Original author: Crypto Ramesses
Original compilation: Deep Chao TechFlow
In cryptocurrencies, narratives help market participants understand what is happening, why it is happening, and what to expect in the future.
Staying ahead of the prevailing narrative can net you huge gains. As we move into 2024, there are several narratives that show promise ahead of the market. This article will detail the top three narratives of 2024: AI, RWA, GameFi.
But first, let’s explore how to identify narratives early on.
How to Discover Cryptocurrency Narratives
Narratives typically unfold in a time-based pattern. It is crucial to determine whether a narrative is short, medium, or long based on different characteristics.
There are several ways to capture the narrative earlier:
Analyze the dynamics of a specific industry over time with platforms like CoinGecko. These dynamics signal the inflow of capital into projects within the sector. After discovering significant gains, its important to do some research to understand the specific catalysts for that narrative.
Properly measuring social media buzz can play a huge role in identifying narratives. Twitter is one of the best platforms for identifying narratives early on. Simply put, when people start talking about it, marketing and exposure are enough to start a snowball effect that drives capital into an industry. Tools like LunarCrush can help you aggregate large amounts of social data into actionable insights.
Some narratives are triggered by events outside the cryptocurrency space. Macroeconomic and regulatory factors are important in determining short-term market trends. Keep an eye on these as they can provide valuable insights into the market.
After identifying a potential narrative, the next step is to research specific items within that narrative. This is where platforms like CoinGecko and CoinMarketCap come in handy again. Use analytics tools like DefiLlama, Dune Analytics, and Footprint Analytics for more detailed analysis.
Important metrics to track include market capitalization and fully diluted market capitalization (FDV).
Market capitalization is the product of the total number of coins in circulation multiplied by the price per coin. Projects with lower market caps are generally riskier but have higher upside potential. Choose projects based on their potential and your risk appetite.
FDV represents the total value of crypto assets assuming all tokens are in circulation. Although market capitalization only takes into account tokens in circulation, it does not account for token inflation. Token inflation affects the value of a coin, so understanding this metric is crucial.
With that in mind, let’s explore the key narratives to watch in 2024.
The key narratives of 2024: A comprehensive analysis
As we enter 2024, the cryptocurrency landscape is unfolding, promising transformative breakthroughs and market shifts in the coming bull run. Three different narratives may become the dominant force in attracting huge capital inflows.
Let’s dive into the three narratives that will lead the market in 2024
1.Artificial intelligence
No technology has the potential to revolutionize human life like AI. 2023 is a testament to the growing symbiotic relationship between humans and AI. The emergence of ChatGPT and Bard sparked a mini-bull run in AI tokens, and the AI trend continues with its hype.
So far, no narrative has received as much attention during the bear market and performed well across multiple coins. This outperformance showcases investor bullish sentiment towards the AI narrative.
The total market capitalization of the AI field is only about $6 billion. This number is insignificant considering the widespread adoption of AI in the coming years. As more companies consider integrating AI and web3 solutions, AI storytelling will be one of the best performing narratives over time.
Some AI projects worth watching:
Bittensor（TAO）
Market cap: $1.7 billion
Bittensor (TAO) is a decentralized network connecting global machine learning models, operating like a collective brain with distributed “neurons”. These models collaborate to process information, similar to the synergy of neurons in the human brain.
Bittensor uses a unique blockchain architecture built on the Substrate framework, the same framework that powers Polkadot. Bittensor builds a decentralized machine learning protocol that creates private blockchains for seamless connectivity.
Render（RNDR）
Market cap: $1.7 billion
Render (RNDR) is a pioneer in integrating AI, blockchain and graphics rendering. Render is a decentralized GPU rendering network built on Ethereum, providing users with access to the global market for GPU resources.
Renders solution positions it as the blockchain counterpart to industry leaders like NVIDIA.
