There are currently many users and several service providers in the cryptocurrency and Blockchain market. There is, however, also a lot of commotion or unwarranted excitement around numerous so-called initiatives that have fallen short of their lofty promises. Although there is no quick or simple way to gauge a certain Web3 or Blockchain platform’s viability, a few important signs may offer insightful data.
Checking to see if a Blockchain project has obtained any new patents is one of the best ways to determine whether it is a sound endeavour. In reality, some of the biggest companies in the world, including Bank of America and Western Union, are well recognised for their persistent efforts to secure patents that define whole categories.
Web3 metaverse projects that are innovative will prioritize patents
The team at ConsenSys, top venture capital firms, and enterprise blockchain companies like Ripple Labs have all filed several patent applications over the previous 10 years. Even while it’s true that not all of these apps are required or valuable, they do provide us with a clear indication of the level of expertise of the team behind any given project.
Blockchain and cryptocurrency companies like Metatime often acquire patents to protect their intellectual property from being widely copied and utilized by organizations that might not always have the best interests of customers in mind. Although the Web3 and crypto industries have a sizable open-source movement, there is also a growing trend toward filing for patents to enable the smooth development and implementation of novel technology.
Patenting truly original ideas makes sense, and this can be a good sign that a platform may outperform the competition once its innovations are released. The Metatime patents—both granted and pending—show that the project has a long-term strategy and is committed to following its roadmap.
The Metatime team claims that its goal is to introduce several cutting-edge financial solutions and unheard-of investment opportunities to this ecosystem. By 2029, the team hopes to deliver more than 70 goods.
Establishing new benchmarks for the blockchain sector
By lowering the boundaries between those interested in the Web3 sector and the Blockchain industry, this kind of feat can be accomplished. A patent-focused strategy could facilitate access to a wide range of Blockchain use cases and introduce useful applications with its special digital tools. A project that is truly creative must provide a variety of services, like the Metatime platform, which is more than just a cryptocurrency exchange and Blockchain network. Projects may begin by just providing a small number of services, but their ultimate objective is much more ambitious than that.
Large participants in the blockchain and cryptocurrency ecosystem have a tendency to encourage other excellent ideas to help the sector advance gradually. This is accomplished by providing launchpads, boot camps for training, and other forms of help (such as funding for development or unrestricted access to goods and services required for development).
Truly creative projects will offer distinctive services in addition to offering a wide range of services and an emphasis on patents. For instance, the Metatime project will provide methods for creating and acquiring real estate in the physical world, allowing users to invest and split rental income. The most original concepts frequently also need special patents, which are frequently requested by service providers who are committed to their objective.
Delivering fresh approaches for Web3, crypto mainstream adoption
While precisely identifying the top Blockchain projects can still be difficult, it’s important to pay close attention to the people leading a given project. We may learn a lot about a Blockchain or Web3 platform’s potential by looking into the backgrounds of the people involved. Most often, teams accompanied by seasoned individuals with the necessary skills and qualifications to produce their promised items generate very unique technology.
Another tried-and-true method of spotting the real innovators in the Web3 and Metaverse field is by looking for an active online presence and consistent contributions to their communication channels. After a protracted bear market, the market for digital assets is heating up once more. But as always, this also means there will be a lot of hoopla. Understanding what each project aims to provide and why it can be useful to general consumers, however, can make it simple to identify which projects will live up to their promises.