I initially started to write a top 10 crypto picks for 2023 post but then I realized that everyone does that. So, as usual, I decided to bite off more than I can chew and try to give you 23 picks instead of 10 (as if that makes my post any less basic). This drastically increases the chances of mentioning coins that will absolutely flop and make me seem like an idiot 365 days from now.
But f-ck it.
My $1k to $10k crypto challenge is on pause and I’m starting to experience withdrawal symptoms. I spent most of 2022 unhealthily obsessing over crypto projects so I feel the urge to do this, just for the fun of it.
NFTs, or non-fungible tokens, do offer a NFTs offers a unique opportunity in the world of digital art and collectibles. NFTs allow for the creation of a unique, verifiable, and immutable digital asset that can be bought, sold, and traded like any other collectible item.
Keep in mind that 80% of my trading history consists of meme stocks, crypto, and NFTs. So if you’re looking for Warren-Buffet-type financial advice, this is not the post for you. In fact, if you’re looking for any type of financial advice, this is not the post for you. I’m not an expert by any means, I’m just sharing my thoughts, so take everything I say with a grain of salt (although NOT making investment decisions based on Medium articles is generally a solid principle, regardless of the writer’s experience level).
Also, note that I don’t take into account current price levels. The recent pump has significantly decreased the short-term upside of some of these coins and the economy remains in a bad state. If you just ape into the market without thinking of timing and recent price action, you deserve whatever happens to you.
For the first 5 picks, the order matters. The other 18 are in no particular order (although I still keep them numbered to make sure I trigger people). Also, I’m probably going to split this into two parts because I feel like rambling today and I don’t want to make this so long that people don’t even dare reading it. Anyway, let’s get to it.
1. Seaside Coin
The Seaside ecosystem revolves around the Seaside Coin. The scope of the ecosystem project involves the staking platform and the exchange for purchasing Seaside Coins. All NFTs that reward users with a percentage of business revenue will be available only through Seaside Coin.
The total coin supply will be 2,000,000,000 coins. The coin is also used to store and transfer value produced by various business aspects. Once the business is established and revenues are available for distribution, Seaside Club will convert the revenue share from its fiat value to Seaside Coins at the current market price and distribute these coins to the rewards pool.
The seaside coin will be released through three sale stages. Following the sales stages, the club will investigate listing the coin on decentralized exchanges such as PancakeSwap as well as larger exchanges such as Binance and Coinbase. You can read about the complete tokenomics here.
2. Ethereum ($ETH)
For obvious reasons.
I’m not going to get into it here again. If you want to know what I think about Ethereum, just read any other post I’ve published (especially this one).
Seriously, it’s getting pretty ridiculous at this point and people are starting to think that I’m an ETH Maxi (I’m not). For that reason, I’m just going to limit my rambling to 8 bullet points:
- Strongest network effects by far
- Strongest ecosystem by far (especially in DeFi and NFTs)
- Great leadership and developer roster (possibly the best)
- Most popular institutional crypto investment after Bitcoin
- Continuously evolving technology (Merge already shipped, increased performance is on the way)
- Tokenomics look great (the token is even deflationary at times)
- Will benefit from the evolution of Layer 2s
3. Polygon ($MATIC)
I believe Layer 2s are going to dominate the smart contract platform space.
Polygon has positioned itself exceptionally. It is working on multiple Layer 2 solutions, has by far the best brand partnerships in the whole web3 space (Facebook, Instagram, Starbucks, Reddit, Disney, Adobe, Stripe, and many more), is high-speed and low-cost (which means it can support gaming), and is rapidly developing its NFT ecosystem.
Honestly, this has so many catalysts in place that it seems like the most obvious risk/reward play in the market right now. We haven’t really seen the effect of these massive partnerships (especially the Facebook/Instagram one) and they are technically not even a Layer 2 yet (current network is more of a sidechain). As I said, I believe the Ethereum L2 space will be one of the most important ones for web3 in the future and Polygon is developing SIX different solutions for scaling Ethereum, including one utilizing zero-knowledge technology.
But I also want to make two more bullish cases for Polygon that I see no one talking about:
- Lens Protocol is currently the most promising (some would say the only promising) Decentralized Social Media platform. And it’s building on Polygon. We don’t really know what the future holds for decentralized social media but if people see this as a multibillion-dollar industry and Polygon is on top, this could be MASSIVE. Polygon will have a unique competitive advantage and become the leader of an emerging market and, perhaps more importantly for the crypto market, will receive a BIG narrative boost
- The main reason why Solana saw such impressive growth in the last 2 years was its NFT ecosystem. I think Polygon has the best chance of doing something similar and perhaps even surpassing it. Magic Eden, Solana’s biggest NFT marketplace (and the most complete NFT marketplace in the entire web3) already integrated with Polygon. Phantom, Solana’s most popular wallet, famous for its great UI, integrated with Polygon as well. They got the tools and infrastructure, all they need is a few blue chip projects and people will start taking them seriously. And what’s better than the DeGods team themselves, the team behind the project that completely dominated the Solana ecosystem (and some would say helped it grow to where it is today), launching a collection there? Because that’s exactly what’s happening. The DeGods team is migrating y00ts, their second NFT collection and one of the most hyped mints ever, to Polygon to support its growing NFT ecosystem. I’m not expecting them to singlehandedly carry Polygon NFTs to Solana levels BUT they’re sending a powerful message that could help kickstart innovation in the space.
4. Bitcoin ($BTC)
You always have to respect Bitcoin. It may not be as exciting as the other projects but it remains a symbol of decentralization and the most well-known cryptocurrency in the world. The technology might be outdated and there’s virtually no ecosystem, but from an investment standpoint, btc usdt is still the king. It’s the most popular choice amongst institutions and almost always the safest bet in the entire crypto market.
