So, let’s talk Web3 community management

Web3 community management! It’s the backbone of any project because it helps to create a sense of belonging and engagement among the project’s supporters. A strong community can help to promote a project, provide feedback and ideas for improvement, and increase the overall value of the project. Not sold yet? Well, let’s carry on.. One of the key elements of successful Web3 community management is building trust with the community. This can be achieved by being transparent and honest in all communications, and by actively listening to and addressing the concerns of community members. For example, some of the most community-driven and successful projects have dedicated discord communities for their project, where the teams frequently interact with the community, answering questions and addressing concerns. This helps to create a strong sense of trust between the team and the community, which in turn helps to promote the project and increase its value. At ITMV, we’ve  built and managed many strong Web3 communities.

Another important aspect of Web3 community management is fostering a sense of ownership and investment among community members. This can be done by involving them in decision-making processes, providing opportunities for them to contribute to the project, and rewarding their participation. A great example of this is the NFT marketplace Rarible, which has a community-driven governance system where token holders can vote on important decisions for the project. This has helped to create a sense of ownership and investment among Rarible’s community members, which in turn has helped to increase the value of the project. This leads us nicely to DAOs.. Decentralised Autonomous Organizations (DAOs) are a new concept that allows for a more democratic and decentralised decision-making process in NFT projects. By allowing community members to vote on important decisions, such as funding proposals or changes to the project’s direction, DAOs provide a level of transparency and accountability that traditional centralised organisations may lack. They also provide a level of security and immutability that traditional centralised organisations may lack. An example of this is MolochDAO, which is a DAO that funds and incubates new projects in the NFT ecosystem. Members of the DAO can propose and vote on proposals to fund new projects, which allows for a more democratic and decentralised decision-making process.

To grow a Web3 community, it is important to actively engage with potential members through social media, forums, and other online platforms. This can be done by sharing updates and news about the project, hosting events and competitions, and providing educational resources about the project. NFT projects live and die by Twitter and Discord, whilst alternatives such as Instagram and TikTok are not yet fully utilised for Web3. Twitter and Discord are great for growing and managing communities, since they allow for conversation and discourse that isn’t available on the more aesthetics-focused platforms. Another effective way to grow a Web3 community is by collaborating with other projects and organisations that share similar goals and values. This can help to increase visibility and attract new members to the community. An example of this is the historic NFT project CryptoPunks, which has collaborated with various other NFT projects and platforms to increase visibility and attract new members to their community. One of the reasons that projects such as DeadFellaz and MyPetHooligan have been able to survive and even thrive during a bear market is due to their focus on community. These projects have been able to create strong, dedicated communities that have provided support and helped to promote the project even during difficult market conditions. Not art, not utility, but community has kept such projects strong during the bear.

In order to build a resilient community, it is important to focus on creating a culture of trust, inclusion, and engagement. This way, the community will be more likely to stick together in the face of any challenges, and will be more willing to contribute to the project’s growth. Another important aspect of community management is creating a sense of excitement and hype around the project. This can be done by creating limited-time events, exclusive drops or exclusive sales that will create a sense of scarcity and urgency for community members to participate. NFT marketplace Foundation is a great example of this; they have created featured, exclusive drops for artists, which has helped to create a sense of excitement and hype around artist drops, thus increasing the community satisfaction from artists who use the platform for their NFT art drops. Offering special support such as featured drops to users keeps them coming back every time. Another example of this is KnownOrigin’s ‘Drops’. Artists understand the hype, excitement and visibility of said drops, consequently continuing to drop on the marketplace in the hopes of landing a spot on this prestigious page. Artists are excited about these features that are accessible to community members.

In conclusion, community management is essential for the success of any project. It helps to foster engagement and belonging among supporters, and can be a crucial factor in promoting and growing a project. By focusing on building trust, fostering a sense of ownership, actively engaging with potential members, creating a sense of excitement, and collaborating with other projects, any project can grow and strengthen its community, even during difficult market conditions.  If you’re looking to build and maintain a strong Web3 community, be sure to reach out to ITMV!