Written by Chris MacDonald at The Motley Fool Canada
December 2021 was a pretty tough month for most cryptos. Several top tokens in this space saw significant declines, as capital flowed out of speculative investment classes. Volatility is back in the crypto world — this time to the downside.
However, there are certainly tokens worth considering in this selloff. One such token I’ve got my eye on right now is Basic Attention Token (CRYPTO:BAT).
Here’s why this is an explosive cryptocurrency to watch in 2022.
What is Basic Attention Token?
The 70th-largest cryptocurrency by market capitalization, few investors may have heard of Basic Attention Token. Fair enough. There are thousands of cryptocurrencies out there, and it’s impossible to keep tabs on all of them.
However, Basic Attention Token has piqued my interest, when diving into tokens with real-world use cases. Essentially, Basic Attention Token powers the Brave browser. This blockchain-based browser looks and feels a lot like Google Chrome. That’s because it’s based on the Google Chrome code, without much of the tracking data.
User data is stored in the browser but isn’t shared with any third parties. As such, this is a much more private and more secure browser.
The kicker — users of the Brave Browser can choose how may ads they see and get compensated for viewing ads in Basic Attention Token. Thus, Basic Attention Token denominates a unit of a browser’s attention.
Advertisers pay content producers to place ads on the Brave browser in BAT. And users get a piece of the action. It’s a win-win-win for everyone involved. Advertisers have a better line of sight into real metrics that can help their business. And content producers have a more steady revenue stream (and can receive donations from users). This is the sort of Web3 innovation many get excited about when the think about the “future of the internet.”
Backing of unusually strong fundamentals and leadership
As of December 26, 2021, BAT was down approximately 30% from its late-November high. This is due to the bearish pressures that stormed the broader crypto market across most of December’s trading. But Brave software’s potentially disruptive approach to web browser and digital advertising markets, along with a stellar management team, point to explosive rebound potential.
I think Basic Attention Token is a truly unique cryptocurrency worth considering right now. For those who haven’t downloaded the Brave browser, do it. It’s a way to earn “free” cryptocurrency by simply doing what one would do anyway — browse the internet.
This is a model I think has legs, and Basic Attention Token is certainly a project that’s making waves. Thus, those looking for a more speculative high-growth token may want to consider this one. I am.
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Fool contributor Chris MacDonald has no position in any stocks mentioned.