MVP Development for Web3: Step-by-Step Guide
MVP Development for Web3: Step-by-Step Guide
When creating software, it’s common practice to release a “Minimum Viable Product” (MVP) for testing and feedback before releasing the complete, final version with all the features. You can learn about your target audience’s needs through testing, where the MVP development process comes in.
In this article, we’ll discuss our process for creating an MVP. Be sure you take the time to learn the necessary techniques and the rationale behind why they are so crucial before attempting to create any software or MVP app development.
- What is the Minimum Viable Product Development for Blockchain Projects?
- Proof of Concept vs. Prototype vs. MVP: What's the Difference?
- How to Build an MVP for a Web3 Project
- Build the Right MVP for Your Web3 Project with EvaCodes
- EvaCodes as an MVP Development Partner: Mature, Value-driven, Passionate
- Benefits of MVP Development with EvaCodes
- Key Sourcing Models for MVP Development
- MVP Development for Web3 Costs
What is the Minimum Viable Product Development for Blockchain Projects?
The earliest version of a piece of software that can be released to customers is known as the minimal viable product (MVP). In most cases, it includes only the barest minimum features while still striking a chord with your intended audience. The primary objective of MVP development is to gain valuable feedback from users and see early returns on investment.
- The total time it takes from start to finish is anywhere from 2 weeks to 8 months, with development taking anywhere from 2 days (for no-code/low-code development) to 6 months (for code-based development).
- Investment required: $40,000–$300,000+ (10–50 percent of total program cost).
At each point in the MVP creation process, EvaCodes is ready to give in-depth consultation services in addition to designing and developing high-quality MVPs for 30+ industries.
Proof of Concept vs. Prototype vs. MVP: What’s the Difference?
Proof of Concept
The Proof of Concept (PoC) demonstrates that your concept can be implemented in the real world through a small project (such as a document, a hard-coded piece of complex functionality, or a software demo). The emphasis is on the technology rather than the user experience (UX)/user interface (UI) design.
Target audience: proprietors of the project and tech staff
Key purpose: checking a project’s technical viability
The prototype is an explorable version of the finished product, complete with crucial user flows and an overview of the program’s structure.
Target audience: project stakeholders
Key purpose: fine-tune the UX/UI to ensure that the app looks and functions as intended before beginning to code
The MVP is a completely operational product that includes exactly the right amount of necessary MVP functionality for it to be put on the market.
Target audience: end users
Key purpose: get early user input and financial benefits
Expert WEB3 Development
We build decentralized applications and smart contracts for a variety of uses.
How to Build an MVP for a Web3 Project
The degree of difficulty and originality of the software as well as the kind of MVP will determine the number of phases involved in creating an MVP and the amount of time those activities take.
Step 1. Discovery and MVP planning
Discovery and MVP planning are closely related and often overlap. Discovery is a phase of research and exploration where you try to gain a deeper understanding of the problem you’re trying to solve, determine the target audience, and scope out the competitive landscape. The goal is to gather information and insights that will help you make informed decisions about what to build, how to build it, and whom to build it for. This phase may involve market research, user research, competitor analysis, and brainstorming sessions.
Step 2 (optional). PoC and rapid prototyping
The PoC phase is an essential part of MVP in software development that involves building a basic prototype to test the feasibility of a new product or service. The goal of the PoC is to demonstrate that the product’s core functionality can be achieved using the chosen technology and that there is a viable market for the product. The prototype is usually limited in scope and may not include all of the features and functionality of the final product.
The rapid prototyping phase is a crucial part of MVP development that involves building a series of prototypes to test and refine the product’s design and functionality. The goal of this phase is to create a working model of the MVP that can be tested by users and to identify any potential issues or challenges that may arise.
The rapid prototyping phase typically involves a lot of iteration as the development team refines the design and functionality of the MVP based on user feedback and other insights.
Step 3. MVP development project planning
MVP development project planning defines the scope, timeline, budget, and resources required to develop and launch an MVP. The goal of project planning is to ensure that the MVP is developed within the specified time and budget and that it meets the needs and expectations of its target users.
The following are the critical steps involved in MVP development project planning:
- Define the project scope: The first step in MVP development project planning is to define the project scope, which includes identifying the key features and functionality of the MVP as well as the target audience.
- Create a project timeline: Once the project scope has been defined, the next step is to create a project timeline that outlines the key milestones and deadlines for the project. This timeline should consider any dependencies or constraints that may impact the project, such as the availability of resources or the need to meet a specific launch date.
