The Impact of Community Building on the Growth of NFT Projects
Have you heard of the famous Zulu Saying “UBUNTU”? it translates to “I am because we are”. If there is a single word that tells it all about community building, it should be UBUNTU. Community building is an intention tit-for-tat act, where everyone in a particular community protects each other’s interests. The community activities are tailored towards everyone’s goals. They are conscious efforts that unite community members and it builds us of loyal members who would stop at nothing to protect each other’s interest. It creates a community of long-lasting loyal shooters who are all about rubbing each other’s back.
BUILDING A COMMUNITY
Building a community is not limited to location, age, or any criteria. Communities are built around people of similar interests. They could be those that share the same location or attend the same schools. People of similar age groups, people of similar financial goals, and the list go on. The keynote is; building a community is possible as far as you understand your target audience and slowly build a connection with them all.
A lot of brands have identified community building as one of the long-lasting solutions to sustainable brand marketing. Generating a group of interested clients over time, to be lifetime loyal supporters to the brand. The question is this; If physical and online brands have recognized the importance of community building in business sustainability, how should the NFT industry perceive this? considering the fact that the industry’s value is highly determined by the adoption rate within the population and its high susceptibility to online scams.
A short insight into The recent Ozzy Osbourne NFT (Cryptobatz) short link error. It led to a total of 14.6 ETH ($40,895) scams among fans. This could have been avoided if the project was built around a solid-founded community. Where there’s an easy passage of information around members and prospects in the project.
THE IMPACT OF COMMUNITY BUILDING ON NFT PROJECTS
This includes and is not limited to:
A solid foundation of loyal population:
Your NFT community will be trusted by you. By building a community from the scratch, you would be equipping your project with a vast population of collectors, fans, investors, and even flippers that would be there for the money. These will be solid loyalists whose trust in you would have them stay by the project even if an unforeseen situation were to occur
High adoption rate that grows over time:
The core of every NFT is its adoption rate, every successful NFT has high adoption rates which skyrocket their values, with a successfully built community, your NFT project values can only get better, there’s an unlikely situation of fluctuations in values since your community will be loyal members who have full belief in the project
Increased value of your NFT project:
NFT projects are all about recognition. With a successfully built community, you could relax and worry less about value dip.
Reductions in Scam schemes on your projects:
A successfully build NFT community will guide against any kind of scam. Every avenue that scammers could penetrate will be blocked. The community will have standard structures that ensure adequate information is circulated within the population from the newbie down to the old members. This will, in turn, increase the trust of the public that aren’t even members of such a community. And as you must have guessed, it will expand the community and the project can only get better and better over time.
Yet, it should be noted that building a community that goes all out for your project is not a day job. It takes a lot of tenacity to have people trust in your project and be ready to go all the way for you. The most important thing in getting started is identifying who your audience is, how to connect with them and grow with them over time. Dealing with honestly, you can relax and see your project bloom beyond what you have dreamt of, in the next few years.