Utility tokens are a specific category of cryptocurrencies that aim to provide users with a real-world solution. Investing in these tokens gives the token holder access to a product or service. Utility tokens represent an important category in the world of cryptocurrencies.
Overview of utility tokens
Utility tokens are generally concerned with cryptocurrency projects and have a more specific use case. For example, utility tokens represent the native form of currency for undertaking the following types of transactions:
- Play P2E (Play-to-Earn) games;
- Trading NFTs on crypto markets;
- Buy and sell virtual real estate land;
- Invest in the metaverse;
- As a source of transactional money;
- As passive income.
Some currencies, known as DeFi currencies, allow their holders to earn interest on their holdings on DeFi exchanges.
Utility tokens are very different from memecoins, which are most often sold as speculative assets. As such, memecoin-based projects can be considered riskier investment opportunities. With that in mind, it’s time to consider the three utility tokens to watch in February 2023.
1. Metacade (MCADE) – A utility token option
Still in the presale phase, Metacade and its MCADE token advertise themselves as a “Web3 community center” that is on its way to becoming a center for metaverse games.
In addition to building the first GameFi platform in the Web3 space offering a wide range of games to play, Metacade aims to provide its users with a social sphere as well as an opportunity for developers to hone their skills. In short, Metacade seeks to become a vibrant game space in the metaverse.
To do this, Metacade has created a place where developers can build a huge catalog of games that will suit gamers from all walks of life. This ranges from gamers who just want to hang out with friends and play games in a casual way, to those who want a more competitive and in-depth experience. All games on the platform will be Play-to-Win, which means players will be able to earn MCADE tokens by progressing through tournaments and climbing the leaderboards.
In addition, users can obtain tokens within the hub in different ways. For example, they can give feedback on new games to developers to share ideas for improvement. Additionally, interacting with games by writing reviews will also allow users to earn MCADE tokens.
MCADE Currency is the native currency of Metacade and will support the autonomous economy of the project. The goal is to create a steady stream of funds from advertising and investors that will turn into rewards for players. One of the other uses for MCADE is quite new to the world of metaverse games.
Metacade developers can apply for funding through Metagrants to support their projects. They create a game proposal and present it to community users, who then vote on whether or not to grant the funds to the developer. This level of interaction and social cohesion brings gamers and developers closer together and removes the massive barrier of huge, multi-tiered video game development studios in the real world.
Other possibilities offered by Metacade include a job center where people looking for work opportunities in the metaverse can be put in touch with Web3 companies. This is another example of how Metacade’s community ethos will allow members to determine the future of the GameFi industry in the Web3 space.
Metacade’s ultimate goal is to become a self-contained, fully functioning community, in which the project’s core developers hand over full control of the platform and treasury to elected members of the community. This goal of becoming a full-fledged DAO where members have the power to determine where Metacade goes in the future is what makes it a utility token to watch in 2023.
>>> You can take part in the Metacade presale here <<<
2.Dash 2 Trade (D2T)
Dash 2 Trade is another new utility token that is currently in the presale phase. As of this writing, it is in its 3rd presale phase, and has already raised close to $6 million. Over $400,000 was raised in the first 24 hours of the presale.
Dash 2 Trade is a new crypto trading platform that aims to become the #1 crypto signal provider. The platform will have many tools to help traders and investors make informed investment decisions. Among these :
- Social indicators;
- Alerts for new stock market listings;
- Analytics to highlight trends on the channel;
- A creator of strategies;
- Integrated backtesting functions.
Additionally, Dash 2 Trade will provide an auto-trading API that users can customize to suit their needs. This detailed rating system will distinguish the best presales and ICOs in the market and a social trading system designed to increase the community’s social interaction with trading. All of these features in one platform means that Dash 2 Trade could quickly become a cryptocurrency trader’s ally.
All D2T token holders will have access to the Dash 2 Trade platform as soon as it goes live, and users will be able to choose between two formulas: Starter and Premium.
There is also a free subscription version which allows potential users to get a feel for the layout of the platform. However, one of the two formulas is necessary to get the most out of Dash 2 Trade.
D2T is an option in 2023 for investors. There are nine presale stages, each with up to 87,500,000 utility tokens available. The value of a D2T increases with each step.
3. Decentraland (MANA)
Utility tokens are getting a lot of attention in the metaverse, and this is especially true for Decentraland, one of the leading virtual real estate platforms in the metaverse. There, users can purchase plots of land in Decentraland’s blockchain hosted on Ethereum, and convert them into LAND tokens using the world’s native token, MANA. Real estate giants can combine multiple plots and LAND tokens to create a domain.
Decentraland comprises 90,000 individual and unique LAND plots on the Ethereum blockchain. Users who buy plots take advantage of the ERC 721 smart contract to create their NFT LAND. As with real estate plots, the cost of each LAND plot varies depending on its location in the metaverse and various other market factors.
Once a plot has been purchased, users have a wide range of options to do with it as they wish. They can use the plot by constructing a virtual building or creating a use for the plot, like Warner Music did by creating a virtual music-themed amusement park. On the other hand, users who own LAND plots near Paris Hilton or Snoop Dogg may wish to take advantage of their real estate advantage and make a profit.
Users can use MANA in Decentraland in different ways. In particular, they can buy shares in other projects and participate in votes that guarantee the security and maintenance of the platform.
In addition to acting as an intermediary for real estate transactions, MANAs can be used to play P2E (Play-to-Earn) games in the Decentraland metaverse and to buy, sell and trade NFTs. As the metaverse expands, it is expected that more utility functions will be released to allow more plots to be farmed.
Conclusion – Metacade: A token to watch in 2023
The Metacade platform has been designed with the aim of offering various uses to its users in the landscape of the metaverse. Metacade investors, advertisers, gamers and developers can interact with the platform and help Metacade make the most of its potential. Metacade aims to join the GameFi revolution as Web3 grows. It is this multidimensional future that makes MCADE, the token of Metacade, a utility token to watch in 2023.
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