What is your ICO about?
Many entrepreneurs see ICOs are a quick way to make money. They can get so caught up in the crowdfunding process that they neglect the product or service side of things. Delivering an ICO product or services is the most essential part if you’re interested in running your own ICO. With all the hype surrounding ICOs, it’s easy to get too excited too quickly. However, your ICO will fail without a strong idea that benefits users.
Not only does your business idea have to be excellent enough to persuade possible investors to fund it. You also want to win over users and customers after the ICO has taken place. The tokens you sell during your ICO will quickly end up being useless if nobody has an interest in using your blockchain platform or service. If you’ve already read a bit about launching an ICO, it’s time to have a look at what makes an effective ICO and what value you’re bringing.
What makes an ICO platform great?
The same as what makes any other company idea great. As yourself the following questions about your service or product to identify if your ICO will succeed:
- Is it beneficial?
- Does it supply worth to the customer?
- Does it solve a specific issue?
- Is there a significant need?
- Will there continue to be a demand?
- Will it be able to compete on the market?
- Is it scalable?
- Will it be budget-friendly?
- Will cryptocurrency be an integral part of it?
You’ll be in a much stronger position once these questions have actually been addressed.
What are some exceptional examples of ICO products?
2017 and 2018 have actually spawned a string of intriguing ICO services and products, so you will not do not have motivation. Some of the business ideas that have found success using the ICO design consist of:
- Equities
- Goods
- Genuine estate
- Fundraising
- Futures
- Credit
- Time-based rentals
- Service leases
- Music
- Art
- Literature
It is possible to tokenize many things, and you shouldn’t hesitate to think outside the box. Just due to the fact that no one else has tokenized a specific item does not imply that you can’t do it.
Does your ICO product need to be done before the launch?
Not necessarily. The more completed the item is prior to the ICO, the much better. Nevertheless, there have achieved success ICOs where the developers have just produced an MVP or beta variation of their product. The idea is to secure funding to more develop the item– investors are more likely to pitch into a completed style.
What to look at prior to your ICO
You need to research study everything associated to the technical aspects of your product to make certain it works. You will likewise need to do some market research study to see the number of potential clients there are– and how lots of other business are competing for them. An outstanding location to begin is the BitcoinTalk online forum– this is where many of the ICO talks occur. Get viewpoints on your ICO concept from the cryptocurrency community to get an indicator of how popular it will be. Use the tag [pre-ANN] on your post to indicate that it’s pre-announcement.