the system is complex, highly fragmented, and often reports frauds such as some selling their carbon credits twice. Addressing these is IMPT, which tokenises the carbon credits as non-fungible tokens (NFTs). This allows credits to be stored on the blockchain, hence, verification is easier, thus preventing double counting and other frauds. 

Using the IMPT token, organisations can purchase carbon credits in a secure manner. IMPT has tied up with several environmentally-conscious brands. As users make any purchase from these through the IMPT app or online shopping widget, some share of the amount is credited to the users’ account as IMPT tokens. They can use it to buy carbon credits, which in turn can be traded. They can also retire their carbon credits NFTs, which they can further trade. 

On the brand side, they too can set aside some amount from their sale, which can be used for environmental projects. 

Cryptos are criticised for being the most energy guzzling technology. IMPT addresses that too as the project works on the Ethereum blockchain, which had last year switched from proof-of-work to proof-of-stake mechanism, thus reducing its carbon-dioxide emissions by over 99%. Although several 

interesting crypto projects are picking up, the industry is prone with risks and fraud. Hence, always practise caution before investing.

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First published on: 21-01-2023 at 18:23 IST