8 Best Utility Tokens to Invest in 2023
Disclaimer: The Industry Talk section features insights by crypto industry players and is not a part of the editorial content of Cryptonews.com.
Utility tokens refer to crypto projects that offer real-world value, insofar as they grant access to a particular product or service. An example of this is MANA, which enables holders to buy virtual real estate within the Decentraland metaverse.
In this guide, we offer an in-depth analysis of the best utility tokens to buy right now, including newer projects.
The Best Utility Coins to Buy
The list below highlights the top utility tokens that we identified during the research process.
- RobotEra - New P2E and Metaverse Presale with Varied Utility
- Tamadoge - Meme Coin Project Offering Huge Utility
- Swords of Blood - A Crypto Game with Lots of Utility
- Scorpion Casino - A Crypto Casino and Betting Platform Where the Token Has Multiple Uses
- MANA - Native Token of the Decentraland Metaverse World
- Ethereum - Utility Token That Backs Thousands of ERC-20 Standard Projects
- XRP - Provides Utility for the Ripple Interbank Payments Network
- BNB - Proprietary Token of the Binance Smart Chain Ecosystem
As per the list above, the best utility coins come from a variety of crypto niches, from the metaverse and P2E gaming to DeFi yield services.
We discuss each and every utility coin project in more detail in the following sections.
Reviewing the Crypto with the Best Utility
Unlike meme coins - which are largely focused on speculation and hyper, utility tokens have an actual use case. This means that by holding a utility token, investors can gain exclusive access to the respective project's products and services.
Ultimately, utility tokens have a much greater chance of surviving the current crypto bear market.
RobotEra - New P2E and Metaverse Presale with Varied Utility
RobotEra is another new presale project that combines play-to-earn (P2E) gaming and metaverse building to allow players to generate income in a number of ways.
Native token TARO is currently in the first stage of its presale, with tokens on sale for $0.02, and has raised $100,000 in just a few days since launching.
Players in RobotEra - which is our top metaverse project of 2022 - mint Robot NFTs and purchase metaverse plots of land to rebuild the destroyed planet Taro.
Rewards can be generated by staking the token, completing quests mining land for resources or building infrastructure to monetize the metaverse.
With few limitations on what can be built players are able to earn TARO through participating in events, charging admission for their own events, selling buildings and resources and selling billboard space to advertisers.
Players can also upgrade and customize their robot companion NFTs and sell them on the open market.
RobotEra developers - who are doxxed and KYC-verified - also believe new utility will come over time with few limitations on what can be built in the metaverse.
TARO holders who stake their coins also earn voting rights in the RobotEra DAO.
While tokens are on sale now for $0.02, the price will increase with each new presale stage - to $0.025 in stage 2 and $0.032 in the third and final stage, an increase of 60%.
The presale will see 15% of the max supply (270 million tokens) of TARO sold, with no vesting period.
Interested investors should read the RobotEra whitepaper or join the Telegram group for more information.
| Presale Started | November 2022 |
| Purchase Methods | ETH, USDT |
| Chain | Ethereum |
| Min Investment | 1,000 TARO |
| Max Investment | N/A |
Tamadoge - Meme Coin Project Offering Huge Utility
Tamadoge is the another top utility token to buy today, with native token TAMA not only one of the best meme coins on the market but offering use cases that rivals Dogecoin and Shiba Inu cannot compete with.
This is a perfect example of a utility coin, insofar that players are motivated to engage with the Tamadoge ecosystem. Moreover, those holding TAMA tokens will have access to the Tamaverse - which is the project's take on the metaverse.
Additionally, in order to play the Tamadoge game - which is based on caring, breeding, and battling virtual pets, an NFT must be purchased.
And the only currency that can be used for this goal is TAMA . Another reason why we like Tamadoge as the overall best utility coin is that it recently witnessed one of the best crypto presales of the year.
The project raised $19 million in just eight weeks before pumping after it listed on exchanges, reaching an all-time high of $0.194 - nearly 2,000% above its presale price and becoming a top meme coin by volume.
The project is currently building three games, the main Tamadoge game and two mini arcade-style games, as well as developing an augmented reality app.
The main game, based on 90s craze Tamagotchi, will see players feed and raise their NFT pets before battling against other players.
Not only are players rewarded in TAMA, but the token is needed to upgrade the pets by buying food and treats, with 5% of transactions in the pet store burned.
As one of the best low-cost cryptos, TAMA potentially offers the most upside potential.
