Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.
Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.
This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.
1. The lack of demand for the product
According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.
Additionally, ICOs need to be approved by appropriate regulators in order to protect themselves from failure in the future. Not only that, but by having an official approval, they can confirm to investors that the project is legit, and not just another scam. That way, ICOs gain trust, reputation, they spark an initial interest, and if there is a demand for their product, there is not a lot that can happen to prevent them from succeeding.
2. The project looks unprofessional
When it comes to launching an ICO, or any other such campaign, most people focus on the final goal. They would explain the focus, the method of achieving a goal, and everything else that a good project needs to have. However, they still fail to attract attention because they forget that the project needs to look good as well.
While looks are not important for the project itself, they can be everything when it comes to capturing the attention of investors. If investors do not immediately like what they see, they will hardly bother to read about the project at all. This is why ICOs need to plan out every detail of the website, such as visuals, logo, colors, fonts, content, white paper, and more.
Adding a professional and interesting face to a project can often mean the difference between its success and failure, which is something to remember if you plan to launch an ICO of your own.
3. Bad communication
After studying ICO failures, it soon becomes very clear that bad marketing techniques (or the lack of any) are another big cause of failure. This is often a mistake that newcomers make due to limited knowledge of how these things work. They forget that it is not over just because the ICO has had a good start.
Just because things started off relatively well, it doesn’t mean that the battle is won, and there is a constant need for new reports, audits, measurements, and alike. ICOs can always be approved, and there are numerous tools that can be used for this purpose. In fact, the audience can often suggest improvements, which is why communication is crucial.
The community that surrounds the project is what will decide whether or not the project will be successful, which is why they cannot be forgotten.
Thinking about running an ICO? We strongly suggest you reach out to our friends at ICOsuccess. They have proven services for conducting a successful ICO.
For real-time trade alerts and a daily breakdown of the crypto markets, sign up for Elite membership!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
Image courtesy of Pexels
How Can Foreigners Get Loans in Singapore
Foreigners who are residing in Singapore and looking for financing could do so in the form of a payday loan. It is good to find out that you can borrow the money from a reputable lender and that the interest rates are low enough for it to be a viable option. Online lenders that specialize in doing business in the country can certainly help one. These online companies are not only reliable, but their service is fast.
At the same time, many cannot afford a high standard of living. Many individuals cannot afford essentials, such as a car or a house. It can be difficult for the majority of the working class to scrape through on their basic salary.
What defines a foreigner in Singapore?
A foreigner in Singapore means that you are not a permanent or natural citizen there. As a foreigner, you will not be holding a Singaporean passport. The rules can differ a little for foreigners and residents. Singapore, being a multinational hub, houses many foreigners within the city. Foreigners come to Singapore for the many attractions it offers. Many people come to Singapore for Work-related purposes. A lot many also come for vacations or to visit a friend or a relative. Some foreigners come with a plan to move to Singapore permanently, attracted by their lavish lifestyle. Singapore also…
Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…