So, you’ve got the idea for your Dapp, key team members are in place, and you’re ready to go- so what’s next? These three do’s and two don’ts demand your attention.
Don’t build your own blockchain unless you really need to. Building your own blockchain is going to eat up your resources. It’s expensive, time-consuming, and there’s a lot of things that can go wrong. With so many options of public, private, and hybrid blockchains out there, it probably makes sense for you to utilize one of these unless you need something specific that other blockchains just aren’t providing. In this instance, the blockchain probably is your product.
If you decide to build on an existing blockchain, think about the key features you are looking for- is it scalability? Security? And go for the option that is strongest in these areas.
Another benefit of using an existing blockchain is being able to leverage on the existing community of Dapps and projects building on that platform. On RSK, there is access to a full marketing program to help you find new users from the get-go.
Don’t skip on your market research. The Dapp market in particular is over-saturated with half baked projects. Is there already a project doing what you want to do? Why didn’t it work out for them? Maybe you can learn from their execution problems, or maybe this is evidence the world isn’t ready for your ‘NFTs but for dogs’ idea. Make sure you’re speaking to your target audience to see if they actually want this, and even better, find out specific features they would want to use. Pivoting direction before launch is a lot easier than post, and it’s going to save you resources.
Your market research should inform your product vision, features, and goals, as well as define the Dapp’s user personas. Take advantage of the many free online tools that can help you with this.
Do choose the right way to monetize your Dapp. The old favorite of holding an ICO is on a steep downward trajectory, but if a token launch is the right option for you, IDOs (Initial DEX Offerings) are fast becoming the most popular route. It’s crucial to ensure your token has a core functionality in your Dapp so it’s sustainable in the long term -your IDO won’t keep you going forever.
If crowdfunding in any form feels risky, or it doesn’t make sense for your Dapp to have a native token, you could charge a transaction fee from users. Keep your fees fair and low so you’re not undercut by your competitors. Alternatively, look at setting up a premium functionality for your Dapp, that way users can find you and start trialing right away and pay for premium features once they’re hooked. This could work great if you’re launching a gaming Dapp.
Do focus on UX. Want your Dapp to be used by the masses? It’s probably not going to happen if you’ve got a glitchy, counterintuitive UI. The best technology can get lost in a poor interface that turns off non-technical users. Aim to give users the same experience they would enjoy on a centralized app.
Do align your Dapp with industry trends. Look for what’s hot right now in the industry and see how you can integrate it into your Dapp, even if it’s not the key functionality. Is there a way your Dapp can interact with the Metaverse? Can users set their enviable NFT as their display picture? Are you launching the next big DeFi protocol? Any of these will help build hype around your launch and bring in new users.
Don’t assume that just because something was big last year, it’s going to stay that way. The industry moves quickly and if it looks like you’re stuck in the past, those who aren’t will notice. Dappradar is a great resource to keep up to date with industry trends.
If you’re ready to start building, good luck to you! Get in touch to see how integrating with RSK can benefit your Dapp.