SingularityNet（AGIX）
Market cap: $421 million
SingularityNET (AGIX) is a decentralized AI services marketplace that enables developers to create and sell AI applications. Utilize blockchain and smart contracts to ensure the security and transparency of the AI service transaction environment.
AGIX, its native token, facilitates transactions, incentivizes network participation, and rewards contributors, enhancing the platform and its core AI capabilities.
Ocean Protocol（OCEAN）
Market cap: $300 million
Ocean Protocol (OCEAN) is a decentralized, secure and transparent data exchange platform. Businesses and individuals can securely share data, and AI integration enables them to provide AI-driven data services.
OCEAN is the native token that serves as a central incentive and payment method, rewarding active network participation and facilitating transactions in data and AI services.
Autonolas（OLAS）
Market cap: $319 million
Autonolas is an integrated network of off-chain services including automation, oracles, and co-owned artificial intelligence. It provides a modular stack for building such services, as well as a protocol to incentivize their development.
Autonolas’ services are ideally suited to combining cryptocurrency and AI, executing complex logic in a decentralized manner and constantly interacting autonomously with on-chain and off-chain data.
Other AI tokens:
PAAL AI (PAAL): An artificial intelligence-powered chatbot that enhances user experience on platforms like Discord and Telegram. Market cap: $124 million
OctaSpace (OCTA): Cutting-edge distributed computing platform. Market cap: $20 million
Akash Network (AKT): Decentralized computing marketplace. Market cap: $514 million
2.RWA
RWA is a token that represents traditional financial assets on the blockchain, whether fungible or non-fungible. These tokens are linked to intangible assets such as real estate or fiscal bonds, carbon credits, etc. Through tokenization, RWA leverages blockchain technology to increase the efficiency of transactions involving valuable assets.
RWA is one of the most important narratives in the long term, and it’s pretty obvious why.
The global RWA valuation exceeds US$600 trillion. Today, the market cap of tokenized RWA accessible on the chain is only about $2 billion. Putting just 1% of RWA on-chain would generate a valuation of $6 trillion, far exceeding the current total cryptocurrency market cap. BlackRock estimates that the tokenized RWA market could grow to $16 trillion by 2030.
If you want to get into RWA, here are the best programs to consider:
Maple Finance（MPL）
Market cap: $117 million
Maple Finance provides capital-efficient, DeFi-driven solutions for institutional borrowing and fixed-income lending. Unlike other platforms that offer mortgage borrowing and floating rates, Maple offers low-collateral loans to borrowers and transparent fixed-income opportunities to on-chain lenders.
Lenders can earn sustainable returns by extending loans to thoroughly vetted institutional borrowers, while pool representatives originate, manage, attract capital, and commit loans within the loan pool.
Centrifuge（CFG）
Market cap: $310 million
Centrifuge is a DeFi lending protocol designed to increase credit accessibility for small businesses. Centrifuge leverages open source infrastructure to cut the costs of traditional offline securitization, reducing the intermediary costs and complexity of TradFi.
The platform’s native token, CFG, plays a key role in enhancing platform security, providing users with transaction fee incentives, and facilitating network governance and asset staking.
Pendle（PENDLE）
Market cap: $278 million
Pendle is a DeFi protocol that facilitates the tokenization and trading of future earnings. Its main goal is to give users control over future earnings by introducing selectivity.
Pendle’s core technology is revenue tokenization, a process that separates any revenue-producing asset into different revenue and primary components, providing more control. Pendle supports multiple networks such as Ethereum, Arbitrum, BNB Chain, and Optimism.
Landshare（LAND）
Market cap: $837 million
Landshare is a tokenized real estate investment platform on the Binance Smart Chain. Landshare simplifies the process of creating a virtual real estate portfolio, allowing users to easily acquire fractional ownership of a property.
Within the network, assets are tokenized, allowing users to purchase or trade these assets using cryptocurrencies.
Realio（RIO）
Market cap: $4.7 million
Realio is an interoperable layer 1 multi-chain web3 ecosystem for issuing and managing digitally native RWA.
