A Web3 community is formed by a group of individuals who come together to support, use and develop the technology, tools and applications that make up this new decentralized web. These communities are built around different projects, protocols and platforms that are themselves built on top of the blockchain technology. They are often composed of developers, enthusiasts, investors, and other stakeholders who share a common vision for a decentralized future.
There’s a lot of reasons to be excited about Web3, but in this article we want to talk about the communities, and how to manage and motivate them.
Web3 Community: What, where, who?
Web3 communities have different goals, but they all share the belief that the current centralized web has significant limitations and that a decentralized web can offer many benefits such as security, privacy, and censorship resistance. In essence, Web3 gives ownership and control back to the creators and users, and away from the platforms themselves.
Web3 communities are usually active in forums, social media, and other online platforms like Discord and Telegram, where they share information, collaborate on projects, and engage in discussions about the future of the decentralized web. They also organize events such as meetups, conferences and hackathons to bring people together and foster collaboration.
Some examples of Web3 communities include the Ethereum community, the Bitcoin community, and the Avalanche community. These communities are focused on the development and use of specific blockchain-based platforms and protocols.
The Carrot: Reward-Based Web3 Communities
Reward-based web3 communities are online communities that use blockchain technology to incentivize participation and engagement through the distribution of tokens or other rewards. These rewards can be earned through a variety of actions, such as creating content, moderating discussions, or contributing to the community in other ways.
These communities can be built on a variety of blockchain platforms, such as Ethereum or EOS, and may use smart contracts to automate the distribution of rewards. The goal of these communities is to create a more engaged and active user base, as well as to align the interests of community members with the success of the community.
The Stick: Exclusivity, FOMO, Limited Drops, and Gated Content
Exclusivity, gated content, and limited edition assets are strategies used in Web3 communities to create a sense of scarcity and urgency, which can drive engagement and participation.
Exclusivity refers to making certain content or features only available to a select group of users, such as members of a VIP club or users who hold a certain amount of tokens. This can create a sense of prestige for those who have access, as well as a sense of FOMO (fear of missing out) for those who do not.
Gated content refers to making certain content or features only accessible to users who have fulfilled certain requirements, such as completing a task or holding a certain amount of tokens. This can create a sense of accomplishment for users who have access, as well as a sense of FOMO for those who do not.
Limited edition assets refers to creating unique digital assets that can only be obtained in a limited quantity. This can create a sense of rarity and value for these assets, as well as a sense of FOMO for users who may not be able to obtain them.
All these strategies aim to create a sense of FOMO (fear of missing out) among the community members. This can drive engagement and participation, as users may feel a sense of urgency to participate in the community or acquire certain assets in order to gain access to exclusive content or features, or to obtain limited edition assets before they are gone.
The Friendship: Value, Transparency, and Earned Rewards
Value, transparency, and earned rewards are key factors that can be used to grow and manage Web3 communities. This kind of community is where friendships can be built and people can really find meaning in the project and through the others involved.
Value refers to the benefits that community members receive from participating in the community, such as access to exclusive content, the ability to earn rewards, or the ability to connect with other like-minded individuals. By providing valuable incentives for participation, communities can attract and retain members.
Transparency is the level of visibility that community members have into the operations and decision-making processes of the community. By being transparent about how rewards are distributed, how decisions are made, and how the community is governed, communities can build trust and promote accountability among members.
Earned rewards refer to the incentives that community members receive for participating in the community and contributing value. These rewards can take many forms, such as tokens, badges, or access to exclusive content or features. By rewarding members for their contributions, communities can align the interests of members with the success of the community and promote engagement. What’s important though, is that the contributors are contributing because they believe in the mission and want to be ambassadors, rather than simply doing it for profit.
By providing value, transparency, and earned rewards, Web3 communities can create a positive feedback loop of engagement and participation, which can help to grow and sustain the community over time. Additionally, by utilizing blockchain technology, these rewards can be tracked and audited in a transparent and tamper-proof way, which can further increase trust in the community.
Verdict: Build How You Know Best
Web3 communities can use various reward-based strategies to motivate and incentivise members to participate and engage, a method especially popular for new NFT projects and cryptocurrencies. Alternatively, they can try creating a sense of exclusivity, scarcity and urgency by using strategies like gated content, limited edition assets and creating FOMO. This has proven very effective for the biggest projects, like the NFT collection Bored Ape Yacht Club.
Additionally, Web3 communities might also consider leveraging ideas like providing consistent value, transparency and earned rewards, which align the interest of members with the success of the community, promote engagement and participation, and increase trust in the community. This is something done very nicely in the GameFi space, just check out what is being done at Heroes of NFT as a great example.