Why Online Communities Can Make or Break NFT Projects

What is an NFT Community?

NFT communities often provide a sense of digital identity and belonging. These online groups aim to draw like-minded individuals from around the world to back a single project. What unites the community is a shared goal or particular set of values. From the outset, the success of all NFT projects will hinge on the strength of the community supporting them.

But where did the idea of NFT communities come from? The NFT world sprang from the crypto sphere. As a result, it gave a number of industries—including the fine arts industry—a fresh chance to benefit from digitization and stake out stronger ownership positions. Fair to say, these communities are fostering a vibrant subculture of makers and collectors who are the driving factors behind the NFT industry.

In order to lay the foundation for a solid community, a project will need to work hard to maintain the pillars of transparency, vision, and communication. On the flip side, a lack of an adequate roadmap, anonymous development teams, or the ability to effectively communicate the benefits will quickly derail a project. This is also one of the reasons why NFT projects have a 98% fail rate. However, this does not mean that a project cannot sell well initially, but poor community spirit may well impact the likelihood of long-term success.

In order to determine the strength of an NFT project’s community, it is crucial to consider two factors: the overall tone of the community and what the community looks like from a longevity perspective. In addition, it’s crucial that the project has active and engaged members on Discord. A project will not be attractive to outsiders if Discord has a negative vibe and a slow discussion.

It is also important to ensure that the Discord members are not seeking out a “quick flip.” If participants are only interested in making a quick buck, this is a red flag that the initiative most likely has little long-term value.

A vibrant community will bolster an NFT’s worth. As a result, the creators of certain NFT lines may set up benefits such as real-world gatherings that are open to all members. The Top Dog Beach Club is an example of this. These kinds of events create huge hype around a project’s NFT collection and also give the community a chance to meet in real life.

What to Expect from an NFT Community’s Social Media

If there is good social media participation, individuals are more likely to stick with the project over the long term. Chat moderators/project founders will also talk about long-term goals and celebrate reaching roadmap milestones. 

A project’s social media following, particularly on Twitter, is a good indicator of how much interest there is in the project. An NFT project is not very valuable if there is no hype or if there are no customers willing to buy since NFTs operate in a supply and demand-oriented market. But, of course, a project is more likely to sell if it has many Twitter followers and receives supportive comments on each post.

Another positive sign is to see project founders talk about future plans and goals and be quick to address questions and concerns from the community as they arise. Moreover, future objectives also add long-term value and encourage people to continue supporting a project.

If the founders and moderators of Discord are more focused on the floor price than on long-term objectives, this is a worrying sign of a short-term mindset.

Interesting NFT Projects with Active Communities

One project with a rapidly growing Twitter community is Fresus NFT. The sharp-tongued frog God Fresus stands for the harmony of different religions, backgrounds, and cultures. He has a wealth of life experience and regularly provides insightful NFT, cryptocurrency, and general counsel to his devoted Twitter followers. His tweets alone make this community worth joining; they are always very witty and a bit tongue-in-cheek at times! 

The Fresus NFT community offers many benefits. There are regular games and contests to participate in and the opportunity to earn “stamps” by reporting on your good deeds. In addition, followers may submit their confessions in order to receive stamps and forgiveness from Fresus.

Metagood’s OnChainMoney Discord also has a very active community with almost 36,000 members. OnChainMonkey is a collection of historical non-fungible tokens launched by Metagood. 

Karma, an NFT collection featuring artwork from Metagood’s team that boasts collaborations with some of Hollywood’s biggest blockbusters, will soon be released as part of the project. Together, these NFTs grant their owners access to a number of benefits, including membership in the OnChainMonkey community. Other benefits include access to the DAO plus access to VIP seminars and real-life events.

Conclusion 

Usually, the holders of an NFT project are those who make up the community. However, before an NFT drops, the community refers to those who interact with the project on social media and those who wish to mint. Once minting takes place, the group of people who hold the NFT project regularly interact in private Discord chats.

Strong communities are essential to the accomplishment of NFT projects. Rookie and experienced individuals can ensure the project’s long-term success by recognizing the importance of a thriving community.

You may hear about new NFT projects through social media influencers. However, as great as the hype around the project may be, remember that these influencers have an incentive to shill their own bags, so it would be unwise to rely on their representation of a project alone.

To truly understand what a project is about (and to check for red flags), it is best first to join a community’s Discord. It is not necessary to actively participate; you can learn a lot through quiet observation. If you are still interested in the project, ask questions and see how the team and other members respond. It is important to trust the team behind the project as the success of the project ultimately rests in their hands.

If you need help with any of this, you may want to look into a marketing agency. Simple Crypto PR provides A-Z marketing services for blockchain projects. This includes community growth and management. Upwork is also a great way to connect with low-cost marketers if your budget is tight.