- Develop a budget: Another important aspect of MVP development project planning is to develop a budget that takes into account MVP cost. This includes expenses such as development costs, hosting and infrastructure costs, and marketing and promotion costs.
- Identify and allocate resources: To ensure that the MVP is developed within the specified budget and timeline, it is essential to identify and allocate the necessary resources, including personnel, equipment, and software.
- Create a risk management plan: Developing an MVP involves some level of risk, such as the risk of unexpected delays, technical issues, or changes in market conditions. To mitigate these risks, it is important to create a risk management plan that identifies potential risks and outlines strategies for addressing them.
Step 4. MVP development
No-code MVP development (best for a startup MVP or an ambitious SaaS MVP)
No-code MVP development refers to the process of creating an MVP without having to write any code. This approach to MVP development is becoming increasingly popular, as it allows entrepreneurs and business owners to launch startup MVP development quickly and without the need for technical expertise.
The following are the key features of no-code MVP development:
- Drag-and-drop interface: No-code platforms typically feature a drag-and-drop interface that allows users to create and modify elements of the MVP without any coding knowledge. This makes it easy to create prototypes and test different versions of the product.
- Pre-built components: No-code platforms also provide pre-built components, such as templates, modules, and widgets, that can be easily integrated into the MVP. This saves time and eliminates the need for complex coding.
- Visual workflow: Many no-code platforms feature a visual workflow that allows users to create logic and functionality without having to write code. This makes it easy to create complex workflows and automate processes within the MVP.
- Cloud-based deployment: No-code platforms typically allow for cloud-based deployment, which means that the MVP can be launched quickly and easily without the need for complex infrastructure.
- Integration with third-party tools: Many no-code platforms also offer integration with third-party tools, such as payment gateways, analytics tools, and customer support platforms. This makes it easy to build a comprehensive MVP that can be easily integrated with other business tools.
No-code MVP development offers several advantages over traditional MVP development methods.
- First, it allows entrepreneurs and business owners to create and launch a product quickly and without the need for technical expertise. This means that businesses can test their product ideas and validate their assumptions without incurring significant costs.
- Second, no-code platforms often offer a range of pre-built components and integrations, meaning businesses can create a more comprehensive MVP that includes all the necessary functionality and basic features.
- Finally, no-code MVP development allows for more rapid iteration and testing, so businesses can quickly refine their product and respond to user feedback.
Code-based MVP development
Code-based MVP development refers to the process of developing products using programming languages and software development tools in compliance with all MVP requirements. This approach to MVP development is the traditional way of building software products. It involves writing code to create the product’s functionality and user interface. While it requires technical expertise and specialized MVP software development tools, it offers developers complete control over the product’s features and functionality, as well as greater flexibility and precision in the software development process.
The following are the essential features of code-based MVP development:
- Programming languages: Code-based MVP development requires knowledge of programming languages, such as Java, Python, C++, or Ruby, to write the code that creates the product’s functionality and user interface.
- Integrated Development Environment (IDE): Developers use an IDE to write, test, and debug the code for the MVP. IDEs are software tools that provide features to streamline the coding process, such as syntax highlighting, code completion, and debugging tools.
- Development frameworks: Development frameworks are pre-built software components that provide a set of features and functionality that can be used to speed up the development process. They typically provide a set of APIs, libraries, and tools that can be used to build the MVP’s features and functionality.
- Version control: Code-based MVP development also involves using version control systems, such as Git or SVN, to manage the codebase and track changes made to the product’s code over time.
- Deployment: Once the MVP has been developed and tested, it must be deployed to a web server or cloud-based platform to make it available to users.
Code-based MVP development offers several advantages over other development methods.
- First, it provides MVP developers with complete control over the product’s functionality and user interface, which allows them to build a product that meets the specific needs of their target audience.
- Second, code-based MVP development allows for more flexibility in the development process. Developers can modify and customize the product’s features and functionality as they go based on user feedback and market trends.
- Finally, code-based MVP development allows for more precise testing and debugging. Developers can use tools like unit tests and debugging tools to catch and fix errors in the code as they develop the product.
Step 5. MVP launch and further iterations
Launching an MVP is a significant milestone for any startup, but it is only the beginning of the journey. After launching an MVP, it’s important to iterate on the product to improve it and make it more appealing to users.
The following are the key steps involved in launching an MVP and iterating on it:
- Launch the MVP: Once the MVP is ready, it’s time to launch it. This involves making it available to users through a web platform, app store, or other channels. During the launch, it’s important to collect user feedback to identify areas for improvement.
