The crypto winter 2022 caused shock waves that severely affected the prices of cryptocurrency tokens. The bear market is in full gear and investors are quite tired due to the volatile price movements. Although the market seems to be unstable, there is an opportunity for investors to buy cryptocurrency tokens at cheap prices. Furthermore, investors can remove poorly performing projects from their portfolios.
The bear market is a time for investors to rethink their strategies and get their portfolio ready for gains when the markets stabilize. Before making any new investments, investors should make sure that they do thorough research before investing in any projects. This will protect them from investing in cryptocurrency projects without solid fundamentals.
Three cryptocurrency projects to watch in the crypto winter of 2022 are: STEPN (GMT), ApeCoin (APE), and MetaCryp Network (MTCR). These three crypto projects provide utility for their communities and have become ingrained in the crypto ecosystem. In addition, they have shown signs of a recovery in prices once markets stabilize. Here is a brief summary of each of these projects.
True Democracy with STEPN (GMT)
STEPN (GMT) uses crypto and the blockchain to incentivize its users to exercise. The project is a Web3 lifestyle application that includes GameFi elements to reward its users for physical activities. Furthermore, STEPN also uses Play-to-earn which it calls “move to earn”) to reward users with GST tokens. These tokens can also be used to buy NFT tokens on the platform. After activation, the sneakers allow users to earn rewards for activities such as: walking, running or jogging.
GMT is the driving license of STEPN. It allows token holders to propose changes and vote on other members’ proposals. STEPN uses GPS technology powered by the blockchain to ensure its users do not cheat or game the system. The GST token is used for transactions on the platform. Additionally, users earn GST depending on the type of sneakers they buy.
Community First – ApeCoin (APE)
ApeCoin (APE) is the utility token of the APE ecosystem. It is used for both transactions and also serves as the governance token of the ecosystem. Additionally, ApeCoin is built using the ERC-20 token standard of the Ethereum Blockchain. The initial supply of the APE was dropped to Yuga Lab NFT holders (primarily Bored Ape Yacht Club at the time). This brought them fully into the APE ecosystem. In addition, the token is a central part of Yuga Labs’ plans to create a decentralized web 3 company. The APE supply is limited to 1 billion tokens and it is secured using a Proof of Work (PoW) consensus mechanism.
The ApeCoin DAO controls all the decisions of the APE ecosystem and eligibility for the DAO is the APE token. Token holders decide the future of the ecosystem. In addition, the APE Foundation is responsible for the implementation of proposals voted and approved by APE holders. Furthermore, Yuga Labs purchased the Crypto Punks collection to further expand the APE ecosystem.
As the Metaverse arrives, all eyes are on MetaCryp Network (MTCR)
MetaCryp Network (MTCR) is a decentralized 3D metaverse built on the blockchain. The project will create a safe space where members can freely play, interact and build safe communities. MetaCryp Network will use blockchain technology to build a secure and inclusive metaverse without ant censorship or control. In addition, MetaCryp Network will use its DAO to empower its decentralized community and allow them to make decisions regarding its metaverse platform.
The MTCR token is the utility token of the platform. This will enable users to perform transactions within the ecosystem and also be used as the management token. The MTCR token will power various commercial activities within the metaverse, including selling, buying, exchanging and trading in its metaverse. MTCR will also promote the growth of the metaverse by allowing users to take action.