The Power of NFT Communities
Non-fungible tokens (NFTs) had a big year in 2021. The blockchain product went from relative obscurity to mainstream fame practically overnight when Beeple’s NFT Artwork, Everydays, sold at a Christie’s auction for an astonishing USD 69,3 million.
Since then, NFTs have expanded well beyond the art world and into areas like gaming, branding, and sports. Prominent NFT projects like Crypto Punks and Bored Ape Yacht Club have gained massive popularity in a relatively short amount of time, and continue to perform incredibly well financially.
As with many booming industries, the success of NFTs brought with it a spate of cynical cash-ins and cheap imitations. A culture of buying and flipping NFTs became rampant, and many investors saw the value of their NFTs plummet in a matter of hours.
In response to this trend, NFT enthusiasts and investors have had to become much more discerning. But how do you recognise a credible NFT project that will give a lasting return on your investment? The answer lies in NFT communities.
A thriving NFT community is one of the best indicators that a project is more than just a passing fad. But what is it and how do you build a community for your NFT project?
What is an NFT Community?
An NFT community is a group of people who are actively collecting, buying, selling, and discussing an NFT project. These include creators, community leaders, developers, investors, fans, and enthusiasts. Communities can congregate on any number of social platforms, like Twitter, Discord, Reddit, and Telegram. These are spaces where they can share news, discuss relevant topics, and organise meetups and events.
Why You Should Build an NFT Community
Building an NFT community is highly valuable for many reasons. The biggest benefit is that it allows developers and projects managers to directly communicate with their audience and build trust. They can answer questions, organise events, and grow a network of like-minded individuals, creating a sense of community and connection. By getting to know their audience and providing accurate information, community leaders become a trusted resource for their network.
NFT communities can also facilitate effective organic marketing. A switched-on community will engage in authentic storytelling, while community leaders will inadvertently perform the role of micro-influencers as they interact with their audience. Micro-influencing has become increasingly popular over the past few years and is a proven method for building trust and appealing to niche audiences.
Along with this, NFT communities can be a hub for learning about everything NFT or Web 3.0. It's a place where blockchain enthusiasts can meet and talk about the latest updates in the ecosystem. Momint's Discord is an ideal place to meet others who are active in the NFT environment, but it's also a great place to learn about everything linking to Web 3.0.
How to Build an NFT Community
If you’re looking to create an NFT community, then it’s critical that your community is built alongside your NFT venture from the very beginning.
By participating in the project early on, members will feel more invested in the outcome. This will help you create engagee, attract collaboration, and bring more traffic to your profile. The earlier you start building community, the sooner you’ll see benefits.
How to Build an NFT Community in Three Steps
A robust community is essential for the foundation of any successful NFT project. It generates awareness and engagement, allowing you to reach a much larger audience. These three steps will set you up for building a thriving NFT community.
1. Define your audience
Once you’ve designed and produced your NFT product, you need to determine who it’s for. NFT projects are continually evolving, as are their followers, who have grown much more discerning since the first introduction of NFTs. Projects are now expected to offer a service or a vibrant community experience if they’re going to stand out and attract any kind of audience.
After you determine the type of value your NFT project has to offer, and how it’s distinct from other initiatives, you can identify your audience and set your goals accordingly.
2. Select Your Channels
Next, you'll need to choose a platform for engaging with your audience. Each channel has its unique strengths. Twitter, for instance, is perfect for sending out short messages, announcing development updates, and building exposure to your NFT project. Reddit, on the other hand, is well-suited to lively debates, in-depth replies, and community-led support.
Discord is a social platform that has taken off dramatically thanks to the blockchain environment. It previously thrived as a place for gamers to communicate with one another, but now has become the ultimate platform for projects in crypto, NFTs, or blockchain in general to communicate with their community.
The platform also allows you to categorise channels according to topics, like frequently asked questions, announcements, or general discussion. Investors or members of a community will use discord to interact with one another, as well as find out about the latest features/updates coming in the project.
Generally, the two biggest channels within the NFT space right now are Twitter and Discord. Twitter is mainly there to build exposure and showcase major project developments, while Discord is there for projects to interact with their community and offload upcoming features in a more intimate way.
3. Engage With Your Community
Once you’ve selected your channels, it’s time to engage with your community and grow your audience. You can utilize tools like Twitter Spaces or Clubhouse for live online events, that allow for authentic and unfiltered discussions amongst members. These types of events will help to build your NFT brand and generate engagement.
It’s essential for those managing your channel to have an intimate knowledge of the project so that they can provide accurate information. You can further build trust and engagement by granting voting rights to your community, making them active participants in the process.
NFT Communities, Web3, and Decentralisation
As a subset of blockchain technology, NFT communities embody the ethos of Web3 and decentralisation. It’s a space where members are encouraged to be active participants and embrace their decision-making power, rather than simply acting as passive consumers.
Building Trust and Credibility
Once you’ve established the framework for an NFT community, you need to do the difficult yet rewarding work of maintaining it. By assisting members and being an ambassador for your project, you’ll be committing to the long-term work of building a vibrant and supportive NFT community around your project. You can’t force your community to trust you, but by prioritising transparency, you’ll be taking the first step toward establishing the credibility of your project.
After all, a prosperous and enthusiastic community is one of the best indicators of the long-term success of an NFT project