We’ve gathered insights from our team of web3 experts who are eager to share their most valuable tips with you. Whether you’re just considering using blockchain or already knee-deep in the technology, our experts have got you covered. With our wealth of experience and learnings along the way, our web3 experts are here to offer you valuable insights and guidance.
Top web3 expert tips for web3 projects:
- Decrease time to market
- Ask the community to avoid mistakes
- Address compliance at an early stage
- Mitigate risk by decreasing volatility
Expert Tip #1: Decrease time to market
In the fast-paced web3 world, time is everything. New applications pop up daily, not to mention the numerous new players that enter the space.
By decreasing the time to market, you can launch your product before your competitors. Additionally, it allows you to receive feedback from the (web3) community early on, which can help you refine your product. But remember, this whole web3 space is also new to them. Innovation takes time to sink in. Finally, a faster time-to-market can help you avoid running out of resources before your product even gets to market.
Simplicity is key. By prioritising a smooth and seamless process, and abstracting away as much technical complexity as possible, you create better experiences for your customers and increase your chances of success.
Expert Tip #2: Ask the community to avoid mistakes
For a novel and complex technology, it is essential to have a second pair of eyes on all your software. By involving the community and asking for help, you can ensure that your project is built on a solid foundation and has the best chance of success.
Many projects fail because people rush into building something without asking around. Newcomers to the field may not realise the potential challenges they could encounter, many of which may have already been resolved by others. There are public forums for developers and all types of project participants, including technology-focused and business-focused groups.
However, in the web3 space, there remain many solutions that are new and lack proper documentation, making it even more critical to consider what works and what doesn’t work. So, how do you ensure you get the best advice?
Firstly, ensure that you talk to a diverse group of industry players from different budgets and backgrounds. Secondly, clearly understand your project requirements and what you need help with. Clear communication will help your community understand what it is you are trying to achieve and where you might need improvements. Finally, always be respectful and appreciative of people’s time and efforts.
Expert Tip #3: Address compliance at an early stage
Before spending a considerable amount on building a minimum viable product (MVP), it is crucial to at least have a quick chat with a seasoned lawyer, to explore potential legal issues. A relatively small investment will help to identify any legal challenges related to your plans. For example, regulatory issues for custodial wallets, property law for tokenisation, intellectual property for NFTs, and GDPR compliance for web3 wallets and public chains. Inserting legal know-how at an early stage might save tons of costs and a lot of time. It might prevent you from completely re-developing or spending precious resources on a project doomed from a regulatory perspective. Professional legal involvement will sit well with investors too.
At Zaisan, we understand that the law might look like a scary beast, but that compliance is essential for the success of your blockchain project. It’s too often that this initial, relatively small spending saves the day.
Expert Tip #4: Mitigate risk by decreasing volatility
One common challenge faced by many blockchain projects is the lack of users, particularly those projects that rely on transactional volumes such as wallets, exchanges, and marketplaces. Furthermore, when a project has a tradable token, there is a high chance that it can become volatile, which can make the project unusable. To mitigate these risks, we suggest that you ensure your project is sustainable through budget planning and mitigating volatility risks by hedging.
It’s important to avoid basing your business model solely on the token on which it is running. Instead, use business logic and design the project in a way that it doesn’t have overdependence on the system token. You could mitigate the risk by using stablecoins and a variable pricing model.
Introducing crypto or tokens to a project has its pros and cons. On the one hand, leveraging cryptocurrency or tokens can provide a new level of flexibility and accessibility, enabling streamlined transactions and potentially unlocking new revenue streams. Additionally, it can foster community engagement and loyalty through token incentives and reward systems. However, this approach also comes with its challenges, including regulatory compliance complexities, volatility in token values, and the need for robust security measures to safeguard against cyber threats and fraud. Therefore, careful consideration and strategic planning are essential to navigate the intricacies of integrating crypto or tokens effectively into a project.
How Zaisan can help you
Zaisan offers a full range of private or public blockchain integration services tailored to your needs. Zaisan’s technical consultants will assist you in defining and blueprinting the nature of your project, following which the team will design, develop, and deploy the necessary integrations. The final product is delivered ready to use straight out of the box for fully streamlined integration.
Avoid future regrets and schedule a call to discuss possibilities.
