Choosing the right chain: Marketing & Business Considerations
To continue our series about choosing the right chain, we want to dive into a less technical yet very important aspect: marketing and business considerations. Each blockchain has its own strengths and weaknesses. The choice of a chain can directly affect how a project building on it is perceived and impact its growth efforts. In this blog post, we will discuss the marketing and business considerations that we need to take into account in the choice of our chain.
Branding & Alignment
When it comes to marketing and brand alignment, the choice of the blockchain is very important. The target audience, product, and business strategy will all be affected by the chosen chain. Any news — good or bad — and changes on the underlying chain will ultimately affect the projects building on it.
Is the project geared towards private users or enterprises? Does it require high throughput and low transaction costs? How much decentralization does it need and how transparent is the team building the network? Do their brand and team values and goals align with ours? How open is communication between the network, its community and ecosystem partners?
Choosing a chain represents a commitment to collaborate with the team and joining an ecosystem for the long-run, so there needs to be a certain level of brand alignment between both projects.
We also need to consider the potential to form partnerships on the chain we work on. You may have already heard us mention a few times that we are looking to move to an EVM-compatible chain. One of the main reasons for this is that we want to be able to partner up with projects where EVM-compatibility is a base requirement.
Forming the right partnerships can propel a project from tens of thousands to hundreds of thousands community members overnight. There are many organizations that align with our mission of providing equal opportunities across the world and see the possibilities that blockchain technology offers. The potential for 3air to collaborate with other purpose-driven projects is big. First, we cover a continent with a lot of room for development in the telecom, connectivity and blockchain sector. Second, we address many important areas such as digital work, education, banking, health and entertainment. This means that we can grow awareness about 3air and our approach exponentially if we collaborate with the right partners.
In addition to partnerships with ‘outside’ organizations, we also consider how ecosystem participants on a blockchain may collaborate with us. For example, there are many dApps (decentralized applications) that are built on top of a network. These projects range from digital asset exchanges to games and social media platforms. We need to assess how well our project integrates with the other projects in order for a healthy and functioning ecosystem to form.
In assessing our fit in the ecosystem, we also ask ourselves:
- Do projects on the network actively collaborate?
- Are there any existing or upcoming projects that could enhance the experience we provide our users?
- Can we be an important asset to other ecosystem participants?
- Does the network actively promote and support projects to enhance collaboration?
The more the enabling network, other dApps and 3air can collaborate, the better the experience and growth for all of our communities.
VC Grants and Investment
Many chains have investors that invest sizable sums of money into the ecosystem. For example, Ethereum has had a few key investors that have put in millions of dollars to help grow the ecosystem and support development. These investors are typically rewarded with tokens or stakes in projects that build on the chain.
It makes sense: once a VC invests into the development of a chain, they want to increase its chances of success by attracting projects to build on the network. As more dApps build on a chain, it creates a positive feedback loop and increases the value of their investment.
When looking at chains to build on, it’s important to assess whether there is an active VC community that can provide grants or investments into our project. This could help reduce the costs associated with development and allow us to focus on building out our product. Many networks openly communicate and even advertise this as a reason to build on their chain, so that more project developers choose them.
Another key consideration when choosing a chain to build on is the level of official support offered by the network. This ranges from having an active development team that responds to issues quickly, to having well-documented procedures for partnership communication.
Just as we make a long-term commitment to the chain that we develop on, the network we build on makes a commitment support our dApp. This could manifest itself in the form of official support, such as having an assigned development team that is responsible for helping the dApp grow, promoting 3air as a partner, issuing joint statements and communication, and openly engaging with you, the 3air community.
It’s important to remember that a blockchain network is only as strong as its weakest link. By choosing a chain with active official support of 3air, we can ensure that our project has all the resources it needs to succeed.
Social Media & PR
This point goes hand in hand with our previous section. The level of social media and PR support offered by a chain is another key consideration when making our decision.
Some chains have an entire team dedicated to social media and PR, and are happy to use it to promote their partners, while others offer little to no support in this area.
When looking at which chain to build on, it’s important to assess the level of social media and PR support that is available. This could include having a dedicated team member or contractor who can help promote your project, creating high-quality content, and engaging with the community on a regular basis. It can also include appearing on each others public channels to engage on podcasts and videos, write guest posts, host AMAs together and cross-promote.
To sum up, in order to make an informed business and marketing decision when it comes to choosing a blockchain, we take into account the branding & alignment, partnerships and ecosystem considerations. We are looking for a chain that can scale with our business strategy and enable us to form mutually beneficial partnerships. We also assess the level of support offered by the network, ranging from development teams to social media and PR. By taking all of these factors into account, we set 3air up for success in the future.