Engaging with your project community in meaningful ways can ensure long-term support for your NFT ventures.
It is now common knowledge that the most popular NFT projects, like CryptoPunks and Bored Apes, are the product of a thriving community. The CryptoPunks Discord server is a space for discussions on Punk aesthetics to determine how much a Punk is worth. Similarly, Bored Apes has a private digital area called “The Bathroom”, which Ape holders can use as a graffiti board.
Creating these spaces is important for one big reason: nobody wants to buy into a project which doesn’t have the potential to grow, and the only way to gauge potential is by the project’s community. In short, if you fail to create a community, your project will almost certainly be a failure. If you are hoping to make a name for yourself in the NFT space, here are a few ways you can build a community.
Incentivizing ownership
Be it through the promise of exclusive content, commercial usage rights or the usage of project funds for environmental action, NFT projects have to give their users some kind of incentive to make a purchase. Ultimately, what people are buying is not just a new profile picture for their Twitter handle, but the additional benefits that come with the project. Hence, make sure you have a special incentive that the project gives them.
Some NFT projects that have great incentives include the previously mentioned Bored Apes Yacht Club and Punkscapes. In October last year, the project hosted an “art-a-thon” where community members could create their own Twitter banners using Punkscapes for a prize of 5ETH and a Punkscape of their own. The competition was so successful that it spawned derivative OpenSea collections and led to more community engagement.
Putting the community first in decision-making
You must allow your community to guide the future of the project. This can be achieved by creating a decentralized platform where NFTs can be used as a way to vote and govern the NFT project’s ecosystem. You can also keep the community involved by sharing the profits you receive through sales with them. Doing so can help your community feel more involved in the project.
One of the projects that allows holders to call the shots is Nouns DAO project. Through the voting system of the project, holders have voted on a Nouns comic, building an iOS and Apple Watch app and donations. The funds for these initiatives have been acquired through the minting and sales of Nouns NFTs. Another example comes from Monaco Planet, a social-fi platform that allows users to make money off of the content that they create by giving them part of the advertising profit.
Creating buzz on the right platforms
While the previous points talk about what will make users stay with your project, creating attractive promotional content is what will bring attention to it in the first place. To do so, you must have an understanding of which social media platform has the right audience to promote your project. If you want to target the larger NFT and crypto audience, then Twitter is the way to go. Twitter is great for short announcements and having brief interactions with community members. If you want a space for more free-flowing discussions where people can pose queries, then Reddit might be a good choice.
Telegram is a very popular platform within the crypto and NFT space because of its added security features. The platform allows for real-time chat and active conversations between community members. Discord has also emerged as a great platform for real-time conversations. If your project is related to gaming, Discord would be the right fit for you. If you want professional attention, let’s say from investors, then LinkedIn should be your go-to platform. Of course, you don’t necessarily have to pick just one platform to market your project on. You can use multiple platforms simultaneously and create specific content for each one.
Being honest and transparent
Finally, the most important thing you can do for long-term community building is, to be honest about the project and the future you have envisioned for it. Tell the community about the project’s roadmap and whether things are going as planned or not. Try to set realistic expectations with your community members instead of overpromising and under-delivering. This will establish a sense of trust between you and the community.
If you are timely in updating your project on your social media handles, the community will know what to expect from you and the project. This is particularly important in a market that is highly prone to scams. Be responsive on social media platforms and keep yourself open to feedback. Following all of these tips will not only ensure the success of your current project but will help you solidify your reputation in the crypto and NFT space.
Also read:
- Can NFTs Be Used to Combat Climate Change?
- NFT Analysis Tools You Need to Know About
- Top 5 NFT Types of 2022
- Beyond Collectibles: Practical Applications of NFTs
- Why Are Cryptopunks So Expensive?
- Why Are Bored Ape NFTs So Expensive
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