The cryptocurrency industry has been enduring a prolonged winter, but it will eventually come to an end.
Although many in the industry believe that warmer months are approaching, given the increased prices of cryptocurrencies and NFT sales volumes witnessed early this year, we are still in a state of uncertainty. In order to survive the remaining bear market, companies must remain disciplined, resourceful, motivated and forward-looking.
In addition to reducing overall operational costs, companies can take several steps to position themselves for success, which all go hand-in-hand. These include conducting market research, staying informed, focusing on building and development, and staying engaged with the community.
Leaders in the blockchain industry commonly advise to “develop.” When the market is down, companies should focus on building because only the projects with the most robust and sound technology will survive long-term. Since business development initiatives remain slow, projects can double down on technological development, ensuring they can meet user needs and demands when the market rebounds.
It is critical for businesses to remain engaged with their communities and use different approaches to continue connecting with them. Transparency is always key in maintaining community trust and satisfaction. Most people would rather be kept apprised of roadmap delays and challenges facing the project than be bombarded with vague marketing language that offers no insight.
