Web3 is the next evolution of the internet. Built on next-generation technologies like blockchain, cryptocurrency and non-fungible tokens, it's meant to be a game-changer for the masses with its focus on decentralization. Instead of online giants like Google and Facebook holding sway, it'll be the users themselves who own the platforms and the data, and that means they'll have the final say.

8 Ambitious & Innovative Web3 Projects You
8 Ambitious & Innovative Web3 Projects You Need To Know About Pixabay

Everything, from Web3's future development, use cases, experiences and governance , will be decided by the people who use it. It's a grand and exciting vision that promises to put users in full control, and here are just a few of the exciting Web3 projects hoping to make it happen.

Peer

One of the most exciting aspects of Web3 is the metaverse, and Peer offers quite a unique take compared to the vision of, say, Mark Zuckerberg. Rather than a virtual world, Peer is creating an augmented reality-based metaverse that layers itself atop of the physical world to enhance our day-to-day experiences. Peer's metaverse can be accessed with AR goggles for the best experience, or through a mobile device. The aim of the project is to get people out and about, exploring the real world and seeking digital experiences.

For instance, an artist could drop geo-located NFTs in a real-world location, allowing visitors to that place to find and mint them. Or a dinosaur museum could create a giant, 3D tyrannosaurus rex that marauds through the city it's hosted in, in an effort to draw visitors in. By embedding digital experiences into the real world, Peer could forever change the way people see it and interact with it.

Oraichain

Imagine, if you will, a world in which artificial intelligence is merged with blockchain technology. This is what Oraichain has set out to achieve. Launched in 2020, Oraichain bills itself as a data oracle platform that brings AI models into the world of blockchain and decentralized applications.

The company sees itself as a bridge between AI and distributed ledgers, creating a framework for smart contracts and dApps that can leverage AI. By integrating AI, smart contracts gain the ability to handle multiple data validation tasks, with some examples including automated trading based on price prediction algorithms, biometric authentication, decentralized borrowing based on credit ratings, product comparisons, digital asset valuation for blockchain games and more.

By expanding the capabilities of data oracles, Oraichain promises to transform what is possible in the world of Web3.

StormGain

StormGain is a cryptocurrency exchange with a difference, being the first platform of its kind to offer both centralized and decentralized trading experiences.

Many users prefer centralized exchanges due to the higher liquidity of those platforms, which hold massive reserves of assets to enable high volume trading with minimal price slippage. Others are more comfortable with the fact that the exchange takes custody of their assets. While this involves a degree of trust in the platform, it also means that the user won't lose access to their funds in the event they lose their password.

Alternatively, StormGain DEX offers a decentralized experience where users link their digital wallet to the platform and retain control over their crypto assets. For many crypto traders, this is infinitely preferable, but there are downsides, with the most notable being a lack of liquidity. Not so with StormGain DEX, which is uniquely able to tap the vast liquidity of its centralized exchange platform when necessary to offer immediate trade execution with zero slippage. By combining two trading experiences into one platform, StormGain offers the most flexible utility to Web3 users.

Creditcoin

With Creditcoin, businesses now have the option to secure decentralized loans by using physical assets as collateral. It expands business financing options beyond private investors and banks. The goal is to make decentralized finance more accessible to organizations in need of an alternative credit facility.

Tokenized assets such as invoices and real estate can be used to obtain stablecoin loans from cryptocurrency holders who're looking for a way to invest their assets. Lenders simply deposit their tokens into a lending pool, specify the terms of their loan offer, and wait for someone to bite. Borrowers can browse through the available loan offers to find the most suitable terms. Smart contacts power everything, ensuring the whole process is instantaneous and fully transparent. Borrowers will repay the loan according to the agreed schedule, enabling the investor to earn yield on their deposit. In the event that the borrower defaults, the smart contract will liquidate the collateral, ensuring the lender is covered.

Creditcoin also has a credit system. Over time, borrowers can improve their credit rating to become eligible for better loan terms.

Metatime

Web3 will be supported by multiple blockchain networks that are designed to support different use cases and applications. In the case of Metatime, though, it is much more of a jack of all trades, with an extensive ecosystem that covers just about every Web3 use case we can think of.

The founders of Metatime are building an assortment of products and services, including a wallet, exchange platform, block explorer and, of course, a native token, known as MetaCoin. It also has some more intriguing ideas. For instance, MetaRealEstate will tokenize real estate to enable fractional ownership. When the platform launches, it will be possible to mint a collection of 10,000 NFTs, for example, with each one representing an equal share of a property such as a condominium or hotel. These NFTs can then be traded freely on a decentralized marketplace, making real estate more accessible for people to invest. Another novel idea is MetaMovie, which is a decentralized platform where budding moviemakers can submit their ideas to try and obtain funding and make a big-screen picture. Investors will be able to participate in the film's development, and obtain a share of the revenue it generates. With so many projects going on, Metatime is ambitious, exciting, and most definitely worth keeping an eye on.

Reneverse

Borderless gaming is the concept behind ReneVerse – a new paradigm for video games players that enables them to cross the boundaries between games and utilize their digital assets wherever they want to play. It's a unique Web3 gaming platform that makes it possible for NFTs, which could represent in-game items, skins, characters, weapons or something else, to be used in multiple games. Players will obviously benefit from the increased utility and value of these in-game items, while developers will see greater demand.

ReneVerse is also targeting brands with its concept of "Borderless Ads". It gives them a way to access the data of players who are willing to share it with them in return for a percentage of the ad fees. Then, they can target their ads at specific players no matter what game they are playing. Advertisers will be able to visit ReneVerse's ad marketplace and bid for in-game advertising slots, while players will be able to choose the kinds of ads they wish to see. The result is a new generation of hyper-targeted ads that are more likely to connect gamers with the products and services they're interested in, so everybody wins.

Staynex

Staynex™ has created a fascinating use case for NFTs that act like timeshares. Its NFTs are branded as "Staynex™ Passes", and they represent a number of different luxury resorts around the world, with properties in Chian, Indonesia the U.K. and elsewhere. They act like traditional timeshares, with the holder able to stay at the resort for a specified number of days per year, but they're flexible as these rights can be accessed on any available date.

A second major benefit of Staynex™ Passes is that they also give holders part-ownership of the resort in question, meaning they're entitled to receive a share of the revenue it generates each year. This gives the NFTs real value, both as a holiday coupon and an investment. If the NFT holder decides they no longer want to continue visiting that resort, they're free to sell them on any NFT marketplace.

Boxwind

Launching later this year, Boxwind is a new kind of asset exchange platform that's notable for casting an incredibly wide net, targeting both crypto newbies and experienced traders across emerging markets in Asia, Sub-Saharan Africa and South America.

It'll offer all the usual trading services, including instant spot trading, secure storage of assets and hassle-free onboarding. What really sets it apart though will be its extraordinary commitment to customer service, with agents on hand 24/7 to provide personal assistance to customers at all times. Boxwind is so confident in the demand for this level of service that its exchange platform will even charge slightly higher rates than most others. The expertise comes from its parent company Exinity Group, which has established itself as a market leader in Forex trading since the 1990s.