It can be said that a community is the lifeblood of brands and organizations. This is particularly true for the Web3 space – a space thriving due to the communities that fuel its meteoric growth. Before we delve into the topic of Web3 communities, we first need to understand the definition of Web3.
What Is Web3?
Web3: a buzzword that means many things. Given its nascent nature, its definition can still be quite fuzzy. A generally-agreed definition would have to be the future of the Internet – what that means, begets a huge question mark to some. It’s worth noting that Web3 is the current stage of the World Wide Web, which was preceded by Web1 and Web2.
When you skim through the news or browse social media sites, you’re bound to encounter a few popular terms in the Web3 space like cryptocurrencies and NFTs. These are examples of digital assets, some of the biggest breakthroughs in the Web3 space. Popularizing the principles of decentralization in modern society, Web3 gained a whole lot of traction. What started as a niche interest among tech enthusiasts grew to become one of the biggest technological innovations in recent times.
You might be wondering, what exactly led to the rapid growth of Web3 to become what we see it as today? Well, there are various reasons why. But one thing’s for sure, Web3 communities played a huge role in the advancement of the space.
Why Is a Web3 Community Crucial for Your Business Growth?
No entity in Web3 can survive without the help of its community. For businesses and DAOs (decentralized autonomous organizations), growing a Web3 community is crucial for their development. Here’s why:
Increased Brand Awareness
There’s no better way to increase brand awareness than by having a tight-knit Web3 community. A community member of an NFT project, for instance, can proudly use their NFT as their own profile picture on social media, or even mention it on their bios. This helps spread the word about a product or an organization, making it a perfect way to increase brand awareness.
For businesses looking to increase their brand awareness, here’s one tip: manage your social media accounts. With the Web3 space almost fully digital, it’s crucial that you build your online presence to keep your community engaged. That means regular posting of content, holding contests, or even maintaining a dedicated space just for them on other media, like Discord.
User Feedback
You can’t expect your business to grow if you don’t meet your user’s standards. That’s why having a community that supports your organization is crucial to growing any business. Community members suggest points of improvement that you can use to refine your offerings and ensure that it meets your users’ needs.
By keeping your social media channels open, community members can raise suggestions for improving your products. Whether that be through a reply on a Tweet, a comment on your Instagram post, or a direct message, these are all avenues for users to communicate their suggestions with you.
Product Development
There’s another positive that can rise from your community feedback: product development. Based on the users’ feedback, businesses can create solutions that suit their needs. As a result, this increases user adoption – one of the main goals of most businesses in Web3.
Of course, businesses must be open to receiving feedback. Web3 community members do their own research when it comes to everything Web3, so they don’t just blindly use products and services without acknowledging if they provide any value to them. That’s why hearing their voice is crucial when developing new offerings. Should a business fail to listen to its community, the chances of success will be much slimmer.
Partnership Opportunities
If you’re looking to build new partnerships in the Web3 space, then building your community is a must. After all, your community is one of the many faces of your brand. A strong and tight-knit community in Web3 signals that a business or brand is valuable. This entices other new members to join, growing your community significantly. At the same time, it opens doors for new partnerships, which builds your community even further.
Marketing Opportunities
A popular form of marketing in Web3 is community-driven marketing – which is believed to be more effective than traditional forms of advertising. Well, in the Web3 space at least. If a community has a strong social media presence, it tends to be perceived positively. That, and if it seems that the bond within the community is legitimate. This can be difficult to find, as a lot of Web3 communities are plagued with “flippers” – people who belong there solely for financial gain. Businesses and organizations must learn how to work around this by providing value to their communities.
In Conclusion
It’s easy to see why building a community is so crucial in everything Web3. For instance, you get to increase your brand awareness from struggling projects or maybe even partner with big names to give your business that extra boost. Evidently, the benefits are plenty. Whether you own a Web3 start-up or aim to expand your current Web3 business, there almost seems to be no downfall in developing a community for your organization.
