As of now, the web3 market has a capitalization of almost $27.5 billion, with unprecedentedly staggering growth from $3.2 billion in 2021. If the web3 market continues its golden run, it could achieve a total market capitalization of around $81.5 billion by 2030. Web3 applications such as play-to-earn games, decentralized social networks and financial apps are inviting more users to web3 environments every day. Therefore, stronger communities are essential requirements for fostering the adoption and growth of new web3 projects.
The primary role of a web3 group or community aims to creation of new tools and protocols alongside engaging in crucial conversations regarding project proposals. For example, DAOs have emerged as popular examples of web3 communities that enable innovative ways for collective exercise of power. Let us take a look at some of the important pointers for creating strong web3 communities in the following post.
What is a Web3 Community?
One of the first things you need to understand before building web3 communities is the definition of a web3 community. The basic representation of web3 community meaning describes it as a group of people involved in web3 projects. The involvement of people as a united community in ensuring innovation, decentralization and web3 development validates the role of web3 communities. Almost every web3 project, particularly in the early development stages, focus on issues in development, expansion and engagement of community.
The significance of a web3 community platform is also evident in the support for developers. If developers feel comfortable in web3 communities, they are likely to contribute more to the projects. For example, Ethereum has introduced many developers in the Ethereum ecosystem, who have transformed into DAO members, founders and full-time web3 engineers. A healthy web3 community involves people contributing ideas for web3 development alongside submitting new proposals or offering feedback on existing proposals.
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How Does a Web3 Community Help?
The consistent growth in massive investments in the web3 space has encouraged new prospects for developing web3 communities. The necessity of learning about web3 community building tools is clearly evident in the radically increasing investments in web3 applications. Web3 witnessed a massive influx of investments in 2022, with web3 startups accumulating almost $7.16 billion as an investment.
Some of the most prominent categories of web3 projects which garnered heavy investments include gaming, social networks, metaverse, AR and VR, AI and infrastructure projects. The expanding scale of web3 projects indicates its potential to deliver the future of the internet. At this point in time, it is important to wonder how web3 communities can help.
The basic impression of objectives in building web3 communities might describe community membership as a means for onboarding more users. However, communities not only offer exclusive access to members but also make them an integral part of the project. Web3 communities help brands and projects in developing communities according to their desired conditions. On top of it, members of the web3 communities take an active interest in ensuring the community’s success. Apart from ensuring member involvement and loyalty, web3 communities can guarantee many other benefits for a web3 project.
Here are some of the noticeable ways in which web3 community building can help your project –
- Community members could offer feedback on new projects and initiatives proposed by the community.
- Web3 communities can also enable easier access to security audits for specific web3 projects.
- The most obvious benefits of a web3 community platform are evident in opportunities for developing partnerships with different communities.
- The impact of web3 communities is also evident in DAO governance, voting and submission of new proposals for improvements.
- Web3 community members can also participate in contributions to efforts for increasing the network effects of web3 projects or protocols.
How Can You Build Strong Web3 Communities?
Membership in web3 communities serves as a formidable tool for the development and scaling of web3 projects. However, the answers to “How do I create a community on Web3?” can be more complicated than simply onboarding members. The objective of creating a web3 community does not end with developing one. You need to have the resources and knowledge for managing web3 communities and overcoming the notable challenges on the way. For example, trivial errors by community members could result in damage to the reputation of web3 projects.
At the same time, the process of development, management and expansion of web3 communities is intensive in terms of requirement of time and effort. Here are some of the promising best practices which can help you in building a strong and successful web3 community.
The foremost step in creating a web3 community deals with an in-depth understanding of the web3 culture. You need to learn the web3 community meaning and understand the unique highlights of the web3 culture. The web3 culture has many unique elements and presents distinct difficulties for beginners.
On top of it, web3 is evolving consistently, and the intricacies of web3 culture can be difficult to understand. At the same time, the web3 space also has people who are interested in blockchain technology, cryptocurrencies, NFTs and DeFi. In addition, web3 enthusiasts are ready to help beginners learn about web3 technologies and their impact on the world.
How can you learn the web3 culture? The answer may seem a bit difficult from the surface. However, you can learn about web3 culture through a simple process. Begin the first step of creating your web3 group by learning the important web3 terminology. Subsequently, you should also learn about successful web3 communities and how they work.
Inspiration from successful and popular web3 communities can help in offering insights for developing your web3 community. One of the distinct elements in the web3 culture right now would point at memes and how they encourage communities with a hint of personalization.
Familiarize with Community
The next important best practice in building web3 communities refers to knowledge of your community. You need to know about the expected members of the web3 community before including them in the group. The web3 community members could include people who have been following the web3 project or your acquaintances. The success of web3 projects depends on building a community around the project to ensure that the community brings value to the project.
You can find credible answers to “How do I create a community on web3?” by reflecting on specific details about the community. First of all, you must have a clear impression of the target audience for developing your web3 community. Subsequently, you must identify the needs of the community and how the web3 project can serve the needs in time.
