In the impression of many non-crypto veterans, Web3 entrepreneurship is equivalent to simply launching a token.
Although this statement may sound somewhat derogatory, it reflects the misunderstandings of some individuals in the current Web3 industry. For many entrepreneurs who have just entered the Web3 space, the biggest obstacle in their transition is how to develop a token, how to connect and list on exchanges, and how to navigate the crypto market for operations. These technical and market challenges leave many entrepreneurs feeling lost. As the saying goes, "different fields are like different mountains," and when unsure of how to proceed, "one-stop services" have emerged to attempt to solve complex problems in a simple and quick manner.
As seen by lawyer Honglin in a certain WeChat group, the one-stop service for launching tokens in the crypto space has become increasingly active recently. Comprehensive service providers handle everything from token development, DApp development, private placements, community operations, to listing on exchanges, and even subsequent legal services. For project teams lacking technical and market experience, this is undoubtedly a godsend—just pay a fee, and the token launch, listing, and promotion can be completed in one go. However, behind this apparent convenience lies many pitfalls.
Misunderstanding Web3: It's Not Just About Token Launching
In fact, the connotation of Web3 is much richer than merely launching a token. Web3 represents the next generation of internet development, emphasizing decentralization, user autonomy, data privacy, and the widespread application of blockchain technology. It encompasses not only the financial sector but also social networking, entertainment, content creation, supply chain management, and more.
However, the current market is flooded with projects primarily focused on token launches, leading many to equate Web3 with "token issuance." This narrow perspective not only limits people's understanding of Web3's potential but also causes truly valuable Web3 applications to be overlooked. In this context, entrepreneurs often find themselves forced to concentrate their efforts on token issuance and market speculation, neglecting the deeper technological and application development aspects of Web3.
To meet the customized needs of clients, some service providers in the industry may resort to various means to create a false impression of user engagement and prosperity. On the surface, the project appears to be thriving, with active communities and high token trading volumes, but this "prosperity" is often the result of manipulation. In reality, there are not many genuine users involved; the majority of active accounts are organized and disciplined "10U warrior groups." These so-called "warrior groups" typically create market activity by buying and manipulating tokens to attract more investor attention.
More seriously, some service providers, in pursuit of short-term results, even adopt multi-level marketing models to recruit participants, exaggerating the project's potential and prospects to attract unsuspecting novice investors. These service providers induce investors to pour in large amounts of money through inflated market predictions and false success stories. However, once these investors enter the market, they find that the project lacks substantial progress and that the token price cannot be sustained.
When service providers fail to deliver on their promises, project teams naturally face skepticism and blame from investors. Many entrepreneurs who initially hoped to simplify their token launch through "one-stop services" ultimately find themselves trapped in the pitfalls set by competitors, struggling to sustain their projects and even facing legal risks. This crisis of trust leaves many aspiring entrepreneurs in the Web3 space feeling overwhelmed.
Returning to Business Fundamentals: Does Token Launching Really Equal Success?
Setting aside legal risks, returning to the fundamentals of business, entrepreneurs need to consider: does launching a token itself truly determine a project's success? In other words, even if you can successfully launch a token and list it on exchanges, good times may still be hard to come by. After all, what truly determines whether a project can operate long-term is a clear business model, market demand, and ongoing operational capability.
Token launching, as a financing tool, is essentially similar to traditional companies raising funds by issuing stocks or bonds. Token issuance can provide initial funding support for a project, but it does not directly determine the project's success. True business success relies on the project's value creation, meeting real user needs, and continuous innovation and operational capability.
Understanding and meeting market demand is key to the success of any business project, and Web3 projects are no exception. A successful Web3 project first needs a clear and feasible business model. The existence of a token is not just for raising funds; it is also to ensure that the project can realize its value in the future. The business model needs to address key questions such as what problem the project solves, who the target users are, and how it will achieve profitability. Entrepreneurs need to conduct in-depth research on the target market, understand users' real needs and pain points, and design truly attractive and competitive products. Ignoring market demand and relying solely on token speculation, without substantial product and service support, will significantly undermine long-term sustainability. Conversely, a project with a clear business model and practical application scenarios can maintain stable long-term development, even if token prices fluctuate significantly.