Swords of Blood - A Crypto Game with Lots of Utility
The crypto gaming market is booming with an array of captivating games that integrate blockchain technology. Top developers recognize that a compelling storyline combined with crypto-based systems is crucial for success. Swords of Blood stands out in this crowded space by presenting a distinctive and immersive narrative that differentiates it from other games within its genre. Players can take on the roles of battle-mages, warriors, and other classes in the devastated realm of Ezura, undertaking meticulously crafted quests to obtain the most valuable loot.
Swords of Blood, a cross-play supported game accessible on both PC and mobile platforms, will be free-to-play with an emphasis on providing an enjoyable gaming experience. The game's loot mechanics will be familiar to fans of hack n' slash games. Players can acquire powerful weapons and armor, craft items, and forge strong weapons to create characters tailored to their playstyle. Monetization is not the development team's primary focus.
The leadership of the game is composed of experienced industry professionals, with CEO James Seaman, COO Jeremy Brown, and Game Development Director Mariusz Szynalik at the helm. They have collectively made significant contributions to the success of several prominent video game franchises and brands, including Xbox, PlayStation, Ubisoft, Halo, Call of Duty, Assassin’s Creed, The Sims, and Sim City.
Swords of Blood provides a PvP mode, which adds a further layer of excitement for gamers who relish in competitive gameplay. The opportunity to pit their most potent builds against other players is certain to be an exhilarating experience. Furthermore, an MVP version of the game is already accessible, featuring various asynchronous game modes. Notably, the development team aspires for Swords of Blood to serve as a link between conventional video games and Web3 games.
Major investors including Master Ventures, Shugo Ventures, Magnus Capital, Metavest, Fundamental Labs, and Krypital Group, among others, have provided significant backing for Swords of Blood, which is powered by SWDTKN. The project will hold a presale where early investors can choose from various tiers with benefits ranging from early access to the beta version to physical merchandise like a hoodie and a letter opener. The highest tier offers all the benefits of the lower tiers as well as a full-sized Sword of Blood designed and forged by Ben Abbott.
Scorpion Casino - A Crypto Casino and Betting Platform Where the Token Has Multiple Uses
New crypto projects with innovative ideas are emerging every day. Some aim to introduce novel concepts, while others focus on revolutionizing existing industries.
Scorpion Casino belongs to the latter category, bringing decentralized technology to the online sports betting and casino industry. As this industry has been experiencing a surge in popularity in recent years and is expected to continue growing, Scorpion Casino holds great potential.
Scorpion Casino offers an extensive range of entertainment options, featuring over 200 licensed casino games and 160 live games. These games are meticulously designed to ensure fairness. Players can immerse themselves in popular titles like slots, blackjack, roulette, poker, and live casino experiences. The casino collaborates with renowned providers such as Evolution, NetEnt, Play N Go, Novomatic, EGT, and AMATIC. Additionally, sports enthusiasts can engage in diverse betting options covering football, tennis, American football, horse racing, basketball, golf, boxing, and MMA.
Within the Scorpion Casino ecosystem, there are three essential components: the licensed crypto sports betting and casino platform named Scorpion Casino, an affiliate system acting as a referral and reward mechanism, and the SCORP token, which functions as a governance and reward token for users.
The SCORP token holds a vital position within the ecosystem, offering users four notable benefits. Firstly, it serves as the exclusive payment method within the platform. Moreover, token holders have the opportunity to generate passive income. Additionally, the token provides weekly bonuses and free games. Lastly, it actively participates in the affiliate system.
By offering these features, the project aims to overcome barriers within the casino industry. Players who join the Elite Scorpion Members Club can enjoy added advantages such as VIP service, cashback, increased staking rewards, and extra SCORP tokens.
The SCORP token has a total supply of 1 billion, with 280 million tokens allocated for the presale and an additional 300 million tokens reserved for affiliate rewards.
The Scorpion Casino team has provided a roadmap highlighting upcoming developments, including live affiliate events, partnerships, marketing campaigns, and collaborations. In the latter half of the year, their focus is on expanding and scaling the platform to achieve significant growth.
Scorpion Casino stands out among crypto betting platforms with its extensive range of offerings. If you're interested in this type of platform, it's definitely worth taking a closer look.
MANA - Native Token of the Decentraland Metaverse World
Another area that the best utility coins play a major role is in the metaverse. One of the best metaverse coins in this regard is MANA, which backs the Decentraland ecosystem. As we briefly noted earlier, MANA is the native digital currency of the Decentraland metaverse and it is required to access the many products and services on offer.
