The crypto and Blockchain space now has a large number of users and many different types of service providers. However, there’s also a lot of noise or excessive hype surrounding many so-called projects that have failed to deliver on their tall claims. Although there’s no easy or clear way to determine the potential of any particular Web3 or Blockchain platform’s potential, several key indicators may provide valuable insights.
One of the most effective ways of identifying a solid Blockchain project is by checking whether they’ve acquired any new patents. In fact, some of the world’s largest firms, like Bank of America and Western Union, are well known for their consistent efforts in obtaining category-defining patents. This practice is not limited to larger firms, but it’s also quite prevalent in the crypto space.
Innovative Web3 metaverse projects will focus on patents
Enterprise Blockchain firms like Ripple Labs, the team at ConsenSys, leading venture capital firms, and other sophisticated industry participants have submitted numerous patent applications during the past decade. While it’s true that not all such applications are even necessary or useful, it does give us a clear sign regarding the competence levels of the team behind any particular project.
By regularly acquiring patents, Blockchain and crypto firms like Metatime are ensuring that their IP is not being widely shared and used by business entities that may not necessarily have the best interests of consumers in mind. Although there’s a significant open-source movement within the Web3 and crypto space, there’s also a growing trend toward obtaining patents to ensure the seamless development and deployment of innovative technologies.
It would make sense to protect truly innovative concepts with patents, and this can serve as a strong indicator that a platform may rise above the competition as its developments go live. The Metatime patents (both pending and approved) make it clear that the project has a long-term plan and serious commitment to its roadmap.
In this ecosystem, the Metatime team explains that they aim to bring many innovative financial solutions and investment opportunities that have never been seen before. The team plans to deliver more than 70 products by 2029.
Setting new standards in the Blockchain industry
This type of feat can be achieved by removing the barriers between those who want to explore the Web3 space and the Blockchain industry. A patent-focused approach may support access to a diverse set of use cases in the Blockchain space, and it also introduces practical applications with its unique digital tools. A truly innovative project has to offer a wide range of services, like the Metatime platform, which is not merely a crypto exchange and Blockchain network. While projects may start out by simply offering a limited number of services, their end goal is a lot more ambitious than that.
Large crypto and Blockchain ecosystem participants tend to support other great ideas to help move the industry forward progressively. This is done by offering launchpads, training boot camps, and other types of assistance (like development grants or free access to products and services needed for development).
In addition to providing a comprehensive range of services and a focus on patents, truly innovative projects will offer unique services. For instance, the Metatime project will offer ways to build and acquire real estate in the real world and enable users to invest while being able to share the rental income. Quite often, the most unique ideas also require special patents, often requested by service providers serious about pursuing their mission.
Providing innovative solutions for Web3, crypto mass adoption
While it can still be challenging to identify the best Blockchain projects accurately, it’s worth keeping a close eye on the team behind a particular initiative. By researching the background of the people associated with a Blockchain or Web3 platform, we can get a good idea of its true potential. In most cases, highly innovative technologies are developed by teams supported by experienced professionals with the skills and qualifications needed to deliver their promised products.
An active online presence and regular contributions to their communication channels are also a proven way to identify the real innovators in the Web3 and Metaverse space. The digital assets market is heating up again after an extended bear market. However, this also means there will be a lot of hype, as usual. However, it can be easy to determine which projects will deliver on their promises by understanding what they aim to offer and why it could benefit mainstream users.