7 Things You Should Not Do While Starting an NFT business
Starting a business is never a piece of cake. You need to build your own path, bear struggles and stand strong against the hurdles. Just like a side of the coin, everything has two aspects, good and bad. While starting something new, we naturally focus on “what to do” and really don’t want to look at the other side but in the business, what not to do is much more important than what to do.
“ Figuring out the ways of failures give high chances of success ”
Every business has its own risk. Specially, the chances of risk are pretty high in NFT business which holds a market capital value of 35 billion till date. Of course, the volume of competitors is high and it's important to look at the things that you should not do while starting a NFT business.
#1 Don’t Start without precise idea
“You will use the map only when you know the destination ”
It would be the first-ever rule!. yeah without proper ideology, you can’t find success in the business, “You Must not start for the name shake.” NFTs have multiple use cases, you need to dig deep and be clear with the things that you are going to give to your user. NFTs offer various business models like
- NFT minting platform
- NFT Staking Platform
- Create NFTs
- NFT Marketplace Development
- NFT Marketplace Development for any kind of industires.
- NFT Games
- and a lot more
When we are talking about the precise idea it not only includes choosing a business model, which also includes certain things like picking up the right blockchain technology, choosing the features and functionalities, smart contract, etc.
#2 Don’t Do What your Competitors Do
“Sprinkle your innovations”
Having an eye on competitors is good for business but don’t exactly do what they are doing. at least put 1% of innovation in it and deliver the best to your users. For instance, if your competitors are integrated payment gateways in their platform. you need to think in the eyes of users and integrate the popular and trusted 3-rd party payment gateway in your platform.
#3 Don’t Forget Users
“Know your user”
Remember, you built a business for users, Don’t forget users at any moment. Know your user, put yourself in their place and see your business. Take this as a forever business mantra. Only when you know your users, you will know how to earn from them.
Say, if you are running a gaming platform, put yourself in a gamer place and check out all other things from account creation to earning possibilities in the game.
#4 Don’t give less importance to user-friendly design
“UI/UX is the key”
The more your site is user friendly, the more the user will like it. Check your site thoroughly and have a look at navigation clicks and simple breadcrumb design. Obviously, users have lots and lots of alternatives and choices over the web. UI/UX is the only key that lets them stay. UI/UX have multiple components like architecture information, interactive design, usability, wireframing design and visual effects.
#5 Don’t compromise on security
“Security is a promise”
Security is the first-ever thing that comes to the mind of each and every user. Once you showcase your security features to the world, you will spontaneously gain the trust of users. We all know about Certik, the smart contact auditing firm used by popular companies like Binance and Pancakeswap. You can stand out from your customer by integrating certik audited smart contract in your platform and you need to concern certain things like third-party audits, log audits, proof of reserve, key compromise policy,etc,
#6 Don’t run out of the market trends
“Run with the current trend”
You become outdated once you fail to run behind the market trends. Always look up the market trends and find ways to cope up with your business so that the users of the platform will not search for any other alternatives. When it comes to NFT business, the trends keep on changing on a regular basis. In a certain period of time, celebrity NFT is in the hype and then Fashion NFT becomes the talk. It's important to run along with the current trends.
#7 Don’t choose the average development company
Choose the best NFT Development Company to start any kind of NFT business. Software companies are ubiquitous now. Your job is half done, once you pick up the right company for your software development. Bitdeal, being the dominant company in the industry, strives with the motto to bring revolutions in the crypto industry and offers prominent NFT solutions like Marketplace Development, Game Development, etc,
While starting a business it's important to consider don’ts as same as Do’s. Keep the above mentioned things in your list while thinking of starting a NFT Business. Hope for the best!