9 Reasons Why Solid Crypto Projects Fail to Attract Users
Over the last few years, I researched more than 1.000 crypto projects and wrote many articles to share my insights. Every year, hundreds or even thousands of new cryptocurrencies and tokens launch. But few survive the competition.
Most of the projects’ fate is to end up forgotten by the community with their tokens approaching zero value. There are many reasons why a project fail. Unable to attract users is one of them. In this article, I will tell you 9 reasons why many crypto projects fail to attract users.
1. Having names that are difficult to spell and remember
HalloweenShibaZilla, PummpshibaXX, and Shibadogebitcoin Inu. You won’t believe how many coins and tokens there are which contain the phrase ‘shiba’.
I can understand that when thousands of coins are out there, it becomes hard to find a name that sticks. But crypto is international. When giving a name to a project, it is important to find one that is easy for users to remember. It should be simple, not too long, and not difficult to spell.
2. Not providing enough precise information about what the project actually does
Unfortunately, a lot of projects don’t do a good job when it comes to explaining to potential users what they are all about.
For example, almost daily I see Twitter accounts that only offer very vague information in their bio such as “built by the people for the people”. That’s nice and all but as a first-time visitor, this doesn’t tell me anything about what the project is about. As a result, people feel confused and probably lose interest to read further.
Similar problems exist with the websites of many crypto projects. In the best case, visitors should be able to get the most important information within seconds. The page should briefly address the following:
- You have this problem.
- This is how our project solves it.
Furthermore, other resources such as white papers, use case descriptions, roadmaps, and more should be accessible with as few clicks as possible.