We’ve asked our team of experts in the web3 space to share their single most valuable tips for a project team or POC that is considering using or already using blockchain technology. We had our fair share of learnings as well so our aim is to provide you with valuable insights.
Top expert tips for web3 projects:
- Decrease time to market
- Ask the community in order to avoid mistakes
- Address compliance at an early stage
- Mitigate risk by decreasing volatility
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.
Tip #2: Ask the community in order to avoid mistakes
In the fast-paced world of blockchain technology, it’s 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. People that are new in the space don’t know the challenges, and those might have already been solved by others. There are public chats for developers and all types of project participants, including technology-focused and business-focused groups.
In the web3 space, many things are new and not well documented, making it even more critical to ask 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 people from different budgets and backgrounds. Secondly, have a clear understanding of your project requirements and what you need help with. Finally, always be respectful and appreciative of people’s time and efforts.
Tip #3: Address compliance at an early stage
Before spending a considerable amount on building an MVP, it’s crucial to at least have a quick chat with a seasoned lawyer, to check potential legal issues. A relatively small investment will identify your legal challenges, related to your plans. Such as 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 redeveloping or spending precious resources on a project doomed from a regulatory perspective. Professional legal involvement will definitely 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.
Tip #4: Mitigate risk by decreasing volatility
One of the most common pitfalls of blockchain projects is the lack of users. Many projects based on transactional volumes such as wallets, exchanges, and marketplaces often face this challenge. Moreover, when you have a tradable token, there’s a high chance that it becomes volatile which can make projects unusable. To mitigate these risks, we suggest that you make sure your project is sustainable through budget planning and mitigating volatility risks by hedging.
We emphasise not basing your business model on the token on which it is running. 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. If it grows too much, it becomes unusable. If it becomes too low, there’s a chance of spammers coming in. Therefore, it is essential to consider whether the crypto angle will help you or become counterproductive in your business logic.
SMEs usually don’t need the crypto side; they just need the blockchain side.
How Zaisan can help you
Zaisan offers a full range of private or public blockchain integration services tailored to serve your specific needs. Zaisan’s technical consultants will assist you to define and blueprint 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.