5. Cosmos ($ATOM)
As the web3 ecosystem evolves, I see the app chain thesis gaining more and more traction. And when projects decide to go on their own custom chain, they’ve made it absolutely clear what their first option is.
Cronos (The crypto.com chain), Kava, Osmosis, and ThorChain are all on Cosmos. And DYDX is in the process of migrating there. Cosmos allows the flexibility and interoperability crypto needs, especially with all the bridge hacks we saw last year.
I see at least 3 catalysts in place for Cosmos in 2023:
- An innovation boom, driven by Cosmos unique technology and the increased flexibility and customization it allows. This includes new projects launching in Cosmos as well as existing ones migrating there
- Big chains like Ethereum, Solana, and Cardano connecting with the Cosmos ecosystem to enable cross chain communication
- ATOM’s new tokenomics model. The growth of Cosmos as an ecosystem was not fairly reflected in ATOM’s price because the previous system didn’t stream the value to the token properly. Plus, the inflation was too high. This is changing with ATOM 2.0
6. BNB ($BNB)
Look, let’s be honest here. CEXs are not going away. This is how new users get onboarded and this is how 90% of people trade. So as crypto adoption grows, so do CEXs. And at this point, the CEX industry has a clear leader.
Binance has withstood the test of time, made it through hardships, and while its competitors threw billions in advertising and sponsorships, they remained rational. The bubble popped and crypto companies came crashing down but Binance is still here, growing steadily.
So a bet on BNB is ultimately a bet on CEXs, which is ultimately a bet on mass adoption. If you believe in web3, that’s pretty much a no brainer in my opinion.
From here on, picks are in no particular order
7. Optimism ($OP)
I’ve said it before and I’ll keep saying it: Layer 2s are blowing up in 2023.
I wouldn’t fade Optimism and I definitely wouldn’t fade Arbitrum when they release their token. TVL has been steadily growing and there’s plenty of innovation happening in these ecosystems.
I also believe that Optimism has one of the most unique visions in the entire crypto space and a very competent team. If you don’t know what I’m talking about check this post from their blog.
8. GMX ($GMX)
In just a few months, GMX has become one of the biggest DeFi projects in the entire crypto ecosystem, with over 180k users and nearly $80 BILLION (with a B!) in trading volume.
Their business model is simple: A great, easy to use platform for users to trade perpetual futures. You know, just how people loved to do in FTX before it collapsed like a Jenga Tower and SBF stole all of their money (our money in fact, I got f-cked up too).
But GMΧ does that in a decentralized way which means you’re missing that last part. The platform generates revenue from user unprofitable trades (which are far more than the profitable ones) and shares it with holders through the GMX token. Buying and staking GMX is essentially betting that crypto degens will be losing money on high risk derivative trades. You become “the house”. A pretty solid model if you ask me (or the data if you’re that type of person).
Cashflow has been pretty steady, so much so that it inspired an army of GMX clones and started a new crypto trend, “the real yield” opportunities, although no protocol has come even close to GMX in terms of volume or users.
Oh and more thing: GMX did of these during one of the worst crypto winters in history.
9. Chanlink ($LINK)
Web3 needs a way to communicate and get data from the external world. And for a long time now, dapps have been choosing Chainlink’s oracles as a way to do that. Lots of people don’t know that but Chainlink’s role is VITAL to the crypto ecosystem. You wouldn’t believe how many projects rely on it to get their dapps to work. Their importance hasn’t translated to token price as much as it should, and that’s mainly because of their tokenomics. But that’s changing with Chainlink 2.0 introducing new tokenomics, staking, and increased utility.
10. FraxFinance ($FXS)
The definition of a Jack of all trades. First of all, they have a decentralized stablecoin that is working ($FRAX), which is pretty huge in and of itself. But they also have an AMM, cross-chain bridges, a lending protocol, ETH staking, and pretty much any DeFi service you can think of. Normally being that spread out prevents a project from mastering a particular thing and standing out, but it seems to be working pretty well for them. The team has definitely shown their capability to build and deliver, and creating the DeFi juggernaut they envisioned doesn’t actually seem that far-fetched anymore.
11. Flux ($FLUX)
Am I the only one that finds it weird that decentralized storage hasn’t taken off yet? Projects like Flux and Filecoin allow people to store their data safely and without depending on third parties.
Flux aims to be the AWS of web3 and it actually already has a fairly competitive product, regularly beating Amazon when it comes to storage cost. I expect this meta to start trending sometime in 2023, especially as NFTs start growing again.
12. Fetch.ai ($FET)
Ok, let me close this with a degen pick.
I don’t really know how good this project actually is BUT that’s not always a problem in the crypto industry.
Fetch.ai is on its own custom blockchain on Cosmos and it utilizes (surprise) AI.
Look. I gave you fundamental analysis. I talked about things like cashflow and network effects. But let’s be real. Making money is making money, no matter how you smart or dumb your play is. So here’s what I think will happen:
In 2023, AI will be the buzzword that makes everyone lose their sh-t.
Remember the Metaverse trend in 2021?
Something like that.
Projects won’t have to be actually good. Just come up with a somewhat solid idea, make it seem like you have something to do with AI, through in a couple of buzzwords and some good marketing, and get ready for the moon!
Fetch.ai ticks all the boxes. It’s the highest market cap coin in the AI category(don’t count coins that are not strictly AI coins) and it even has the term on its name!
To be fair, I haven’t really done any extensive research on this project. They may actually be doing super important work and changing humanity forever. I don’t really know and I don’t really care to be honest. This is a narrative play. This is not a bet on Web3xAI technology. This is a bet on crypto degens gambling degenerously. And if we see a bull market sometime in 2023, this is a bet I’m very comfortable taking.