For example, one of the most popular aspects of Decentraland is that users can purchase virtual real estate within its metaverse, in exchange for MANA. The price of each plot will vary depending on market conditions and the location within the metaverse. For instance, buying land close to Paris Hilton or Snoop Dogg will come at a huge premium.
Nonetheless, as per the current bear market, there are some great deals to be had. MANA is also used to access play-to-earn games within Decentraland, in addition to buying and selling NFTs. More utility is expected as the metaverse concept becomes more mainstream. In the meantime, MANA can be purchased at a huge discount when compared to its former peak price.
For example, while MANA hit an all-time high of $5.90 in November 2021, as of writing nearly a year later, the same utility coin can be purchased at just $0.63. This means that by investing in MANA and the broader Decentraland metaverse at this moment in time, a cost-price discount of nearly 90% can be achieved.
Crypto assets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Ethereum - Utility Token That Backs Thousands of ERC-20 Standard Projects
It could be argued that Ethereum is one of the best utility tokens in this marketplace. Put simply, thousands of tokens are built on top of the Ethereum blockchain via the ERC-20 standard. This means that in order to send and receive funds, each respective project will be required to pay transaction fees in ETH.
Furthermore, ETH is required when deploying smart contracts - whether that's initiated by Ethereum itself or by one of the many thousands of ERC-20 tokens. The previously discussed MANA, for example, is built on top of Ethereum, as are many other leading metaverse projects - such as the Sandbox, Enjin, ApeCoin, and Axie Infinity.
Over the course of time, this will ensure that Ethereum remains relevant as an in-demand utility token. Ethereum is also attractive right now considering that it has finally completed its merge to proof-of-stake. This will ensure that it has the capacity to handle transactions in a scalable and low-cost manner, which wasn't the case prior to the merge.
In terms of pricing, Ethereum is yet another cryptocurrency that has been hit hard by the bear market. Compared to its prior all-time high of over $4,900, Ethereum is, as of writing, trading at a discounted price of $1,300. This translates to a price discount of over 70% making it one of the best cryptos to buy right now.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
XRP - Provides Utility for the Ripple Interbank Payments Network
Although the US Securities and Exchange Commission disagrees, we would argue that XRP is one of the best utility tokens to explore. After all, XRP sits at the heart of the Ripple interbank payments network, which enables financial institutions to transact across borders in a low-cost and fast way.
In fact, when cross-currency transactions are required, XRP forms a bridge of liquidity. This ensures that transactions do not need to go through correspondent banks - which are both slow and expensive. With that said, XRP is really only suitable for banks and financial institutions, as opposed to offering any utility for consumers.
Nonetheless, XRP is a large-cap utility token that can be purchased from dozens of leading exchanges. Its value of writing is just a fraction of the all-time high that it achieved during the bull market of 2017/18. At current pricing levels, XRP is trading at 85% lower than its former peak of $3.84. This could appeal to those in the market for the best long-term crypto to hold.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
BNB - Proprietary Token of the Binance Smart Chain Ecosystem
BNB is perhaps one of the best utility coins in terms of its historical growth trajectory. When this digital asset was launched in late 2017, it was trading at just $0.11 - as per CoinMarketCap. During the most recent bull market, BNB was trading at highs of almost $670. Put simply, this amounts to end-to-end growth of over 600,000%.
The price of BNB, like the vast majority of this industry, is now available to buy at a huge discount of nearly 60%. In terms of its utility, BNB sits at the core of the Binance ecosystem. It is the native digital currency of the Binance Smart Chain, which hosts thousands of tokens. In a similar nature to Ethereum and ETH, all Binance Smart Chain transactions must be paid in BNB.
Moreover, the vast bulk of tokens that are listed on the Binance Smart Chain are paired with BNB. This means that in order to buy the token, investors must first obtain BNB before completing the swap. BNB also enables traders on Binance - which is by far the largest crypto exchange for volume, to access a reduction in commissions.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
Basic Attention Token - Incentivization to use the Brave Browser
Basic Attention Token is another option to consider when compiling a short-list of the best utility tokens. This project offers an innovative concept that enables consumers to earn crypto simply for using the Brave web browser - which is backed by the Basic Attention Token project.
The idea is that Brave browser ensures that consumers receive a share of any marketing campaigns that they are involuntarily accustomed to. For example, this could be an advert that appears when watching a video or a pop-up notification. Either way, Brave rewards consumers for their time via BAT tokens.
