We fully understand that creating your project from the ground up is not easy. There are always some “whats”, “why” and “how”, and the answers to these questions are essential to understanding what way you need to build and develop the product or service.
To make your life easier, Evercode Lab’s team prepared small guides that are aimed at helping you understand the most important aspects of bringing your idea into a detailed and well-structured working product.
Step 1. The Market Research
There is a wide range of products for Web3 and the blockchain industry, but all of them are different. So, what do you need to identify before creating a development plan? Of course, you have to provide market research or market and customer understanding analysis. Here are some essential questions you need to answer:
- What is the size of your target market?
- What is your main audience? Who are your potential consumers?
- What problem are you trying to solve with the product?
- How will your customers benefit?
- Is your product unique? What are the existing solutions and how does yours compare?
These questions will help you understand the real situation on the market and reveal customer’s needs. This step is crucial for several reasons.
If the market is full of similar products, it indicates that the entry barrier is high and competition will be intense. In such a situation, your product should have a unique selling point or offer unique features to stand out.
If the barrier to entering your niche market is low, you need to consider whether your product will be in high demand among consumers. You should also consider whether the product has the potential to become unpopular.
Important: Launching a product without market validation can lead to wasted time, money, and resources. By doing proper research, you can minimize risk, identify the right features to prioritize, and ensure there’s demand for what you’re offering.
Step 2. What Product To Choose?
After deep market research and highlighting customer needs, as a second step you need to identify what specific product you need. A crypto wallet? Custom or white-label one? Or maybe you want to launch a crypto exchange platform?
No doubt, it’s hard to pick one product right away. Besides market needs, you also need to recognize the possible production costs of product development and launching, the amount of time it will take, as well as the cost of item maintenance. To make your life a little bit easier, Evercode Lab prepared a simple graph that briefly explains the most popular Web3 products with the development time consumption and financial costs – from minimal production costs to the highest level.
To learn more about listed Web3 products, visit Evercode Lab’s website and discover all the needed information on how we can help you build the perfect service! Or you can contact our team right away to discuss your own project in more detail!
Of course, there are a lot of different nuances about each product and points you need to keep focus on. Choosing what Web3 product to develop is never a one-size-fits-all decision. From white-label crypto wallets and DeFi apps to NFT marketplaces or payment solutions, each product type comes with its own tech stack, complexity, and business model.
You’ll need to evaluate factors like regulatory requirements, user onboarding strategies, blockchain compatibility, and even the future scalability of your idea. There’s a lot to unpack – but breaking it all down helps you make a smart and strategic choice that fits both your vision and the market demand!
Step 3. Define Your Audience and Use Cases
Once you’ve understood the market and decided on the product direction, it’s crucial to identify who you’re building for and how they’ll use it. In the market research, we’ve already mentioned that it’s essential for any business to identify the portrait of a person interested in your product, point out the “pain points” of potential clients, and formulate specific use cases.
Ask yourself: who are your future users, what problems are they facing, and how does your product solve them better than others?
To answer these questions effectively, we recommend using the Jobs to Be Done (JTBD) framework. It shifts your focus from demographics to real-life user motivations. Instead of just asking “Who is my customer?”, JTBD helps you ask “What job is my product being hired to do?”
For example: A user might not just want a DeFi wallet – they might “hire” or simply integrate it to quickly swap tokens on the go without dealing with centralized exchanges. By identifying these core jobs, you’ll be able to shape better features, improve user flows, and position your product in a way that speaks directly to your audience’s actual needs.
Final Thoughts
We hope our first part of the guide will help you gain a deeper understanding of the process of selecting existing options of Web3 products for further development. Stage One aims to explain how crucial it is to begin with deep market research, followed by making the right product choice, and finally, defining your audience and use cases. Together, these three steps help form a strategic foundation that aligns your vision with real-world demand, user expectations, and the fast-moving crypto landscape.
Building and launching your own Web3 product is not easy, but not impossible! Especially if you have Evercode Lab’s well-qualified team! Just book a call to discuss face-to-face the future development of your service in detail. And look forward to the “Stage Two” article!