Key Takeaways:
- Utility tokens serve specific purposes within their respective ecosystems, making them a popular option for traders.
- Top utility tokens in 2023 include projects focusing on artificial intelligence (AI), decentralised platforms, and Metaverse ecosystems.
- Research and due diligence are essential when assessing the potential of utility tokens.
- Traders can buy utility tokens in the Crypto.com App.
1. Ethereum (ETH)
As the world’s leading smart contract blockchain, Ethereum (ETH) is home to thousands of utility tokens using the ERC-20 token standard. All ERC-20 transactions require ETH to pay gas fees.
With its vast ecosystem of decentralised applications (dapps) and continuous improvements, Ethereum remains one of the top crypto utility tokens by market cap (at the time of writing).
2. Cronos (CRO)
Cronos (CRO) is a cryptocurrency native to the Cronos blockchain ecosystem. It is an ERC-20 token owned and developed by Cronos Labs. CRO is an integral part of the Cronos ecosystem and can be used for a variety of purposes, including lockups, trading, and payments.
It also seamlessly integrates with Crypto.com’s products and services, including the Crypto.com App, Exchange, and DeFi Wallet.
3. Chainlink (LINK)
Chainlink (LINK) is a decentralised oracle network designed for the Web3 era, bridging the gap between blockchain networks and real-world data. Through oracles, Chainlink enables smart contracts to extract data from verifiable and trusted sources in an autonomous manner.
LINK, the project’s native utility token, is required to execute data queries, making it one of the best crypto utility tokens for data-driven applications.
4. Polygon (MATIC)
Polygon (MATIC) is a Layer-2 scaling solution designed to improve Ethereum’s scalability and reduce gas fees. It enables Ethereum’s dapps to use Polygon’s sidechains for faster and cheaper transactions. MATIC, the native utility token of Polygon, is used to pay gas fees and allows holders to participate in network governance.
With Polygon’s growing ecosystem and partnerships, MATIC is amongst the top utility tokens by TVL (total value locked) for Ethereum scaling solutions and consistently ranks amongst the top 20 cryptocurrencies by market cap.
5. The Sandbox (SAND)
The Sandbox (SAND) is a popular Metaverse project allowing gamers to buy virtual plots of land, which are tokenised as NFTs. Transactions of the virtual plots within The Sandbox can be made only with the project’s utility token, SAND, which drives demand for the token.
In the context of the Metaverse and virtual real estate, SAND is one of the most popular utility tokens.
6. Arbitrum (ARB)
Arbitrum (ARB) is a leading Layer-2 solution for Ethereum and ERC-20 tokens, improving transaction throughput and lowering gas fees. Its native utility token, ARB, enables holders to make governance decisions.
ARB is popular with its community — not only for blockchain utility but also for its airdrops to holders. The token consistently ranks amongst the top 20 cryptocurrencies by market cap.
7. Ecoterra (ECOTERRA)
Ecoterra (ECOTERRA) is an emerging cryptocurrency project revolutionising the recycling industry by rewarding users with its native utility token, ECOTERRA, for recycling consumed or unwanted goods. ECOTERRA tokens have additional use cases, such as access to recycled raw materials, carbon offsetting, and green trader programmes.
With its focus on sustainability and current presale, ECOTERRA presents an opportunity for those interested in utility tokens with environmental impact.
How to Buy Utility Tokens With Crypto.com
To buy utility tokens, follow these simple steps in the Crypto.com App:
- Download and install the Crypto.com App on a mobile device.
- Sign up for an account and complete the verification process.
- Fund the account with a credit/debit card, bank transfer, or by depositing cryptocurrency.
- Navigate to the desired utility token in the App and tap ‘Buy’.
- Choose the preferred payment method and enter the amount to spend.
- Confirm the purchase; the utility tokens will be added to the account wallet.
Conclusion
Utility tokens offer promising use cases and interesting opportunities to watch. By conducting thorough research and due diligence, traders can identify the best utility tokens — in 2023 and beyond. To start the crypto journey with utility tokens, download the Crypto.com App today.
Due Diligence and Do Your Own Research
All examples listed in this article are for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, cybersecurity, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsem*nt, or offer by Crypto.com to invest, buy, or sell any coins, tokens, or other crypto assets. Returns on the buying and selling of crypto assets may be subject to tax, including capital gains tax, in your jurisdiction. Any descriptions of Crypto.com products or features are merely for illustrative purposes and do not constitute an endorsem*nt, invitation, or solicitation.
Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. When assessing a crypto asset, it’s essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.
