Web3 is revolutionizing how businesses have begun using blockchain technology to achieve an advantage over competitors. However, this poses businesses with the never-before-seen requirement of multiple Web3 services and applications. As this is an emerging field, businesses often lack the knowledge and infrastructure to put together the right tools to migrate their operations into Web 3.0. This is when businesses partner with a Web3 studio to integrate their products and services to increase their Web 3.0 digital presence.
This document is intended to help businesses evaluate Web3 studios before forming a partnership. We have curated a list of evaluation factors that you should consider before forming a partnership with a Web3 studio.
Why you should evaluate a Web3 studio before forming a partnership
Web3 is gradually setting the stage as the next prominent marketplace, resulting in businesses rushing to make their digital entry. With the development of Web3 applications, companies partner with Web3 studios to integrate their products and services into Web3 and increase their digital presence. As a business owner, If you believe in future-proofing and are interested in developing your Web 3.0 project, place careful consideration before partnering with a Web3 studio. An inadequate partner may not be able to turn your project dreams into a compelling reality. Here are some evaluation factors we have curated to help you make the right partner choice for your business:
Existing partnerships in terms of platforms & infrastructure
Considering that Web3 is a relatively new platform, it is essential to consider a partner that has a robust Web3.0 infrastructure that is perfectly suited to implement your business ideas. A service provider with no platform partnerships or adequate infrastructure may not be able to support your business with the service or experience you need. Excellent Web3 studios have the infrastructure to provide platforms such as Ethereum stacks and Hyper ledger stacks to design and build decentralized applications that are highly scalable, secure, and transparent.
Ability to create the perfect Distributed Application (DApp) for your business
DApps, built using the Ethereum blockchain, are at the heart of Web3. DApps act as the Web3 version of the apps you commonly find on the Apple and Google Play stores. These apps allow you to showcase your products and services commercially on the blockchain-powered Web3. A Web3 studio with extensive experience designing and implementing decentralized applications can be a positive sign for your business.
Ability to create smart contracts for your benefit
Smart contracts are preprogrammed blockchain programs programmed to execute upon meeting predefined conditions. These smart contracts have business applications that have changed the way companies operate. A good Web3 studio partner should be able to develop smart contracts for your business transactions to provide your business with a conflict-free Web3 ecosystem. For instance, a business use case is programming a smart contract to execute payment to a vendor when a pre-specified shipment is received. Hence, the system automatically authorizes the payment without third-party approval when the system records the received shipment. The advantage of smart contracts is that they are immutable, cannot be altered or destroyed, and are securely housed on the Web3 blockchain. Moving into the Web3 future, evaluate Web3 studio partners on their capabilities in providing you with smart contract capabilities for your business needs.
Access to grants & funds
Consider a studio that has secured grants, indicating the studio’s success in providing the best Web3 solutions. Prestigious grants and funding are usually awarded to Web 3.0 studios that have established proof of value. So do your research and choose your partner wisely.
Experience and clientele in the segment
It is crucial to consider a partner with an extensive list of clientele alongside invaluable experience in the field. An experienced Web3 studio partner can adequately guide you in integrating the power of blockchain into your products and services. Additionally, a professional partner rich in clientele can help you avoid amateur mistakes in Web3 migration that could potentially cost your business its time and money.
Seek a Web3 studio delivering proof of value
A good rule of thumb is to select a studio that can offer you a comprehensive plan with evidence of how they can help your business set up a Web3 presence. Allow Web3 Studios to provide you with a Proof of Value (POV), a quantifiable measure of their services, and how the studio can individually help you improve and scale your business and justify why you could achieve measurable success by choosing them. Web3 Studios can offer you competitive solutions to your problems that could be beneficial for you to evaluate studio partners based on Proof of Value (POV).
A Web3 studio without a noticeable digital presence is like a car without a tire; it can’t take you where you want it to go. Therefore, a good practice when evaluating Web3 studios is to consider the extent of their digital presence. Visually proof that a studio has designed a multitude of Web3 applications and services integrated with crypto payment systems can be a good sign indicating their capabilities when tasked with creating on behalf of your business. So remember the larger the online presence, the better likelihood of your company achieving an impactful entry into the web 3.0 space.
Organization’s contribution to the ecosystem
As Web3 is still a developing platform, it may be wise to look out for a studio partner with a track record of contributing to the growth of the Web3 ecosystem. These contributions point to a studio invested in developing Web3 as a platform and understanding its growth potential. You would not trust your Web3 requirements to a studio that does not contribute to the growth of the very ecosystem your business presence is to be built.
In conclusion, carefully consider when choosing the right partner to help your business establish itself as a crucial player in the Web3 space. So take your time, understand our evaluation parameters, and pick the Web3 studio that suits your business best.