Checklist I: How to make money through token making

Aug 21, 2021
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           Token making is just the act of creating a token in a blockchain, but just because you have it, doesn't mean you will automatically start making money with it. This is the part that worries many people and that becomes the reason why they haven’t created their own. We want to give you a checklist to unfold the possibilities behind token making for real monetization, though we have to start by saying that even though the possibilities are huge they all depend on you, what you choose to do, and how you market your idea with your community.

Know What you want

          The first step to monetizing your token is to know what you want to do with it, and I don’t mean answering the question with “I just want to make money”. Knowing what kind of project, idea, the initiative behind it, who you are, and what your token represents is what will ultimately define whether it's good for the market and people will feel encouraged to buy it.

Knowing what you want will allow you to define important steps in your process of token creation: things such as the release period, the number of airdrops you want to share, and if you want to deploy your token to a specific blockchain.

Define your ideas and write down understandable descriptions

          To let the community know about your token to convince them, you need to be concise. Define what you want to do on paper and write down an introduction to your project that people can understand and relate to. This can also be done through a video, infographics, images, anything you feel could be inviting to the eye and ears of your audience.

You should never assume that people will buy your token just because you ask them to. Prepare an introduction and try answering some basic questions they may have: why is your token different from others?, What do you want to achieve with it?, what do I win if I help you? what will you do with the money you earn? What made you get into token making?

Educate your followers

          Cryptocurrencies are still unknown to many people, it means that the only way to get people to support you from outside the crypto sphere is to educate them on the subject. You can start by posting content about cryptocurrencies, how to create a wallet, how to get started, and basic tutorials. Invite your supporters to know the benefits of getting into token trading and using cryptocurrencies to buy and sell online with more security.

This task of educating your followers is a process that can be done at the same time that you promote your token because it is right there when people start wondering the mosts. It's true that you can select a user persona that is already knowledgeable in the subject, but those who know about token trading and blockchain are less than those who don't which can lower your possibilities of earning. While you focus on those who know what you are talking about, try introducing your project to a new community through interactive mini-tutorials and address their questions actively.

Crowdfund with your token

          Yes, the first and easier step to make money with a token is to start a crowdfunding campaign. Basically, because the only thing you need to do is put it on sale and ask people to buy it. To do this at mintme.com the process is simple. Create a profile and introduction page for your token, add a logo for more credibility, set some sell orders and that is enough to start getting supporters.

The difficult part about this is that you need to convince the community that your token is worth their support. You need to build strategies to share the news about your campaign on social media and your website. Share posts and promote your project and the motivations you have to earn people’s credibility.

However MintMe already gives you everything you need to get a crowdfunding campaign started. After you create your token you can build your profile, set sell orders, and start getting support. Withing MintMe it is possible to get support on different currencies which you can choose to withdraw to your wallet or exchange right there for other currencies and tokens.

More on "how to get monetized through token making" in our second article to come.

Mary Schwartz