Ever thought about why a community is essential to the success of an NFT project? Don’t know the use of social media such as Discord and Twitter spaces to develop NFT communities?
In this article, we will cover why having a community can have a huge impact and be successful on an NFT project and how collaborating with other NFT communities can bring more value and utility to your members or audience.
What Is the Importance of Community in NFT Projects?
Every project is financed and formed by a tight-knit community of people who invest in the vision. At the same time, a strong community can greatly help both new and existing teams ensure the long-term success of their NFT project.
Adam Patterson thought of an idea.
Let’s look at The Lazy Lion, which has 6,000 people in its community.
Instead of waiting for the project developers to build out the community, a small section of Lazy Lion holders who held NFTs with the lazy hat trait (150 out of 6000 holders) made their sub-community complete with their discord, some activities, a website, and lastly, a community wallet.
The action taken; the result made by the 150 token holders raised the floor price of Lazy Lions NFTs with the lazy hat trait from 1.1 ETH to 14 ETH in just 7 weeks. They’re now branching out to help and guide other projects to repeat their success because it’s proven that The Lazy Hat Lions have become leaders in the Lazy Lions community and the larger NFT space overall.
#1: Establish the Culture of Your NFT Community
Its community acknowledged its members as kings and queens, and that formed on the reasoning that everyone wants to feel important, significant, and identified.
And also, the Lazy Lions community has a lion-teaches-cub mentality set up.
Whenever a new member asks something, senior members will take the lead to guide, and educate them about Lazy Lions and NFT project space in general. By helping new members, they avoid repeating mistakes that others made.
Since people are worried about buying the wrong NFTs and getting scammed, it’s essential to educate new members about it. By sharing knowledge with their new lions, they now have the confidence and courage to invest further in the project.
#2. Reward Your NFT Project Holders
You can start to reward your nonfungible token (NFT) holders with token rewards.You can learn from The Lazy Lions since they’re one of the first projects that did it.
Holders who used a lion as their display picture or banner could link their wallet to the ROARwards program and receive exclusive rewards like diamond paw status on Discord and a percentage of project sales. (Ref: https://www.socialmediaexaminer.com/community-development-lazy-lions-lessons/)
Because of it, you can see a lot of Lion profile elements on Twitter, which gave their project a lot of traction.
#3: Grow Your NFT Community
People may also have additional questions about your project, so it’s always a great idea to set up a channel or a ticketing system using a Discord bot to assist them.
Consider reflecting outside the box to explore what matches your vision and project objectives. The plan is for individuals to interact in enjoyable ways with one another because people want to be a part of something bigger than themselves.
Twitter Spaces is a huge platform for hosting events such as weekly engagements, and Discord also has a stage where you can host events.
According to The Lazy Lions, it’s all about getting the right person (someone who believes in the vision and who won’t sell out) into the community.
#4. Nurture Your NFT Community: Twitter Spaces
Most NFT projects can be hyped up at the beginning but tend to fizzle out after a few months of building them.
To keep from being one of them, nurturing a strong community is key. No matter the scale of the community, NFT founders who show up, respond to messages (NFT-related or not) and connect with its members on a very human level makes all the difference.
The same with The Lazy Lions Spaces, they tap into the benefits just by giving value to their people.
Just make sure that everyone who wants to be heard is heard.
#5: NFT Community Collaborations
This is one of the best ways to gain exposure for your NFT brand.
Collaboration with graphic artists, musicians, influencers, and other professionals in the industry can expand your reach. It can take different forms. For example, you can join hands with another project and drop an amazing special gift to members of the two communities. You can also collaborate with an artist who can develop a clone of your digital collectible.
Talking about NFT collaborations, The Lazy Lions has developed a community where they regularly plan and strategise and now, they’re working on collaborations with other communities.
A digital asset is your NFT. Can I view an NFT’s digital image on OpenSea? Yes. Do you allow screenshots of NFTs? Yes.
I do not have access to the smart contract that distinguishes your NFT or the service it offers.
Smart contracts ( in any blockchain ) safeguard, protect, and deliver an NFT’s usefulness to you as long as you have it in your digital wallet.