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The Best Utility Tokens in 2023

In the world of cryptocurrency, a variety of tokens serve different purposes. You may use some tokens in specific applications, while others tend to have a more general purpose.

This article looks at four tokens we believe are among the most popular in 2023. Our analysis will be impartial and based on the tokens’ use cases and potential for future growth. Specifically, we will focus on the Web3 gaming niche, as it is a market that has attracted investors’ attention lately.

A Fundamental Premise to Utility Tokens in the Crypto Economy

Today we’ll look at what we believe to be the best utility tokens in the current climate. We do not seek to share a way to get rich quickly with crypto. Just like any investment, there is always a risk associated with it. The value of utility tokens may rise or fall in the future. With that in mind, let’s look closer at the role of utility tokens in the crypto industry.

What Is a Utility Token?

A utility token is a digital asset that gives users access to a particular service or application. In most cases, utility tokens run on a blockchain, and you can use them to purchase goods or services.

The value of utility tokens comes from their usefulness and market demand. For example, if many people use a service requiring a token, the demand for that token will likely increase. Furthermore, this mechanism will probably affect the coin’s price, as we have already seen in the past.

The Need to Build a Sustainable Crypto Ecosystem

A crypto ecosystem needs to be sustainable in the long term. Sustainability, in this context, refers to a set of specific qualities, such as balanced tokenomics, fair and decentralized governance, a healthy community, and an overall positive development perspective.

Regarding utility tokens, we believe that the most sustainable ones focus on solving real-world problems. Developers should justify the usage of blockchain technology, which should not exist only for the sake of being trendy.

#1. Planet IX (IXT)

Planet IX is a new, decentralized game for players worldwide. It relies on the concept of players owning their in-game assets, trading and developing them freely – to have fun and earn rewards. The game has many features that make it attractive for gamers, including its use of the IXT token.

You must have this token to participate in the game and use its features. For instance, the project’s team promises that its staking mechanism can bring a return above 40% for investors.

IXT serves as an in-game currency for rewards. Moreover, it provides holders with voting privileges in governance management. The four-year vesting timeline for IXT contributes to the game’s long-term stability.

The gamification of a fungible asset is crucial to the game’s design since its economy depends on fungible assets. The play-to-earn approach rewards active users and stakeholders.

The project’s statistics show that the game is popular with the public. We’re talking about a project that can boast over 170,000 wallets holding its token. Moreover, Planet IX’s NFTs, known as PIX, have recently recorded over 10 million minting operations.

In May, Planet IX announced “Waters of Genesis” as their premier era in the game. Players can expect more updates and transparency for future game mechanics this season. The team often refers to its users as “AoC,” which stands for “Agents of Change.”

An AoC must seek land, connect PIX assets, create territories, and collect waste using drones and other strategic tactics. “Waters of Genesis” is where players will be able to find the first collectible NFT assets in the game. Furthermore, the game will soon unveil PvP (Player vs. Player) mechanics and other gameplay modes for its community.

This project’s community is large and growing, with a relatively low entry point on the token price and multiple features.

#2. Battle Infinity (IBAT)

Through its token, IBAT, Battle Infinity connects traditional gaming with the Metaverse/Blockchain. The connection between these two new realities may change how we interact with digital and physical spaces.

All of the functionalities of the Battle Infinity ecosystem are accessible to users through the IBAT token. This includes buying or earning characters, land, and weapons. The seamless design and implementation of IBAT also allow for easy advertisement on billboards inside the Metaverse.

By staking IBAT tokens, users can enter the expanding world of Battle Infinity games and win rewards. Staking is a popular way to earn rewards in the cryptocurrency space. Battle Infinity has taken this concept and applied it to its gaming platform.

The Global staking pool also benefits the community by rewarding the most active and valuable players. This is a great way to encourage people to use the platform and to keep them coming back for more.

Moreover, IBAT helps the IBAT Foundation to fulfill its remit to accelerate the development and adoption of the ecosystem. This means that the Foundation can use the funds to improve the platform. Moreover, these funds can help the team add new features to make the project more attractive to users.

All in all, Battle Infinity is a gaming platform worth checking out. The IBAT token is central to the functioning of the ecosystem. Moreover, it allows users to access all the platform’s features. If you’re looking for an innovative and exciting gaming platform, then Battle Infinity is one to watch.

#3. ApeCoin (APE)

Another popular utility token is ApeCoin (APE). This token fulfills various functions in the ecosystem as a governance and utility token. Moreover, APE owners access exclusive features, contests, events, goods, and services.

The ApeCoin Foundation implements the governance decisions taken by the community. You can use ApeCoin for payments because it is a pervasive ERC-20 token. There is no burning mechanism, so the supply of ApeCoins won’t go down.

Buying ApeCoin is relatively easy, as you must find a reputable exchange that lists the token. You can check the list of exchanges on CoinMarketCap. Once you have found an exchange, you must create an account and verify your identity. After confirming your account, you can deposit fiat currency or cryptocurrency and buy ApeCoin.

To understand the value of APE, you must learn about the project’s ecosystem. Specifically, you’ll find many ape-related projects, such as the Bored Ape Yacht Club, an extremely famous NFT collection.

There’s also the Mutant Ape Yacht Club and the Bored Ape Kennel Club, two famous NFT collections in this niche.

The token originated from the ape phenomenon in crypto, which began with a group of investors buying up ape-themed assets. The craze has momentarily faded due to the NFT bearish market, but the token remains available on exchanges.

As long as NFT enthusiasts will trade ape-related assets, there will be a use case for ApeCoin.

#4. Tamadoge (TAMA)

Who would have thought we could mention a memecoin as a promising utility token in 2023? Memecoins have notoriously been created as a joke to make fun of people who invest in cryptocurrencies.

However, times have changed, and some memecoins have become digital assets with actual utility.

The newest cryptocurrency in the meme niche, Tamadoge, is essentially a memecoin 2.0. It’s the first memecoin blockchain project to feature a metaverse, an NFT store, P2E, and actual token utilization.

Most investors associate memecoins with Dogecoin (DOGE). However, the team behind Tamadoge is well aware of the issues that have prevented previous memecoins from becoming utility tokens. They chose to develop a platform that may compete with other well-known metaverse initiatives.

The recognition of the Doge ecosystem enabled this team to attract investors. While you may not label this strategy as original, the plan seems to work. The crypto community wonders if Tamadoge will be able to become the most valuable memecoin.

We added TAMA to this list because it has the potential to disrupt the metaverse industry. You should also know that the team plans to distribute $100,000 worth of tokens through an airdrop-style giveaway.

It is interesting to observe how memecoins have come a long way since they first appeared. Who knows, maybe in a few years, we’ll be able to use TAMA to buy virtual pets in the TamaVerse. Until then, we’ll keep an eye on this project and see how it develops.

Wrapping Up – A Growing Market for Crypto Enthusiasts

Nowadays, a large part of the market value in crypto comes from the mere existence of digital currencies. However, what we observe with the launch of Web3, is a new side to the blockchain economy.

Web3 is the next evolution of the internet, where users are in control of their data and identity. This paradigm shift is possible thanks to the decentralized infrastructure of the blockchain.

Investors expect tokens to have use cases that go beyond simple speculation. This is where utility tokens come in.

Without a genuine product and a company backing the token, the value of a utility token is relatively low. This is because there is no intrinsic value in the token itself.

Observing how these four projects develop in the coming years will be exciting. Will they be able to deliver on their promises? Only time will tell. In the meantime, we can enjoy the ride and see how the crypto industry evolves.

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