Realio strives to combine the accessibility of fully on-chain decentralized peer-to-peer trading with the functionality of an issuance and investment platform.
Other RWA tokens:
Goldfinch (GFI): A decentralized global credit protocol. Market cap: $96 million
Propchain (PROPC): A tokenized real estate investment platform for consumers. Market cap: $23 million
Galileo Protocol (LEOX): Luxury Tokenization Platform. Market cap: $13 million
Clearpool (CPOOL): A decentralized lending protocol for institutions. Market cap: $30 million
Credefi (CREDI): A peer-to-peer lending platform that combines the best practices of DeFi and TradFi. Market cap: $5 million
GameFi
GameFi is another popular narrative that is expected to perform well in the coming years. Web3 infrastructure provides one of the best ways to distribute value within the gaming ecosystem, and the potential impact can be huge.
The gaming industry has over 2 billion users worldwide. Most gamers are very familiar with the technology, which makes it easier for them to be introduced to web3. Bringing one-third of regular gamers to the blockchain means more than 600 million users, which is a huge market for the GameFi project.
The GameFi project has performed well in the bear market so far. More and more users are attracted by the beneficial economic model offered by GameFi. Here are the top GameFi projects worth considering:
Nakamoto Games（NAKA）
Market cap: $155 million
Nakamoto Games is a decentralized platform that offers diverse games to attract global user participation. The main goal of the platform is to generate moderate and sustainable income for users while enjoying games in a blockchain environment.
Nakamoto Games has achieved a lot:
Hosts over 300 live P2E games
More than 165,000 registered users
Won the Best Money-Making Game Project of 2023 award
Developed multi-currency and multi-chain wallet on Telegram
Mobile app is under development
NAKA will be one of the best-performing gaming tokens in 2023, a trend expected to continue given its outstanding roadmap.
Shrapnel（SHRAP）
Market cap: $87 million
Shrapnel is the first AAA shooter built entirely on the Avalanche blockchain. Shrapnel uses a first-person shooter (FPS) style, showcasing environments and gameplay reminiscent of popular games like Call of Duty, Battlefield, and Warface.
Consider the global impact Minecraft and Roblox have on millions of players. Shrapnel aspires to be the next major FPS series for the next generation of gamers, offering improved content creation tools and monetization opportunities.
Big Time（BIGTIME）
Market cap: $105 million
Big Time is a free-to-play multiplayer action RPG that combines fast-paced combat with time-traveling adventure.
Big Time has already made significant achievements in the GameFi space by attracting millions of players and fans through NFT rewards and BIGTIME tokens. These achievements include selling over $100 million in NFTs, winning the title of most streamed Web3 game on Twitch, and winning multiple awards.
Star Atlas（$ATLAS）
Market cap: $93 million
Star Atlas is a next-generation gaming metaverse that combines blockchain technology, real-time graphics, multiplayer video gaming, and DeFi.
As players adventure across the galaxy, they are rewarded with ATLAS tokens, which can be used to purchase in-game assets such as weapons, ships, land, and mining equipment, which are represented as NFTs.
Dubbz（DUBBZ）
Market cap: $54 million
Dubbz enables game developers to tap into the potential of web3 without prior knowledge of blockchain. Dubbzs vision is to merge traditional games with the tokenized Web3 ecosystem.
Through their SDK, Dubbz brings blockchain-based betting to games such as Call of Duty, FIFA, Fortnite, and more. As many users choose GameFi products, Dubbz will significantly integrate existing games with the tokenized environment.
in conclusion
Staying ahead of the market narrative is one of the best ways to profit from the crypto market. Beyond charts and technical details, narrative determines the performance of the broader cryptocurrency market.
As we move into 2024, the three narratives of AI, RWA, and GameFi are likely to be very prominent areas in the bull market. These areas hold huge potential given their unique problem-solving capabilities and market size. A deep understanding of these ecosystems is critical to getting the most benefit from the upcoming bull market.
