While ICOs are still popular, they are far from the 2018 boom when over 5,000 ICOs were released, generating over 11 billion in revenue. There is demand, but you will have to work a bit harder to get people’s attention nowadays, and, most importantly, you can’t afford to make too many mistakes. You also need to have a solid concept that will get a more mature, and somewhat jaded cryptocurrency public excited. Let’s take a look at how to launch an ICO in 4 steps.
Start with a Viable Idea
The first thing you have to do is think your idea through and see if it actually warrants an ICO. Are you trying to solve an actual problem with the world of cryptocurrencies? Some of the most successful ICOs of 2021 were trying to tackle societal or environmental issues. We can think of coins like SerenitySource, for instance, that aimed to help boost the usage of renewable energy, or Prepayway, which aimed to facilitate online payments for the unbanked or underbanked.
There were also more lighthearted projects like Pawtocol, aimed at the pet community, which still were successful.
The goal is not necessarily to be the most cutting-edge but make sure that you are solving someone’s problem with your coin and that it warrants the kind of investment you’re going to make, which should be north of the $60,000 mark.
Look at the Competition
Your next step is to look at the competition. You need to not only look at whether there are products like yours, but also how they performed when they were launched. You can then decide if there’s still space for your token. You also have to be aware of future ICO launches to make sure that you don’t launch yours at the same time as them.
Build a Team
You can sell an ICO all you want, but if you develop it on your own, then there’s a strong chance that it will fall flat. That’s because real investors will want to know who the people behind the coin are. There have been exceptions, like the Useless Ethereum Coin, which was created by a single developer and raised $200,000 in total, but this was at a time when the markets were still immature, and it is not likely to happen again.
You will need to get at least one credible person on your team. This can be done by simply getting active in the community and seeing how you could build a personal rapport with people. Attending crypto conferences is another way to find someone to cosign your idea and consider joining your development team.
You’ll also need to start looking at a marketing team, as they will be the ones who will eventually spread your brand and generate buzz for your coin. So, listen to crypto currency marketing tips and learn as much as you can about marketing cryptocurrencies before the launch.
Develop and Launch
Once you have your concept and whitepaper and team together, developing your solution shouldn’t take that much time. You will need to choose your blockchain, which will probably be Ethereum, and work out kinks with your team until the official launch. Once everything has been fixed, you can build your website and start the pre-launch phase with a PR round. You also have to build your subscribers list, as they will play a major role in generating noise for your coin before the launch.
Launching an ICO is not that complicated and there’s a chance that yours will be the next big story in crypto if you execute correctly. Be careful not to rush the process, however, and look at other ICOs so you can learn from their errors or success.