The Importance of Building a Community for your NFT Project

As a subset of blockchain technology and a power part of the Web3 space, NFTs are on a significant growth trajectory. Individuals are able to mint NFTs on their own; however, it takes a virtual village for blockchain-based projects to reach their full potential. And in order to reach their potential - community is key.

NFT communities can pop up around any project or theme, but they serve the same purpose - providing a virtual town square where players can gather together. The most exclusive NFT communities have A-list celebrities among their ranks and it is this exclusivity that makes NFTs so popular and sought after.

Collectors and investors pay for membership to the most exclusive communities so that they can stay on the cutting edge of technology and pop culture. Fortune 500 companies are also collaborating with communities in order to launch their own NFT projects and to establish a strong presence in the Metaverse.

So, what exactly is an NFT community?

NFT community

Introducing NFT Communities

NFT communities, as the name suggests, are online groups that come with limited membership. You become a member of these communities by buying, minting or acquiring an NFT from a specific project or group collection. However, the NFTs purchased are more than mere profile pictures or avatars - they open you up to a whole new, exclusive world.

The data within each member’s NFT will serve as a digital key that grants them access to behind-the-scenes content, sub communities and play-to-earn games as well as invitations to exclusive investment opportunities - all of which depend on what the NFT project offers.

Essentially, NFT communities are a coming-together of brands and people - creating a closer relationship between brand and consumer.

But, are NFTs brands?

NFTs as Brands

NFT brands can be made up of anything, from an individual NFT artist and creator to a well-organised promotional campaign run by a celebrity such as Eminem, Snoop Dogg or Paris Hilton (all of whom are big players in the NFT space).

Other industries that have started their own NFT brands include athletic or sports organisations, activists, event organisers, and real estate companies. The opportunities are endless - for all industries.

When an NFT is viewed as a brand - it unlocks the potential of the project and makes for a great NFT community.

Some of the greatest NFT communities today include:

Cool Cats
Cryptopunks
VeeFriends
Bored Ape Yacht Club

And these successful communities share some common traits - with the number of traits being “exclusivity.” Not just anyone is able to join these communities and gain access to the opportunities within these spaces.

Buying an NFT to gain membership can cost hundreds of thousands of dollars. And the exclusivity is without parallel - for example, when it comes to the Bored Ape Yacht Club community, there are only 10 000 members!

Another trait strong NFT communities carry is “consistent branding.” Powerful communities will always find a way to keep fans engaged and interested and this might include access to exclusive NFT drops, rare NFTs or special pricing.

And then there is the culture of the community - and the purpose it holds. For example, the “Women Rise” community exists solely to support women coders, scientists, artists, and activists on the blockchain.

But, where do these communities meet?

NFT Community Hangouts

Just like NFTs themselves, these communities exist online while some are branching out into the real world. For example: Bored Ape Yacht Club has started hosting in-person events for its members.

The general platforms that communities meet include Telegram and Reddit but other emerging platforms such as Fayre, are launching clubs. These online communities can exist anywhere online but the two most popular places are Twitter and Discord. These communities nurture exclusivity while driving greater brand awareness, loyalty and sales.