Raising the Game: Key Steps for Attracting Funding in GameFi
The cryptocurrency market has been steadily recovering, with investors injecting over $9 billion into crypto and blockchain projects in the first three months of 2023. Among the top investment targets are decentralized exchanges (DEXs), crypto wallets, trading platforms, and GameFi projects. SharkRace.com, a GameFi project with the first NFT collection, upgradable in rarity, and two P2E games, just closed its successful pre-sale last week and is now gearing up for its PinkSale launchpad debut. How did the Sharks manage to attract funding despite the market's ongoing recovery?
Here are the top strategies that startups should adopt when launching a token sale:
Build a Loyal Community
The community is the backbone of any project, and a dedicated community can quickly turn into loyal token buyers. Building a strong community involves providing valuable content, encouraging participation, and maintaining transparency. Actively engage your audience in discussions, share news, and communicate regularly to foster loyalty. Organize events, contests, and airdrops to keep your community engaged and motivated. Listening to the feedback and addressing concerns not only strengthens the relationship between your project and its supporters but also provides valuable insights that can help improve and refine your project. By putting effort into creating a loyal community, both locally & globally, you'll establish a solid foundation for your project's growth and long-term success.
Partner with Reliable Investors and Advisors
Forming strategic partnerships with reputable funds and launchpads is essential for a project's success, as they provide credibility, resources, and networking opportunities. Thoroughly research potential partners and understand their conditions to ensure a productive long-term relationship. SharkRace, for instance, has carefully selected its backers to ensure a global presence. This resulted in forming beneficial alliances with prominent investors such as AU21, Inazuma, Shima Capital, SL2, Skyman, OIG, and 30 other venture companies from all over the world. By securing the backing of reliable partners, you strengthen your project's foundation and boost its attractiveness to potential investors. A well-selected advisory board can help the project double the result with the same product. Project advisors should specialize in a certain area: business development, game economy, marketing, etc.
Implement a Comprehensive Marketing Strategy
A well-rounded marketing strategy is vital for attracting investors. Use a diverse range of communication tools, including advertising, social media, influencers, and media coverage, to promote your project. An effective marketing approach encompasses various channels to ensure maximum exposure and engagement. Additionally, create targeted campaigns and promotions that highlight your project's unique selling points and competitive advantages. Prepare attractive and selling creatives for your communication, be quick in picking up virals and talking points. Collaborating with influencers and thought leaders in the industry will also help amplify your message, creating a broader reach and a higher level of credibility.
Focus on Tokenomics and Product Functionality
Tokenomics and product functionality play a critical role in attracting investments. A sound tokenomics model ensures that your project has long-term viability, while a well-designed product creates value for users. The Sharks’ approach, for instance, was to build an ecosystem which provides not one, but multiple assets (the SharkCoin token, the upgradable NFTs, and two next-gen P2E games) and attract a wider audience, boosting market potential. The demand for such multi-layered ecosystems is becoming explicit in today’s volatile market. It is important to identify these needs early and be among first to form the right trend.
To enhance the selling aspects of your project, consider collaborating with experienced partners in the field, such as DAO.vc, which has provided invaluable support to projects like SharkRace. By leveraging the expertise of such organizations, you can fine-tune your tokenomics and product functionality to appeal to potential investors. To explore opportunities with DAO.vc's LaunchLab, fill out the form at link.
Assemble a Strong Team
A project's success hinges on its team, a well-coordinated unit responsible for executing the project's vision. Ensure your team comprises experienced professionals who share your vision and can contribute their skills to move the project forward smoothly. For example, the SharkRace NFT collection was created by award-winning artists, their tech team has won numerous hackathons, and the marketing team is up & ready to support the project's growth during the launch and post-launch campaign. Foster a culture of collaboration and innovation, encouraging team members to contribute ideas and take ownership of their roles. By nurturing a strong team dynamic, you'll create a solid foundation for your project's success, enabling it to overcome challenges and adapt to market changes. This will, in turn, instill confidence in potential investors and demonstrate your project's long-term potential.
Ultimately, the process of securing investments for GameFi projects hinges on a thoughtful and comprehensive approach that encompasses various aspects of a project's development. Building a loyal community, forging strategic partnerships with reputable investors and launchpads, implementing a well-rounded marketing strategy, focusing on product functionality, and building a strong team all contribute to a project's success. These elements, when combined effectively, not only secure the necessary funding but also create lasting value for users, ensuring the project's long-term sustainability and growth. In a rapidly evolving market, startups that adopt these strategies will be better positioned to thrive and make a lasting impact on the GameFi landscape.