Around 2,284 initial coin offerings (ICOs) were launched in 2018. Plus, an average 482 token sales opened every day. Although these numbers sounds impressive, we have to take a look at the other side of the coin. In July 2018, TechCrunch publishedthat over 1,000 ICOs have failed in 2018. You’ll probably agree with me, the number is higher than expected.
Still, we can’t deny that in 2018, some ICOs were successful with raising large amounts of money.
So, the question is: What is their secret? Why do some ICOs succeed and the others fail? To answer that question, let’s take a look at what a successful ICO must have.
Offering a solution to a particular problem
Everything starts with a problem. And that problem needs a solution, ideally using blockchain technology. For example, blockchain startup Storj recognized flaws in centralized cloud storages such as low security and data leakages. That’s why Storj is offering a decentralized cloud storage, based on Ethereum blockchain, which means that the availability of storage is generally much higher, and the cost of storing data is substantially lower.
A successful ICO has a high-quality white paper that explains the company’s mission in depth
If you’re planning to launch an ICO, a professional white paper is a must. It should be appealing to the market, and explain the project in depth. For instance, FileCoin has a well-researched, white paper backed with schemes and formulas . You can’t deny that helped them to collect $257 million during their ICO.
If prominent investors decide to back up and invest in an ICO, that will definitely increase the public trust. People get suspicious when it comes to ICOs.
When messaging app Telegram announced its ICO in October last year, many prominent Silicon Valley investors lined up to back it up. That’s certainly helpful.
A successful ICO has a killer marketing strategy
From building a community on social media to paid advertising and airdrop distribution, a well-done marketing strategy is your number one priority. Do the research on your target market and adapt it according to it. Some marketing strategies that are popular in the crypto space are running a regularly-updated blog, airdrop and bounty programs, good community management, etc.
When it comes to a successful ICO, there is no one size that fits all. So, what can you do? For starters, you can do research on your target market and see what works best for your ICO. Good luck, and if you need some help with that, feel free to contact us.
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