4 Tips for Companies Looking to Enter the Crypto Market
As the crypto industry is maturing, now is the perfect time to enter the market.
Opinions expressed by Entrepreneur contributors are their own.
As thecryptomarket is moving into the early-to-late maturity stage, digital assets are getting embraced by a share of the population (16% of Americans alreadyhadfirst-hand experience with them).
In addition to consumers, large brands likeMicrosoft, Gucci and Burger King are joining thousands of merchants in accepting digital asset payments. Besides rising institutional adoption, VCspoured$14.67 billion into crypto startups in Q2 2022 alone.
Considering all this, I expect every company to become acrypto businessto some extent by 2035.
Now is the perfect time to enter the market. And in this article, I will share a few tips with companies and entrepreneurs seeking to do so successfully.
Related:How to Mitigate Risk in the Crypto Market
Tip 1: Don't be afraid; the crypto market is not that complicated
When you first encounter industry jargon and acronyms likeDeFi, CeFi and DAO, you might feel that you don't understand a single thing about digital assets. However, a couple of weeks is enough to learn the basics about the market and how the underlying technology works.
While there is tons of content you can use for learning, the crypto market is deeply integrated into the regular economy. That's why it will be a little closer to life for many people.
To sum things up: no matter how new, complex or scary it may look at first, it shouldn't stop you from entering the market. Crypto is not that complicated.
Tip 2: Find a niche that solves a market pain point
When they first join the industry, many entrepreneurs think that simply launching atokenwith no utility beyond speculation is enough to succeed. As you may have already guessed, this strategy won't work in crypto. The same goes for businesses that copy-paste popular solutions from other industries into the digital asset space. If there's no real value behind these applications, people won't use them.
Unsurprisingly, the most significant number of enormous, multibillion-dollar projects came from this industry and provided a solution to one of the crypto market's pain points. They created real value for digital asset users.
Related:5 Things to Know Before You Invest in Cryptocurrency
Tip 3: Forget conventional market strategies in crypto
After you have built an excellent product, you shouldn't consider using marketing strategies that have worked elsewhere, such as launching an ad on Google orFacebook. If your solution provides real value, you won't need to advertise it on the crypto market. The community is so proactive that members will quickly notice and start using it.
After launching your product, you mustforget about adsand find a few evangelists to attract an audience. These people love what you created and are willing to tell everyone how awesome it is. Partnerships, community development, social media management toolbox, bold and transparent PR and Twitter are probably the marketing tools your startup needs to make this work.
Tip 4: Trust no one but yourself
On the one hand, it's safe to say that probably the world's smartest people have come here to build amazing products.
But at the same time, the market has attracted many bad actors constantly trying to break things, and that's why you can't trust anyone here.
For these reasons, you must consider your product's security and audits. You should remember that this market has tons of promising talent. But it is also a space where scammers are trying to make a killing by exploiting these brains.
Your entry into a thriving market
No matter how complicated and dangerous it seems, the crypto market is apromising placewith ludicrous opportunities for newcomers. If you overcome your fears, pay due attention to project security, build a product that creates real value, and use the right marketing strategies, you will likely succeed in your endeavor.
And you won't regret your decision. We are in the middle of the most significantfinancial evolutionin the last 100 years, where a new unit of value was created alongside money. The industry is moving rapidly; crypto's technologies and opportunities are limitless.
This market has so much room to grow that the current 200-300 million crypto users and the tens of thousands of industry projects feel like nothing compared to what we will have the chance to observe in the next 10-15 years.
