The year 2017 is really remarkable. Regarded as the “Year of the ICOs,” it is this period when almost 750 ICOs were able to accomplish raised funds that sum to approximately $5.6 billion. Before 2016 ended, statistics showed that there are some ICOs that failed before their offerings, while others vanished after raising their funds. According to experts, 48 percent of all ICO projects were believed “fruitful.”
You might be thinking —what’s the secret of these active ICOs, and how they overcome the challenges to remain on the spotlight? In this article, you’ll get to know the five common characteristics of the biggest ICOs in history that you can apply in your life.
1. Usefulness of Token
The ‘blockchain technology’ is expected to penetrate a larger ecosystem that’s why it has to be open and emanate democracy. You won’t be able to reap the fruits if you’ll just develop an island. A wide user base is needed to make token useful. Fair launches are sometimes difficult to find or get. That’s why they have always been extolled as the ‘holy grail’ for a cryptocurrency. The usefulness of token is evident when it’s stable, accompanying the Dapp, and fits faultlessly into a larger ecosystem.
2. A Zealous Community
The success of an ICO depends on the people who want to get involved. Typically, it’s comprised of a large community. In order for it to become fruitful, the community, including you as an entrepreneur or developer, should be passionate and enthusiastic about making its vision becomes a reality. Top ICOs are skilled in gaining a loyal community through concentrated and targeted marketing.
If you plan to launch a product or project, make sure that you do your best to showcase its purpose and highlight the benefits. If no one knows your product, expect that nobody will invest in it. Here’s a tip for you — ensure clear lines of communication between you and the ICO community. If there a continuous sharing of feedback to make your product or project better, your platform becomes stronger and more productive.
3. A Solid Devoted Team
An ICO requires a project life cycle —from planning to developmental stages to marketing strategies — to succeed. So, how will you have all of these for your project? Follow the footsteps of bright investors. They are looking at a pulsating and skilled team who can take care of everything within. You must ensure that each of the members in your team exudes expertise in their chosen field.
One thing that can help boost the success of an ICO is by showcasing the commended names on the Advisory Board. Top ICOs choose reputable advisors because they believe that these professionals will provide meaningful insights that are valuable to the project.
4. Sensible Hard Caps
A reliable ICO never misses showing transparency to its community. If the ICO organizer fails to be true to the surrounding people, the individuals who support the project will start suspecting. The worst-case scenario that could happen is stockholders might back out from investing.
If you are an ICO organizer, it’s essential to be clear as to how much funds you anticipate to develop the platform, miscellaneous, operative and promotional expenses. Treat the ICO as a break to accumulate funds for your project and not just for yourself. If people see the reliability of your project, they will support you through ups and downs.
5. Partnership and Scalability
As cited above, a blockchain project won’t stay alive by just being an island. An ICO with hopes has to connect to complementary boards and enterprises to ensure its stability. With a strategic partnership, both parties will have mutual benefits.
When we say project scalability, it pertains to the ability of the project to manage increasing amounts of work or its capability to expand when necessary. You already know the essence of transparency in ICO. So, when your project scales up to the next level, it’s vital to explain how and when it would happen clearly.
Good to know: The progress of an ICO project depends on the quality of strategic partnerships that ICO builds with other projects.
Top ICOs make sure that their roadmap shows where the team and their projects are headed. By looking at their milestones, the community gets an idea regarding what the ICO has already accomplished. Also, a definitive guide to great ICOs of today is by looking at the ‘Investment Showcase Roadshow.’ Experts believe that through this effort, institutional and mid-ranged stockholders, as well as the general public, receive investment opportunities.
For those who want to become an investor, here’s additional information that can be very beneficial:
One More Thing Before You Go
Organizers of successful ICOs today have a way of thinking with compelling actions. They are unique than most entrepreneurs. Whether you’re an ICO organizer or an investor, if you really want to gain more profits in a project, consider the pointers mentioned above that are proven effective —your edge to succeed.