The rise of cryptocurrency is one of the reasons why many ICO teams and companies flourish. They were able to conceptualize projects like WAVES, NEO, and Bancor. These ICO products are among the top ten ICO projects. It is no wonder that many ICO teams would want to create their own successful ICO product.
Accomplishing this feat, however, entails a lot of work. Here are some things to consider.
Making your Own Successful ICO product
In creating a successful ICO product, always bear in mind the kind of value they will create with the public. This idea is the most common mistake that many entrepreneurs often forget. More often than not, they usually create ICO products just for the sake of the hype.
It is important that you clearly develop the concept of your product or service. Potential investors would always want to see a solid product or service for them to invest on. Make sure to state all your plans in a white paper. It will help you convince your investor, thus helping you achieve your goal faster.
So, put a lot of consideration when conceptualizing your product. It should be in line with what you want and not just simply following the trend.
Characteristics of a Good ICO Product
Creating a successful ICO product is not easy. You need to consider its functionality, design, and branding. Once these three are addressed properly, you will know that the product will succeed in no time. Down below are some of the questions that will help you assess the success potential of your product.
• Is the product useful?
• Can it give value to your customers?
• Will it help address problems?
• Does your market have a remarkable demand for your product?
• Will you be able to optimize it?
• Is the price reasonable enough to make a profit out of it?
• Is it up to par with similar products in the market?
• Is cryptocurrency an important feature of this product?
Examples of Successful ICO Products in 2017-2018
In a span of one year, many interesting ICO products and services were created and sold. If you are unsure of what product to offer, here are some business ideas that you should check out.
● Real estate
● Service leases
● Time-based rentals
It may not look like it, but there are a lot of things that you can tokenize. Some ideas may seem unusual, but they are actually possible.
Should your product be ready before the ICO?
Your product doesn’t have to be completed before the ICO. However, having a finished product would be better. The beta or MVP version of the product contributes to the success rate of the final ICO product. It helps investors visualize the system. It will also convince them to fund the project without any further questions.
Things that you should do before ICO
Basically, you need to research on the technical part of your planned product. As much as possible, you should conduct simulations from time to time. Simulation can help you see loopholes in your product. Aside from this, you also need to research the market of the product. This will help you assess whether the product can be well-received by the market.
You can visit forums like BitcoinTalk. You can also ask the opinion of other traders and experts in cryptocurrency.
Creating your own ICO product is never easy. However, with the right concepts and system, your own cryptocurrency will boom in no time at all.