- Analyze user feedback: Once the MVP is launched, it’s crucial to analyze user feedback to understand how users interact with the product. This involves collecting data on user behavior, such as how they use the product, what features they use, and where they drop off.
- Identify areas for improvement: Based on the user feedback, identify areas for improvement in the product. This may involve adding new features, improving the user interface, or making changes to the product’s functionality.
- Implement improvements: After prioritizing improvements, implement them in the product. This may involve changing the codebase, updating the user interface, or adding new features. It’s important to test the changes thoroughly before launching them to users.
- Test and refine: After implementing the improvements, test them thoroughly to ensure they work as expected. Collect feedback from users on the changes and use this feedback to refine the product further.
Our Web3 Case Studies
Build the Right MVP for Your Web3 Project with EvaCodes
We have over 50 completed projects that all began as a concept. If you have a business idea for an app, we can help you make it a reality that consumers will adore.
MVP development consulting
Your MVP development will go smoothly with EvaCodes’ help. We will work with you to develop a strategic direction for your company, identify core features, provide an appropriate architecture, and map out the steps needed to launch an MVP.
End-to-end MVP development
From initial software design to final product release, EvaCodes can handle it all. Once you’ve released your prototype, we’re here to assist you in gathering user data, formulating a plan for iterative improvements, and moving forward with ongoing maintenance and development.
EvaCodes as an MVP Development Partner: Mature, Value-driven, Passionate
- EvaCodes has about 50+ employees and branch offices across Poland, Estonia, Ukraine, and Armenia.
- EvaCodes has developed and launched more than 50 projects in the Web3 and blockchain industries. We developed these projects using different blockchains: Ethereum/Solidity, Solana/Rust, Binance Smart Chain, Polygon, Near, and other chains.
- We have expertise in more than 30 different fields, including healthcare, business and financial services, retail, manufacturing, education, telecommunications, and more.
- We prioritize quality as evidenced by an established ISO 9001:2008-compliant quality management system.
- We manage security in accordance with ISO/IEC 27001, requiring thorough rules and procedures, cutting-edge security technology, and trained personnel.
Benefits of MVP Development with EvaCodes
Partnering with an MVP development company can bring numerous benefits to businesses looking to build new software products. Here are some of the key benefits:
- Access to expertise: EvaCodes MVP development company specializes in building minimum viable products and has experience various industries.
- Reduced development costs: We are focused on building the core features of a product, which can significantly reduce development costs compared to building a full-scale product from scratch.
- Faster time-to-market: Developing an MVP with a dedicated development team can significantly reduce the time it takes to launch the product. EvaCodes MVP development company has streamlined agile development processes that allow them to deliver products quickly.
- Flexibility and scalability: We are often flexible in our approach to development, allowing businesses to scale development up or down as needed.
- Risk mitigation: It can be a risky proposition, particularly for businesses new to MVP in software development. Partnering with us can help mitigate this risk by providing access to expertise, reducing development costs, and increasing the chances of success for the product.
- Improved product-market fit: We have experience in testing products with real users and can help businesses develop products that meet the needs of their target audience. This can improve the product-market fit and increase the chances of success for the product.
Key Sourcing Models for MVP Development
- In-house MVP development
- Partial outsourcing of MVP development
- Outsourced MVP development
MVP Development for Web3 Costs
Custom MVP software development may cost anywhere between $40,000 and $300,000+, making up 10–50 percent of the total development cost. Depending on software type and complexity, MVP investments can vary as follows:
For a mobile MVP
For a web portal MVP
For a SaaS MVP
*The estimates provided are not EvaCodes’s official pricing for MVP development services. We estimate the cost of each project individually, based on our customers’ specific situations and needs.
MVP development costs can vary depending on a variety of factors:
- Features and functionality: The more features and functionality an MVP has, the more expensive it will be to develop.
- Development team: MVP pricing for development will depend on the size and expertise of the development team.
- Technology stack: The choice of technology stack can also impact the cost of MVP development. Some technology stacks may be more expensive than others due to licensing costs or the need for specialized expertise.
- Third-party integrations: If the MVP needs to integrate with third-party services or systems, this can also impact the development cost.
- Timeframe: The timeframe for MVP development can also impact the cost. Rushing development may require additional resources or may result in a lower quality product, while a longer timeframe may allow for more thorough testing and refinement but may also increase the overall cost.
- Business model: The business model for the MVP can also impact the cost.
- Project management: Effective project management is essential to ensure the MVP is delivered on time and within budget.
Written by Vitaliy Basiuk
COO & Co-founder at EvaCodes | Blockchain Enthusiast | Providing software development solutions in the blockchain industry