This concept is sustainable, considering that Brave simply directs marketing campaigns to the right people. As such, this benefits marketers, as they can be sure that their paid advertisements are being shown to relevant audiences. While BAT has also been hard by the crypto winter, it is still trading 70% higher than its initial launch price in 2017.
Cryptoassets are highly volatile and unregulated. No consumer protection. Tax on profits may apply.
What are Utility Tokens?
Although somewhat of a subjective term, utility tokens generally refer to cryptocurrencies that have an actual use case, which can come in many forms.
Crucially, utility tokens should be differentiated from meme coins that offer no actual long-term value. This is unfortunately the case for many thousands of projects in this space - many of which are simply meme coins that are bought and sold for speculative reasons.
Crypto Utility Explained
Understanding the concept of crypto utility tokens can be complex at first glance. As such, in this section, we will give some real-world examples of how cryptocurrencies can be used for utility purposes.
Play-to-Earn Rewards
One of the most notable aspects of a cryptocurrency utility coin is that it can operate as a native token within a play-to-earn gaming ecosystem.
This incentivizes people to play the game, as this enables players to win real-world crypto rewards. In turn, this will attract more players, and thus - the value of the token can react positively.
Two of the best play-to-earn utility tokens that we came across during the research process are RobotEra's TARO and TAMA, which is a reward in the Tamadoge ecosystem.
Investing in the Metaverse
As noted earlier, many metaverse projects have their own utility token - ranging from the Sandbox (SAND) and Decentraland (MANA) to the Otherside (APE), while our top metaverse project is RobotEra (TARO) which has just launched its presale.
In order to buy virtual plots of real estate within the respective metaverse world, payment must be conducted in the utility crypto token that backs the project.
NFT Rewards and Trading
Many NFT projects in the crypto space have their own utility token.
Transactional Currency
The most popular blockchain networks in this space have their own utility token that is required when sending and receiving funds.
In other words, transaction fees that are paid to miners are funded in the respective token.
For example, the many thousands of ERC-20 tokens built on the Ethereum blockchain must pay fees in ETH. Transactions on the Binance Smart Chain are paid in BNB.
This ensures that the utility token backing the blockchain network has a real use case.
Passive Income
There are some utility tokens that enable holders to earn passive income.
Are Utility Tokens a Good Investment?
Still wondering whether or not you should buy tokens in 2023? The key thing to remember is that there is no guarantee that any crypto asset - whether it's a utility token or a meme coin, will generate investment gains.
However, utility tokens - at least in theory, provide an actual use case. This means that it could be argued that the best utility tokens in this industry provide solutions to problems.
- For example, XRP provides much-needed liquidity when banks transact in competing currencies, and BAT enables consumers to earn a share of any marketing campaigns that they are accustomed to.
- Similarly, TARO will be earned by players of RobotEra in a variety of ways - from staking to selling billboards to advertisers in the metaverse - and can then be traded on exchanges or used to buy other in-game assets.
However, knowing which utility tokens to buy and hold is the tricky part. As a result, seasoned investors will often build a highly diversified portfolio of different utility tokens to help smooth out the risk.
Conclusion
This market insight has explored the best utility coins to consider buying today.
While crypto assets in general are high-risk financial instruments, the current bear market does offer an attractive entry point for both new and experienced investors.
FAQs
What are some examples of utility tokens?
A utility token offers holders a real-world use case. A prime example of this is BNB, which fuels the Binance Smart Chain and offers discounts to traders on the main Binance exchange.
What is a utility token in crypto?
In its most basic form, utility tokens are cryptocurrencies that represent real-world value, because they provide holders with a use case. This is in stark contrast to a meme coin like Dogecoin, which is typically purchased for speculative reasons only.
Which coins have the most utility?
Many would argue that ETH has the most utility, considering that it is the required transactional currency for thousands of ERC-20 tokens. Moreover, ETH is used to power smart contract agreements. Many other utility tokens exist, including but not limited to TARO, TAMA, XRP, BNB, and MANA.
Is Shiba Inu a utility token?
On the one hand, Shiba Inu (SHIB) was originally created in 2020 as a direct competitor to Dogecoin's status as the de-facto meme coin. However, considering that Shiba Inu has since created a metaverse ecosystem, SHIB is now arguably a utility token. The reason for this is that when buying virtual plots of land within the Shiba Inu metaverse, SHIB is the primary currency of choice.
What are the best utility tokens?
One of the best utility tokens to consider for long-term growth is RobotEra, a P2E and metaverse game that rewards players in a variety of ways.
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