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Problem with most new projects is that they're nothing but a copy of other more prominent whitepapers. Everything builds on the bitcoin whitepaper, and most new projects don't bring anything unique to the ecosystem.
For example most NFTs today are a gimmick, and more of a proof of concept than real adoption. The issue being that the underlying standards that hold NFTs today don't provide for functionality at scale. You have a JSON file linked to a smart-contract, but from a composability standpoint, these JSON files can't speak to other smart-contracts so their use is very limited.
What really changes the game are simple things - like the ERC20. It's a very simple abstraction that becomes very powerful because of it's simplicity. What you should be on the lookout for are other standards or functions that change the game. A good example of this is Chainlink and how they approach the Oracle problem.
On-chain performance is one thing - but bringing functionality to the blockchain requires fetching, verifying, and interacting with off-chain data to link to on-chain blocks. The Oracle problem goes hand-in-hand with smart-contract functionality. Chainlink just dropped their whitepaper 2.0, which you should absolutely read to try to understand why it's a game changer. Talk about undervalued projects... Chainlink is working on what they call Decentralized Oracle Networks. These nodes will work to fetch all kinds of APIs and bring them on-chain.
Other examples of game-changing technology are scaling solutions. The reason why Polygon has exploded for example is because they offer a L2 alternative that is scalable, useable, and all the hungry liquidity in the market is flowing to it at the moment. It's a temporary fix, but the entire Polygon ecosystem could grow and get network effect, they've had a monumental increase in TVL in a short amount of time, which speaks to the market needs. You can also begin to think which protocols may benefit with additional scalability - so AMMs and any high-frequency throughput function will benefit and become more valuable.
What's in my opinion the element that changes the game entirely is identity. Pseudonomyous, anonymous, or even IRL-linked identities and account management change everything. From a user experience standpoint - it frees the masses from thinking about the technical private/public key-pair and seed-word abstractions. They disappear and instead people can manage their identities as well as their assets seamlessly across every device without over-exposed technical or social risk. The blockchain that allows people's web3 experience to be indistinguishable from their web2 experience will bring in hoards of adopters.
Brands --> look for what existing reputable organizations are doing to take advantage of the blockchain. Who is incentivized to use blockchain, and how does it benefit them? Reputable brands and all merchants are incentivized to make their offerings available to consumers via blockchain. Why? Not only does it fight counterfeit, it provides provenance of the products and sources, credibility to creators and designers, and it allows brands to establish a stronger relationship with their customers. Customer acquisition cost and lifetime value are high - brands have every incentive to strengthen their relationship after the sale, not to end it there. Tokenizing and identity management allow for very interesting and creative merchant-customer relationships.
Be careful as a lot of these ICOs are scams -- new projects with infinite supply of their magic beans will offer these beans to influencers for practically free, they shill to the plebs, the marketing team does their thing, and after distribution everyone on the in can exit at 100x+ multiples and the plebs can hold the bag with hopes that the likely anonymous/mysterious/noname team of 23 year olds goes on to change the world and become multi-billion dollar entities.
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