The success of a Web3 project depends not only on the initial token issuance but also on long-term operation and maintenance. This includes continuous technical iteration, community building and management, and market promotion and maintenance. If a project lacks effective operational strategies after launching a token, leading to a decline in user experience and an inability to maintain user activity and participation, then the value of its token will also struggle to stabilize and increase.
Many projects in the market have faced significant survival pressure due to neglecting these fundamentals, resulting in token prices plummeting. Countless cases have proven that relying solely on token issuance to raise funds, without a clear business model and ongoing operations, leads to token prices soaring in the short term before rapidly crashing, eroding investor confidence and putting project teams at risk of a funding crisis.
Recommendations from Lawyer Mankun
In practice, the trust relationship between service providers and project teams is often built on contracts and agreements, but these contracts cannot fully protect the rights and interests of the project teams. Once a service provider encounters issues, project teams often lack effective legal avenues to safeguard their interests. In such cases, project teams not only bear financial losses but may also suffer reputational damage and future development opportunities due to project failure.
When faced with the temptation of one-stop services, entrepreneurs need to maintain a clear understanding to avoid falling into traps set by competitors. Here are some suggestions from lawyer Honglin to help entrepreneurs make wiser decisions when choosing service providers.
1. Choose reputable service providers with transparent cooperation models
As Jack Ma once said, there are no businesses for businesses, only business people for business people. In this industry, character is paramount. When selecting a one-stop service provider, prioritize companies with a good reputation and track record in the industry. You can assess their reliability by reviewing past project cases, client feedback, and industry reputation. A reputable service provider typically focuses more on the long-term development of the project rather than just short-term market effects.
Entrepreneurs should ensure transparency in the cooperation model when working with service providers. Clearly define the responsibilities and obligations of both parties, sign detailed contracts, and specify the content and delivery standards of each service. Avoid choosing service providers with vague commitments and overly ambitious promises to prevent disputes and trust crises during the collaboration.
2. Dual support in technology and market
The technical foundation of Web3 projects is crucial. Whether it is the security of smart contracts, the stability of blockchain networks, or the user experience of DApps, solid technical capabilities are essential. A technically sound project can ensure the security of user data, the efficiency of transactions, and the stable operation of the system, thereby earning user trust and support.
The community is the lifeline of Web3 projects. An active and high-quality user community can provide continuous support and momentum for the project. Entrepreneurs need to invest resources in building and maintaining the community, attracting and retaining user participation and contributions through transparent communication, effective incentive mechanisms, and valuable content. An excellent service provider should not only offer technical support for token development but also possess market operation and promotion capabilities. It is advisable for entrepreneurs to prioritize service providers that can offer independent and professional community management services, avoiding those that rely on fake users and short-term prosperity, ensuring the community's genuine activity and long-term user engagement.
3. Legal and compliance safeguards
As global regulations on cryptocurrencies and blockchain technology become increasingly stringent, compliance operations have become a critical aspect that Web3 projects must prioritize. Entrepreneurs need to understand and comply with relevant laws and regulations to ensure that projects operate within a legal framework. By operating legally and compliantly, projects can not only avoid legal risks but also enhance trust among investors and users.
Web3 projects involve complex legal and compliance issues, and entrepreneurs should choose service providers that can offer comprehensive legal services. Ensure that the project complies with relevant laws and regulations during token issuance, listing on exchanges, and subsequent operations to avoid project failure due to legal risks.
Conclusion
Token launching is just the starting point of a project, not the endpoint. While it is understandable for entrepreneurs to seek convenience through "one-stop services" for token launches, they must not view token issuance as a universal solution to all problems. To establish a foothold in the Web3 world, the real moat lies in solid technical capabilities, a clear business model, and compliant operational pathways, rather than merely token issuance or short-term market speculation.
Only by organically combining these three elements can one stand out in the fiercely competitive Web3 field and achieve true long-term development. I sincerely hope that all entrepreneurs transitioning to Web3 maintain a clear mind, deeply understand the essence and potential of Web3, and avoid being misled by temporary market trends. Only by staying grounded can they create their own brilliant chapters in this field full of opportunities and challenges.
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