How Blockchain Projects Can Leverage Community to Succeed

Blockchain is founded on a few core principles that set all of its technologies apart from Web 2 infrastructure. Of these principles, one that people tend to overlook is the focus on community. Decentralized projects have moved away from the central governance system that gives businesses all of the power over their audience.

In a Web 3 world, the community that engages with a project has a huge part in the direction of growth of that project. Blockchain projects that ignore their community roots are unable to grow at the same speeds as other projects because they miss a central element where blockchain excels.

For blockchain projects that want to skyrocket interaction, engagement, and overall growth, investing in community spaces should be the leading strategy to turn to. Most recently, Yellow Duckies has done exactly that, investing back into their network of supporters and taking a community-first approach to rapidly scale their brand.

In this article, we’ll dive into the best methods that blockchain projects can use to build their communities. By investing in these areas and cultivating a thriving digital space, Web 3 companies can scale their business and succeed in this competitive online landscape.

Create Opportunities for Community Exchange

The very first step in creating a lively community within a blockchain project is to ensure that people have a place to communicate. Without a central meeting place that affords people the ability to chat, type, or exchange messages, you cripple the ability of the community to converse.

Without open communication streams, users are unable to share their opinions, discuss the project with others, and contribute to the lively community you are building. At the beginning of any blockchain project, you should create as many opportunities for community exchange as possible. At the very minimum, you can create forums, channels, and web pages where people can discuss.

Depending on your specific project, you could take this even further, embedding these functions right into the fabric of the project you’re creating. The more opportunities for connection that people have, the more likely it is that community will begin to flourish in your project. From there, progress can snowball.

Create a Lively Marketplace To Boost Intrigue

At the core of many of the most successful blockchain projects is an element of commerce. Whether it’s Play2Earn games that inject digital assets into the fabric of their games or NFT trading systems that thrive on exchange, a central marketplace can bring people together.

When building a game within a blockchain ecosystem, there is an additional layer that developers can evoke to increase player enjoyment. Traditional games have to rely solely on their entertainment factor. Yet, blockchain projects are able to create real marketplaces where users can exchange assets and contribute to the economy.

In , for example, users are able to trade NFT cards with other players. By trading and combining these NFTs, players can encounter new combinations and find mutations that boost the rarity and value of those NFTs. A central force for communicating with others and engaging with them is directly incorporated into the game with this mechanism.

By focusing on having this central space, blockchain projects can inspire communication and community participation, while also creating a thriving economy for their business.

Focus on Decentralized Governance

Within the blockchain market, the brands that succeed are those that can harness the power of their own community. Yet, instead of just profiting off players or interested parties – as we’ve seen in Web 2 – Web 3 systems give back to their communities by offering a form of governance.

By giving players a stake in the governance of a project and launching a decentralized governance scheme, blockchain projects can create a personal stake in their own success. Instead of just being a faceless brand, they convert themselves into a brand that is run by the community for the community.

Creating a decentralized governance system where real players can get a stake in the project is a phenomenal way of increasing the general level of interest. After all, once this personal stake has been established, users will actively want to see the game or brand succeed. Projects in the past that have used community-building in this format have seen incredible success.

At its core, a decentralized governance scheme also taps into the heart of what blockchain technology is all about. Instead of having one centralized party that owns all profits and controls the progress of a brand, this new structure of governance ensures everyone’s voice matters. Once you create this atmosphere of shared power, you’ll be able to see a mass movement of new and excited energies into your project in the form of personal investment.

Final Thoughts

Blockchain is an exciting new industry, one that focuses on and thrives because of its community participation. Moving away from the strict company and consumer divide that Web 2 has established, businesses in Web 3 have the opportunity to involve their audience more than ever before.

We’ve seen from brands like Duckies that by focusing on growing a community and maximizing opportunities for interested participants to come together and discuss helps the entire ecosystem grow. If their community-first model for growth is anything to follow, blockchain projects should be doing everything they can to leverage their community to thrive.