In many ways, STEPN (GMT) was one of the standout success stories for the crypto community in 2022. What really made STEPN stand out was that it pioneered an entirely new concept. They created a P2E game that lets you earn crypto by acting. Until this year, no one would have thought you could earn altcoins by walking, but STEPN’s new concept made it possible. So which altcoin will launch the next big concept?
Could this altcoin be the next STEPN?
So it’s possible that a similar type of concept will emerge that will captivate the crypto community. But it will have to be more than just the “next NFT project” or the “next meme coin”. This should be a huge, macro story that impacts the entire blockchain and crypto industry and encourages investors to think big about crypto in 2023. An altcoin named Cosmos seems to have such a story right now. As we have reported as Kriptokoin.com, Cosmos is working on the “Internet of Blockchains”.
What is the Internet of Blockchains?
One of the big issues the blockchain and crypto industry is currently facing is interoperability, and that’s exactly what Cosmos is trying to solve. Actually, interoperability is pretty simple in theory. It means different Blockchains can talk to each other. However, this is a big problem. Because sending digital assets from one network to another is often complicated and expensive.
Therefore, Cosmos strives to be the Blockchain that helps cryptos talk to each other. He calls this approach the “Internet of Blockchains”. Interoperability is a pressing technological challenge right now. So if Cosmos manages to fix this problem, it will be the next STEPN. Currently, Blockchain developers can create custom Blockchains that connect to Cosmos using the Cosmos software development kit (SDK). For example, the popular altcoin Cronos (CRO) was launched using this kit.
Institutional investors support Cosmos
One reason play-to-win games are on the rise this year is because it’s an easy-to-understand concept. You don’t need to know anything about Blockchain architecture or crypto governance tokens to realize that it’s a fun gaming experience that also earns you money. This simplicity made it possible for even the most uninformed investor to enter the STEPN coin. We’ve seen an explosion in GMT price and adoption as a result.
This year, Cosmos attracts attention from institutional and knowledgeable investors. In August 2022, New York-based investment manager VanEck set a price target of $140 for Cosmos. This goal came largely because it is based on the concept of blockchain interoperability. Also, the forecast was remarkable as the altcoin is currently trading at $15. Also, crypto analysts on YouTube are suddenly posting Cosmos as the altcoins to explode in 2023. It looks like Cosmos’ potential is being realized.
Will Cosmos be the new STEPN?
But that doesn’t mean Cosmos will be the next STEPN. Cosmos has a market cap of just over $4 billion. This is still of relatively small value and many people have probably never heard of this project. There are also many other developer communities working on Blockchain interoperability. So there’s a lot of competition for Cosmos.
However, based on our collective experience of win-win games, it is possible to see how an incredibly high-concept crypto can become “sexy” if people are making money from it. After the VanEck report, the ATOM price increased by 30%. For now, I’m following a wait-and-see approach with Cosmos. I’ll be checking out the upcoming Cosmoverse 2022 conference in late September and putting Cosmos on my watchlist for the rest of the year.
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