NFTs, although nascent, have gained publicity in the blockchain space and have become one of the major innovations attracting traditional and web2 firms and individuals to the blockchain space. In the NFT space, a major determinant to the success of a project is community. NFT communities serve as a feedback mechanism that helps in decision making as the disposition of the NFT community towards a project helps to make decisive decisions. Community is also critical for product usage and fundraising.
What is an NFT community?
An NFT community is an online congress of NFT enthusiasts who actively create, sell, buy, collect, debate, hype and use (an) NFT projects. It is a community that spans a variety of social media platforms including Twitter, Telegram, Reddit and Discord.
Below are the steps to follow to build an NFT community.
Define target audience
An NFT community is obviously targeted at NFT enthusiasts, traders and collectors. However, a community is defined by the nature of the project. For example, art lovers will naturally gravitate towards art NFTs but may not necessarily be drawn to a collection that grants access pass to football matches. It is imperative to understand the niche to which these audiences belong. The targeted audience can be pet enthusiasts, music lovers, art lovers, gaming and online characters. Once you have defined your audience, then begin your plans to attract them into your community.
Set a vision, strategy and goal
One of the crucial foundational steps that determine the success and progress of an NFT community is its vision and set goals. This is essential as it directs and influences the activities of the community. The vision and goal of the community also influences the reception of the community and determines the extent to which people will join the community.
The strategy through which the visions and goals will be achieved also has a way of convincing the audience and making them believe in the community’s vision.
Select a social media platform
As stated above, NFTs communities are online groups hence, they have to take place on an online social media platform. Different social media platforms are at disposal to be used. But the likes of Twitter, Telegram and Discord are the most utilized when setting up NFT communities or places where community members congregate. Once this has been done, the community is created on a group or server with its invite link. But it is not enough to create an NFT community; it is also important to manage it effectively.
Interact and engage with the community
Another important thing to do after creating an NFT community is to interact with the community members. This is different from the normal routine announcements. It is important to relate with community members, which creates a community bond. To make this happen, different events can be created to foster interaction in the community. One of the ways to engage community members is by hosting AMA (Ask Me Anything) sessions. Give out freebies such as whitelists, fungible tokens giveaways through collaboration with other brands. A key to engaging a community is to continually give value and ensure the growth in the type of value given. People are drawn to where there’s progress and remain in such places.
The success and failure of an NFT project is also dependent on the trust built in the community. Keep to your word. You are only as trustworthy as how much you said you would do and did. Don’t lie. Don’t exaggerate. Understandingly, the space is fueled by speculation much more than use cases; however, there’s a line between blowing your horns within reasonable boundaries and outrightly saying what you didn’t do.
Trust can be built in an NFT community by communicating effectively with community members and intimate them with new developments in the community as they unfold. Another way to enhance trust in an NFT community is to create a feedback mechanism where community members can express themselves and their grievances, if any. This means that the crypto community should not always be locked.
In an NFT community, it is important to divide and share roles with different people. For effective and smooth operation of the NFT community, not to be a jack of all trades. The community should have a moderator who is different from the community manager and the community manager who is also different from the content creator. One person should not take up the whole managerial role in the community.
The designation of roles in the community fosters the effective discharge of duties and gives room for checks and balances. All these contribute to the health of the community. NFT communities function as a fertile space for collaborative marketing campaigns for brands who seek to adopt NFTs. Some of the ways NFTs can be promoted in an NFT community include: AMAs/Twitter spaces, Podcasts, etc.
Community remains the underpinning factor that determines the success of a project whether an NFT or not. You need people to advocate for your project. You need people to first use your project. You may also need to raise funds whether early stage or series A, B or more. Whether your goals are, take community as number one before launching your product. A good product with no community behind it will fail. We have outlined how you can create a community. These steps will not just help create an NFT community but also guide the effective management of an NFT community.
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