In the crypto space, an underdog is a cryptocurrency that is undervalued but at the same time shows exciting potential. Introducing 5 unknown coins that may explode in 2023.
The coins have so far received too little attention, but they should not be underestimated. Such as Immutable X, which has focused on scaling NFT applications in the Ethereum ecosystem.
#1 Unknown Coin With Potential – Immutable X
The Australian start-up Immutable X was able to attract well-known investors such as Bitkraft Ventures and King River Capital and collect more than 60 million US dollars 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 on use. One reason for the high potential next year is the rising market of NFT marketplaces and the merging of meme coins with NFT. According to KPMG, the banks also have the option of turning to NFT’s business area.
According to KPMG, the global trading volume for NFT was around USD 2 billion in the first quarter of 2021, but was already over USD 16 billion in the spring of 2022. An impressive growth of 714%. Another reason is inside
Benefits of Immutable X
- Fast transactions and high scalability when creating NFT
- Zero gas fees for minting and trading from NFT
- More than 9,000 transactions and minting processes per second
- Uses zero-knowledge technology, ZK-Rollup, for scaling
#2 unknown coin with potential – Everdome
Everdome wants to bring lifelike avatars to the metaverse. As if that wasn’t enough, the company also wants to teleport Ultra HD avatars and scanned objects from the real world into the Everdome metaverse for users to interact with each other. A full Web3 experience is at the heart of the hyperrealistic graphics. Everdome was created by Robert Gryn, the youngest independent entrepreneur in Poland to reach the Forbes Top 100.
The roadmap provides important milestones for 2022 and the team of currently 25 employees is expected to grow in the near future. The goal is to create the first hyper-realistic metaverse and above all access to virtual land in the form of NFT. Real estate can be bought, rented and leased in Everdome. According to Everdome, the scarcity principle should help land NFT prices rise.
- 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 listing planned for other crypto exchanges
- CMO Bally Singh was named Metaverse Marketing Leader of the Year in October ’22
#3 unknown coin with potential – Gnosis
While Ethereum has just transitioned to low-impact proof-of-stake, blockchain remains extremely popular, leading to long wait times and high transaction fees. Gnosis wants to solve these very problems and enable users to create, trade and store crypto-assets. Although the platform is still small, its business model of a market platform for forecasts is extremely interesting.
The DeFi market is growing and the Gnosis Protocol V1 provides liquidity to the decentralized trading platforms via ring orders. The Asian market in particular is currently investing heavily in the DeFi sector because 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 on that marketplace  bet
Benefits of Gnosis
- Prediction markets are a popular financial instrument
- The forecasts are handled in the form of trading
- Information flows in quickly from a large number of users
- Initial capital of tokens for new users
#4 unknown coin with potential – Enjin
Enjin’s project is about NFT. Whether as a game, with fashion, as an incentive or for marketing, NFT require platforms for creation, storage and trading. In order 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 enable not only transactions but also smart contracts. With its own scaling solution Efinity, many transactions can be processed in a short time. NFT’s own online marketplace now includes more than 12 million digital assets. NFT can be easily sent using a simple QR code.
Advantages of Enjin
- Developers can easily integrate existing projects
- Own smart wallet with over 1.2 million downloads
- Leverages Polkadot’s parachain for scaling
- Allows minting of NFT based on Ethereum
#5 unknown coin with potential – Flow
The company Dapper Labs, developer of, among others, CryptoKitties, developed the Flow Blockchain, on which interactive experiences such as blockchain-based games or other decentralized applications can take place. The architecture is specially designed for NFT, dApps and games where scalability is important. With Proof-of-Stake, Flow has extremely low impact 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 original coin in the blockchain, is required for the payments, but is also distributed as a reward.
Advantages of Flow
- Developers can create their own applications
- Efficient architecture allows transactions to be completed quickly
- Highly scalable environment for NFT, decentralized apps and games
- Recognized game developer Owner of Flow
Why unknown coins will be in high demand in 2023
Underdogs are suitable for diversifying your own portfolio. However, it is not recommended to invest exclusively in underdogs and unknown coins in 2023. Not only the underdogs presented here offer investors great opportunities. In principle, cryptocurrencies will continue to gain in importance and Web3 is a prerequisite for this. While experts say the traditional stock market is overvalued, the crypto market continues to thrive.
Virtual environments like the Metaverse are everywhere, not just in the realm of avatars and digital property or games. The decentralized financial services have also become an integral part of the daily life of crypto investors. And NFT is conquering the globe as the graphic below shows.
Unknown Coins 2023 should be in every portfolio, and not only if investors are dissatisfied with the opportunities of the traditional financial system. Although cryptocurrencies are experiencing significant momentum, further growth is likely.
By: Stefanie Herrnberger
Stefanie Herrnberger works as a freelance lecturer and editor. Her many years of professional experience in the areas of blockchain, cryptocurrencies and digitization give her the perfect background to report on use cases of distributed ledger technology in global industry and business.
As an enthusiastic investor, Stefanie has been investing in cryptocurrencies, DeFi coins and NFT for several years and can therefore report first-hand on the world of digital currencies and their potential. In addition, Stefanie deals intensively with the political, legal and fiscal framework in Germany and in the EU, with tokenization, the digital euro and non-fungible tokens.