The next generation of the internet (Web3) is still in its infancy. While we understand that it runs on a blockchain, is much more secure, and gives complete power back to the people, there’s still plenty of room for innovation and adoption. With that in mind, the right web3 project has the potential to explode. However, knowing how to launch such a project can be tricky, which is why we’ve put this guide together.
Community building is essential for any business, even those relying on web2. However, the success of a web3 project relies on actual demand and use from its community – clicks and traffic won’t be enough to determine success. Therefore, your project has to fill a gap in the web3 market – or improve on existing solutions – and be engaging and exciting. If users have no reason to follow your startup, it’ll fail to make it out of the gate.
Building a Buzz
In the early stages of project development, you must think about how you’re going to build a buzz. You already know that your project has to be memorable and unique, but the way you promote, scale, and build your project makes a big difference. If you can create a solid roadmap, make good on promises, internalize problem-solving, and give users inspiration to get involved, then the necessary buzz is bound to follow.
The White Paper and Road Map
A white paper is the web3 equivalent of a business plan, as it tells investors and users why they should back your project. The white paper is your opportunity to demonstrate to the community that you’re an expert in your niche by outlining your research, potential use cases, and any other relevant information.
Alongside your theoretical white paper, you’re going to need a realistic roadmap, which outlines the journey your project will take. For example, if you’re integrating Web3 payments into your project, then write down a realistic estimation for implementation. The more milestones you hit on time, the more trust you’ll receive from investors.
Using a Secure Chain
The most popular blockchain for building Web3 projects is Ethereum, and it’s extremely secure. However, given its success, it’s fairly expensive for developers and users. Luckily, there are plenty of alternatives that offer a lower cost to users when it comes to network fees. For example, Polygon is a layer-2 Ethereum smart chain, which utilizes the same security features but has a much lower cost.
Building a web3 project doesn’t come cheap, so you’ll need to raise funds. The majority of web3 startups launch initial coin offerings (ICOs), which is an allocation of the total amount of coins reserved for investors to secure at a lower price before the official launch. Typically, ICOs are staged, which entices early investors to get involved because they’ll see returns upon launch.
Successful web3 projects have to have community demand from the very start, but there’s no use making empty promises. Spend time creating your white paper, putting a roadmap together, and deciding on the right blockchain network.
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