3 Cryptocurrencies That Could Be the Big Winners in the Race to Web 3.0

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On this Jan. 12 edition of “The Crypto Show” on Backstage Pass, Fool.com contributors Chris MacDonald and Jon Quast dive into what sort of Web 3.0 projects are exciting. Among the cryptocurrencies discussed are Basic Attention Token (CRYPTO:BAT)Internet Computer Protocol (CRYPTO:ICP) and API3 (CRYPTO:API3).

Jon Quast: As we close out this topic here on the metaverse, we have a question from Brendan again on, “Which cryptocurrencies are most able to capitalize on Web 3.0?” The reason I wanted to bring up this question here is I think that if there’s two terms that are very nebulous sometimes, I think it’s Web 3.0 and metaverse, and so I think it’s really important to define our terms. How would you, from a high level, talk about Web 3.0?

Chris MacDonald: Yeah, it’s an interesting one. In some ways, Web 3.0 is a misnomer because essentially, whether you’re talking about a metaverse game or what have you, it’s based on the internet. Until there’s a truly decentralized internet and this Web 3.0 concept, I think it’s broadly used to describe maybe the future iteration of the internet or a blockchain enhanced internet. That’s how I’m interpreting it right now. To me, it’s loosely, like you said, nebulous term is a good word for it.

In terms of Web 3.0 plays, one of the interesting ones that I’ve been looking at is Basic Attention Token, which basically has its own browser. It’s like the Chrome browser. When you think about the future of the internet, well, that’s the future of browsing on the internet. It’s how you incentivize advertisers. That’s definitely an interesting one to watch.

There’s Internet Computer Protocol that is renting out cloud storage. It’s among a few cloud storage plays. When you think about the nuts and bolts of what an internet would need, one of the ones that we’re going to talk about later actually is API3, sorry, I was blanking there for a second, that allows for developers to integrate APIs into the blockchain easier.

All these building blocks are necessary to have a future state of the internet. There’s some maybe structural cryptocurrencies that have networks that are solving real problems and creating real utility, and I think quite honestly, those are the ones that are interesting to me. Those would be maybe two or three of the ones that I would look at.

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis — even one of our own — helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.

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