I have yet to find a Web 3 project that meets all my requirements. So, I thought to myself: what would the ideal Web 3 project look like? I'm going to share that in this post today. Everything in this post is theoretical; however, I will highlight some of the best features of different protocols.

The first and most important thing is the product/service. Unfortunately, this is often the last thing most projects address. It is often an afterthought, leading to several iterations until the main idea is lost in a sea of ideas. So, if I were to start a project today, I would spend a lot of time articulating my ideas.

Once an idea is conceived, it needs to be developed and tested. This is probably the hardest part because the project manager/founder needs people to first believe in the idea. Most projects call this the testnet phase, and users are incentivized to interact with the product or service and give feedback.

Unfortunately, during the testnet phase, the focus quickly shifts from the project/service to the tokenomics of the project. I understand that not all Web 3 projects have tokens, but most do, and this is the basis for establishing its community (core and early users, investors, etc.). This is where most projects fail.

If I were a founder, I would have two separate teams. The first team would be in charge of product development, and the other would focus on the project's token. This way, I can develop a solid project for the market and a robust tokenomics that satisfies my stakeholders.

Additionally, if I had the budget, I would have a marketing team to sell my product/service. I strongly believe in marketing, creating a narrative (brand promise) behind any product or service, and keeping that consistent over time. One thing most Web 3 founders fail at is keeping their brand promises and communicating changes way too late. This is something I would avoid.

Understandably, these things are easier said than done. Oftentimes, most projects do not have the funding or personnel to carry out their mission. Projects in this category stay longer in the incubation period. However, I have seen projects with little or no funding gain traction due to excellent marketing but fail to execute their project or services.

Most Web 3 projects tend to have a narrow approach toward developing their project. So, if I were in the position to create a product or service, I would have a more holistic view and work on the view components of the projects simultaneously to achieve the desired goal for the project.

Another aspect of project development most Web 3 projects fail at is transparency. Most Web 3 projects are not transparent and overpromise. This is often done to galvanize support and exposure, which often impedes the project's growth when it doesn’t deliver. As a project manager or founder, I would articulate my goals for my project and community and be transparent about its failures and wins.

Lastly, taking feedback is a bit tricky because not all feedback is great for the project. Nevertheless, project managers should understand the demographics they cater to and how best to carry everyone along without jeopardizing the project.

These are the things I would do if I were in charge of a project. You can share yours in the comment section. Cheers!