Blockchain-based projects can sell either tokens or coins when crowdfunding. Although people use the two terms (tokens and coins) interchangeably, they are different. The main difference between them is that a token is developed on an existing blockchain while a coin is built on its chain. A token generation event refers to the creation of a token in a blockchain-based network and its launch to the market.
Understanding the token generation event definition is critical as it gives you a hint on how crypto projects crowdfund. Besides, having an experienced Blockchain Development Company which can at the same time offer valuable token sale marketing solutions could save you time and money.
Develop a product for your token generation event
This is the first step that many people overlook or fail to give much attention to when conducting a token generation event. You’ll be in for a rude shock if you gloss over this step. So, before you move forward, you must have a product that uses your token. If you lack knowledge, you should consult a professional coin advisor who will assist you in developing a blockchain-based product.
Create a token
Here, your objective is to develop a token on the Ethereum blockchain that symbolizes a product your company requires. Tokens on the Ethereum ecosystem can be in the form of any fungible commodity, such as coins, gold certificates, game avatars, and others. Your token should have basic attributes compatible with the Ethereum storage and any client agreements that use a similar protocol.
Seek a legal opinion on the token generation event
A token generation event entails trading your products with fiat money. It’s always essential to be legally safe when dealing with people’s money. So, suppose you’re figuring out how to run a token sale process without offending any regulations. In that case, it’s critical to get legal advice. The legal coin advisor will inform you whether your blockchain product is on the right side of the SEC. Such an opinion can also help you to understand what to do to be legally safe.
Craft a whitepaper
A whitepaper is a critical marketing tool for your token generation event. The document describes the problem in the market and explains how you wish to use blockchain technology to solve it. The main contents of the paper include project objectives, team, roadmap, token distribution percentages, and the legal aspects of your business. When writing a technical paper, it’s important to use clear and accessible language. Also, combine pictorial communication strategies to support your points. Here are some key points to consider when writing a whitepaper:
- Partners to your company
- Information on token distribution
- Expound on the team and its achievements
- Capitalization-details about the amount of capital required.
Develop a community
Your token sale marketing will get a boost if you create a community of supporters. Besides creating a buzz around the project, the community helps you to market it. Some niche platforms to develop a crypto community include Discord, Slack, Telegram, and Twitter. Once you have the community, it’s important to manage it by keeping it engaged all the time. Some of the tactics of managing a community include:
- Creation of a PR plan: Here, you need to be open with information by posting regularly, have AMA sessions, and sharing videos.
- Listen and take constructive criticism positively.
- Hire a community manager: Managing a community can be overwhelming. So, if you lack the experience or time, consider hiring a professional community manager.
List your token on exchanges
Once your token generation event is ready, one of the promising ways to get the maximal leads who need to contact various exchanges to list it. And that your tokens are tradable in the open market at particular exchanges. Generally speaking, t’s beneficial if your token is listed in established exchanges.
How to run a token generation event with Press Release
One of the best PR tactics you can use to generate a massive audience for your token is press releases. Your whitepaper can help you create multiple press releases. You can then distribute them to various crypto niche platforms for publication. Once published, interested audiences for your token can view what you’re offering and start to visit your site for buying.
An email marketing campaign can boost your token generation event as it enables you to send individualized messages to specific clients. As many people consider emails as a credible channel, they’re likely to respond to your messages.
You can conduct an email marketing campaign if you have an email list. You can create the email information by subscribing to your platform or purchasing data from lead generation agencies.
A website creates the first impression on your visitors. You need to develop it professionally to attract people to it. The content you post on this website should relate to your token generation event and the blockchain industry. The platform should also have ‘Contact Us’ and ‘About Us’ pages. It would be best if you had your whitepaper as a lead magnet, allowing people to download it once they’ve given their email and phone contacts.
Social media campaigns on your token generation event
Campaigns on social media can boost your token generation event as many people are now on these platforms. So, your company requires you to have a presence on these platforms. Once you engage the communities on social media, you should direct them to your website to discover what you’re offering.
A token generation event enables a company to offer its blockchain products to the market. Thus, understanding a token generation event definition helps you use the best strategy to market your crypto project. Here, we’ve explored how to run a token sale and introduced actionable tips for token sale marketing.