For example, web3 communities can seek developers if the underlying web3 projects need web3 development expertise. Similarly, web3 communities can look for investors and crypto holders for web3 projects, which are economic in nature. If you want to increase the marketing reach of your web3 project, then you would need content creators in the community.
The best way to seek your target audience for the web3 community platform is to identify answers to important questions. You can start looking for people who are more invested in the project or the ones who want to help you with an expansion of the community. A better understanding of your target audience offers effective support in identifying conversations that could ensure the engagement of community members.
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Establish Clear Web3 Community Goals
Another basic practice in the development of strong web3 communities points to setting clear goals. Any web3 community-building initiative should start from scratch by identifying its goals. It is important to set goals that you can define clearly and measure effectively for evaluating your brand’s success.
One of the mandatory aspects of setting goals for web3 communities is the need to conform to shared objectives of community members. How can you identify the important web3 community goals? Working in collaboration with internal and external stakeholders alongside comprehensive research can help in identifying the most pressing concerns for the community.
Examples of goal setting in a web3 group depending on the community objectives include DAOs. In the case of DAOs, you should look for investments as the primary goal. The secondary goal in the case of DAOs focuses on turning investors into brand ambassadors or advocates.
On the contrary, a new web3 community would need brand ambassadors as the primary goal. Subsequently, the ambassadors could bring investments to the DAO. Some of the other notable objectives for web3 communities could focus on increasing sales, identifying new business partners or improvements in retention rates.
The advantages of clear goals for building web3 communities include the flexibility of guiding community behavior. With a clear set of goals, web3 communities can determine the ideal actions which can help in achieving the goals. At the same time, it is also important to focus on the basic goals of web3 communities, such as facilitating transparency and honesty. Transparency is crucial for developing trust within the community and facilitating interactions among community members.
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One of the significant aspects in ensuring the successful development of web3 communities refers to the selection of ideal tools. Which web3 community-building tools can serve the right fit for your objectives? The most significant highlight in encouraging the expansion of a web3 community depends on how you leverage tools for building communities.
The three most popular social networks used for web3 communities include Telegram, Twitter and Discord. As of now, Telegram and Discord are the most powerful tools for driving the growth of web3 communities. Web3 communities can capitalize on the free services on these platforms with flexibility for creating groups of thousands of people.
Discord provides a viable platform with the facility of servers dedicated to discussions on specific topics. On the other hand, Twitter can serve as a credible web3 community platform for encouraging new discussions on web3 topics. At the same time, Twitter also opens up web3 communities to web3 influencers.
The microblogging platform offers flexibility of interaction with diverse social network participants with an interest in participating in your community. You can build a strong web3 community by leveraging all these community-building platforms in coordination with each other.
Identify the Metrics for Web3 Community Growth
The most critical challenge in creating web3 communities reflects the management of the community. What is the essential tool for measuring the performance and growth of a community? Are members active in the community? The engagement of community members is a formidable indicator of the growth of a web3 community. You should have a clear set of key performance indicators or KPIs which align with your goals.
Interestingly, the web3 community meaning provides fundamental insights into the type of metrics you need for the community. First of all, you need to set some metrics during the launch of the web3 project or community. For example, the number of members in the web3 community could be an important indicator at the time of launch.
At the same time, it is also important to monitor the engagement of community members. Therefore, the number of posts and engagements of community members can provide a viable metric for the web3 community. Subsequently, you have to establish qualitative metrics for engagement as the community becomes mature.
Pay Attention to Moderation
The final and most significant pointer in web3 community building focuses on effective moderation. You must have a clear set of rules for web3 community members. Moderation of web3 communities ensures that all members feel like they are on equal footing. One of the trusted practices for implementing effective moderation of web3 communities is the development of web3 community policies. The policies can help in establishing clarity regarding the goals of promoting the community. In addition, web3 community policies can also include conditions that stand against discrimination and clarify the roles of moderators.
Moderators should also follow the best practices of a web3 community platform such as Telegram, Facebook, Slack, Discord or Twitter. The web3 community policy must define the type of actions recommended on different platforms for web3 communities. In addition, moderators should also focus on primary concerns such as information leaks, strong language, spam and self-promotion. Most important of all, it is important to have all the community members agree with and follow the web3 community policy.
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The daunting task of building web3 communities may seem easy on paper. However, you must take note of the practical challenges you can encounter while creating a web3 community. The critical role of web3 communities in expanding the scope of web3 as a broader technology concept calls for urgency in creating web3 communities.
At the same time, you need to take note of the best practices for web3 community building for creating strong web3 communities. In the long run, web3 communities will play a focal role in defining the future of web3 projects. Start learning more about web3 communities and how they can empower the future of web3 right now.
*Disclaimer: The article should not be taken as, and is not intended to provide any investment advice. Claims made in this article do not constitute investment advice and should not be taken as such. 101 Blockchains shall not be responsible for any loss sustained by any person who relies on this article. Do your own research!