Review of new crypto listings
Our latest review of recently listed cryptocurrencies yielded a sum total of five cryptocurrencies worthy of closer attention with only one which got our juices flowing. However if all we get from this long arduous monthly task is one good project, it is a job well done.
As well as discovering moonshots, if we are lucky, we also get a feel for the market, in particular the emerging trends.
This month saw a mixture of mainly DeFi, gaming and memecoins coming to the market. It was also noticeable that many project founders have developed a new level of greed with valuations for new ideas commanding in some cases billion dollar price tags. BitUp, zkTube and FODL led the way with valuations reaching up to $49 trillion (fully diluted) in the case of BitUp.We trust investors will steer clear from this garbage. We would also hope they would steer clear from 99.9% of the new projects coming to market. There is a definite lack of imagination from cryptocurrency founders. However, that makes our job somewhat easier as it is relatively quick to weed out the crap.
The gems kind of stare back at us and give us a little wink, ‘you found me!’
A feeling of disappointment
Two standout new listings this month which are worth talking about are NFT Tech and SatoshiStreetBets.
NFT Tech was a project we have been excitedly waiting for for some time. It talked about offering the opportunity to be able to stake your NFTs, a concept in its infancy. However NFTT’s listing was a let down for two reasons. Firstly there was no mention of this new staking facility and secondly its valuation was a hefty $38 million for just another NFT platform.
Then there was the case of the Reddit forum operator SatoshiStreetBets. This is one of the leading crypto sub Reddits (i.e. channels or threads) with nearly 500,000 followers. It’s new coin was attributed a value of $25 million and was off to the races. Should you be off to the races with SSB? Only at a much reduced valuation.
One caveat to the term ‘newly listed’. A new listing does not necessarily mean the project is totally new. Whilst that is usually the case, often it isn’t. In the case of one of our top picks this month for example it launched back in March this year only to finally list now. But that doesn’t really affect our job here. Just be aware some of these projects may have been around for a while so have history, some good and some no doubt bad. It is your job to figure out the bad.
Cosmic Music (CSMC)
A platform where musicians can mint their music and sell them as limited edition NFT’s. Cosmic also gives users an easy way to search for music NFT’s as well as buy and communicate with creators. As an artist you will be able to easily upload your music and market it as an NFT. Artists will also earn royalties on every sale thereafter. The platform will be intuitive and developed with ease of use in mind.
Market Cap: $842,000
Music within the NFT space is still in its infancy. It is an area that could well grow exponentially but it has received very little attention so far. Cosmic Music is aiming to be one of the first to develop this market. Cosmic is totally new with no operating platform and no named team on its website. It’s low market cap however makes this a project worth further investigation.
StableDoc combines Blockchain-based and AI-driven telemedicine, in-home health and standard hospital services to deliver evidence-based “Doctor Anywhere” healthcare services to patients around the world. A key part of their offering is their use of NFTs to capture person controlled and directed medical Master Patient Index (MPI) for patient digital identities, with smart contracts that create self-sovereign permissioned access to patient data for medical research organizations, generating income for patients.
Market Cap: $714,000
Blockchain based solutions for the medical profession is a hot area. There are a number of startups with business models looking to safeguard patient data however StableDoc appears a little different. It’s solution allows patients to earn from their data. Again this project is at an early stage however it has a solid team to develop it’s concept. A market cap of only $700,000 makes this worth a closer look.
Waste Digital Coin (WACO)
WaCo (Waste digital coin) solution aims to integrate the consumer with the WaCo APP into the waste chain system. With WaCo, consumers enjoy benefits while disposing of wastes. The idea is to reward users with tokens after successfully disposing of their waste. In exchange, crucial data will be obtained from consumers, such as customer patterns, accumulation and handling of waste, and availability of disposed products to feed the recycling industry. The information obtained from the consumers can be used by stakeholders such as the recycling industry, consumer goods manufacturers, and government bodies in charge of waste collection policies.
Market Cap: $90,000
WaCo is either shit or bust. Back in March ProBit arranged an exchange based equivalent of an ICO at $1.00 a token. A quick look at WaCo’s Telegram channel is enough to see that there are some very aggrieved investors as the price now languishes at a paltry $0.005. But one must look beyond that negativity to see the potential. With the money raised WaCo built an app that rewards users for being responsible by recycling their waste. The app already has over 20,000 downloads. WaCo aims to sell the data generated from the app to companies within the recycling industry and other interested organisations.
We are not convinced by the value in the data but there is no doubt value in their platform particularly if other related products can be bolted on. WaCo has also built a large community of over 50,000 followers on Telegram which combined with it’s app and the potential for more lucrative products at a later date makes this project grossly undervalued in our opinion. At under $100,000 we are buyers at this level.
Metanyx is a Staking Service Platform based in the United Kingdom. They claim to run a highly secure and reliable platform for Proof of Stake protocols.
Metanyx helps institutional investors and regular token holders generate additional passive income by securing the network.
Market Cap: $194,000
There is a definite need for a one stop shop for all things staking. It is a highly competitive area but having one platform dedicated to all things staking is a potentially attractive proposition. Is Metanyx that platform? Possibly, but with a market cap of under $200,000 it is definitely worth further investigation.
FlyPaper’s goal is to end DeFi scams and bring increased legitimacy into the world of crypto. The SwapMeet and FlySwapper are the two banner projects of the FlyPaper ecosystem.
If a project wishes to be listed on the SwapMeet and FlySwapper, they must first be reviewed extensively by the FlyPaper team, who then prepares a report. The report is then published for the community of STICKY holders. Using the findings in the report, the community votes on whether or not they think the project should receive Larry’s Stamp of Approval. If approved, the project receives certification for 6 months. Upon expiration, the project must be reviewed and recertified to ensure compliance.
If the project is certified, they will be listed on the FlySwapper, the platform’s swap facility.
Market Cap: $250,000
So why do we think this project is worth close consideration? To be frank there are a number of projects which are attempting to provide some level of assurance to investors from rug pull reviews to code audits. And yes they are all welcome, aiding the investment community to sort the promising from the dubious. But is it a viable business model in its own right? It has been for CertiK whose token has a market value of over $100 million. But FlyPaper is no CertiK. At least not yet.
There are three things which we like about FlyPaper. Firstly its committed, innovative and experienced team. Secondly its low market cap, which currently stands at under $300,000 and finally its FlySwapper platform. That is where the potential sits. It isn’t just about vetting and certifying projects. The beauty of their model is then providing a facility for investors to be able to buy and sell these ‘trusted’ cryptocurrencies and that is where FlySwapper comes in. Considering this is a new project they have already listed seven projects which may sound insignificant but it proves there is demand for their offering.
Not Financial Advice
This article does not constitute financial advice or a recommendation to buy in any way. Always do your own research and never invest more than you can afford to lose. Investing in cryptocurrencies is high risk, and you could lose 100% of your investment. The article should be treated as supplementary information to add to your existing knowledge.