The metaverse space is growing more crowded by the day, even as the crypto winter continues to separate the wheat from the chaff. Survival, however, is no guarantee, and in order to ensure that a new metaverse project is set up for long-term success, founders should focus on the team, the in-world offerings, and communication.
Good Partnerships Are The Best Indicator of Success
At the outset of a metaverse project, focus on the internal team. Founders should have a track record of success. If the central founder is new to the Web3 space, they should actively consult or partner with someone with relevant experience. If one founder has experience in blockchain development, they should find a partner with a traditional business and finance background.
Regardless of past experience, project founders shouldn’t be afraid to lean into certain areas. If the team has a heavy financial background, the project is better positioned for a well-functioning in-world economy. If the team has a great deal of design experience, marketing can include an emphasis on cutting-edge user experience.
When it comes time to partner with external teams, look for those who will provide the best results – not just those who have insider clout. Celebrity endorsements and surprise “drops” cannot do all of the work. There must be a strong product behind the marketing. In order to foster authentic promotional partnerships, pursue relationships with people who truly believe in and understand the project. Communicating the strength of the product itself is the best marketing, in this case.
Find Your Unique Position Within The Space
A lucrative metaverse project has concrete use cases and innovative offerings. Founders should look at what isn’t already being offered in the space, as well as how to improve upon what’s available. Take a broad view of the space in those early stages. What are Meta, Decentraland, and Sandbox already doing that can be done better? What are major players like these missing altogether, and how can that gap be filled?
Use cases can extend beyond the realm of Web3. The metaverse projects that will succeed will create ways to expedite productivity beyond fintech and commerce. They’ll take inspiration from people’s everyday needs and activities. How would a lawyer or doctor use a metaverse? How will education move into the metaverse?
Be Real About Your Timeline
The final aspect of a successful metaverse is clear and honest communication with the community. A simple way to do this is to avoid overpromising on a roadmap. A roadmap that is too vague or overpromises is an instant red flag. The crypto community is savvy and, lately, erring on the side of caution. People notice when things don’t pan out as promised. This means project leaders should adjust a roadmap timeline as needed, and be transparent about why. Although tempting, success theater is critical to avoid here.
Transparency allows for a metaverse community to feel like they are valued members being included on a project’s journey. It facilitates a level of ownership that leads to long-term loyalty. If a project is able to be consistently transparent at the beginning, it is set up to pay dividends in loyalty down the line.
Set The Tone For Success Early
By gathering a team with a wide variety of experience, building innovative offerings, and being straightforward with supporters, a metaverse project can demonstrate the mettle and commitment needed to achieve long-term success. In a world that demands immediate returns, fight the urge to overproduce underdeveloped tech too quickly. A well-executed project takes time to build, and it more likely will stick beyond the hype and the downturn.
