In order to get your Web3 platform up and running, the first thing you need to do is locate a reputable Web3 development company. However, before proceeding, I recommend studying the guide in order to become familiar with all of the complexities of programming.
Once a business has identified a problem-solution fit, the next step is to commence the development of MVP.
An MVP is a product that incorporates only the essential features required to entice early adopters and authenticate the product’s viability. In the realm of Web3, this frequently aligns with the introduction of a beta or testnet deployment. First introduced by Frank Robinson in 2001, Minimum Viable Products (MVPs) serve as a crucial tool for startups to validate their concepts with minimal resource allocation.
Let us delve deeper into the development process.
1. Market research
Irrespective of the novelty and intrigue of your concept, conducting market analysis is imperative to gauge the market demand and competition, thereby circumventing substantial monetary and temporal setbacks.
It is imperative to conduct a thorough analysis of the intended user base prior to embarking on the product development phase.
Conducting market research is a crucial step in identifying your target audience, assessing the viability and distinctiveness of your concept, gauging its problem-solving potential, and devising strategies to align your product with your customer’s requirements, all prior to embarking on MVP development.
It is imperative to bear in mind that the crux of developing a minimum viable product lies in demonstrating the worth of your offering to the intended user base.
In the context of cryptocurrency, conducting thorough market research is paramount in determining the optimal approach for delivering value to users and effectively communicating the benefits of the product or service.
2. Goal and main user identification
It is imperative to define precise and unambiguous metrics that will quantitatively evaluate the efficacy of the launch.
In the context of application development, it is imperative to quantify various metrics, including but not limited to:
- The number of cryptographic protocol instances acquired during a specified timeframe.
- The aggregate count of cryptographic protocol retrievals.
- Upon conducting a thorough analysis, I assessed the review and feedback score to be satisfactory. Further examination may be required to determine any potential areas for improvement.
- The duration of user engagement within the application.
- Are there any additional metrics or indicators that can assist in evaluating the efficacy of your Minimum Viable Product in fulfilling the requirements of your clientele or determining if modifications are necessary?
- Empirical evidence and quantitative data can offer a pragmatic perspective, aiding in the delineation of precise objectives and the definition of success metrics.
3. Choosing features
In order to gain a comprehensive understanding of your user’s journey, it is imperative to ascertain pertinent information regarding their persona, cognitive processes, ultimate objectives, and the requisite steps necessary to achieve these objectives.
When segmenting your target audience, prioritize the cohort that presents the highest potential for swift and substantial returns on investment. Optimizing your workflow by reducing the time required for test result analysis is a prudent measure.
At this juncture of the developmental phase, it is imperative to ascertain the delineation of features that will be encompassed in the minimum viable product and those that will be excluded. It is imperative to prioritize a reduced numerical value that yields maximum utility to the end-user as the fundamental aspect of your cryptocurrency offering.
The aforementioned features must effectively address the precise pain points that were previously identified through thorough market analysis and customer research.
4. Develop the MVP
Now that you possess all the requisite data, it’s time to commence the development of a minimum viable product (MVP).
It is imperative that the prototype exhibits optimal user experience and interactivity as it serves as a manifestation of the ultimate product you intend to create, and must not compromise on the benchmarks of excellence.
It is imperative to prioritize the key functionalities that will expedite the delivery of the solution to users.
Upon the release of your prototype, it is advisable to deliberate on the prioritization of features for the development of the ultimate version of the product.
5. Receiving the feedback
In my expert opinion, it is imperative to prioritize the evaluation of outcomes during the MVP development lifecycle. This represents a critical assessment of your product’s feasibility, which will ultimately shape the trajectory of its final development.
It is imperative to listen attentively to the input provided by the users. Whilst it may not be feasible to cater to the preferences of every user in the market, user feedback can provide valuable insights into feature enhancements.
Last but not least, information is simply information. Unless it is tempered by experience, it is useless. Make a rough and ready minimum viable product (MVP) to test your Web3 idea. This version should do just enough to demonstrate the product’s intended functionality.
Written by Vitaliy Basiuk
COO & Co-founder at EvaCodes