From artworks to gaming and digital assets, the hype around NFTs is unreal. NFTs are sold for millions of dollars and creators no longer need to visit auction galleries physically to monetize their work. The rise of NFTs marks a paradigm shift in the history of the creator economy. By 2030, the NFT market will be worth $231 billion.
What started as a means to monetize artworks and create a digital creators' economy is now also a way to quick money. NFT flipping, which means purchasing a popular NFT and selling it on a secondary market for quick money, is an outcome of day traders jumping on the bandwagon solely for monetary purposes. However, NFT creators look for loyalty and long-term association. Therefore, both NFT creators and marketplaces must focus on building a community.
Community building is the secret sauce for success in the NFT space. As the awareness around NFTs increases, people can differentiate between genuine artwork and a random JPEG graphic. Plus, increasing cases of rug pulling and scams have caused a lot of mistrust among investors. Thus, you need to build a solid community to gain trust and forge a scalable creator economy.
Indeed, concepts like NFT and blockchain are still in their infancy. While you market your NFT collection, you are also creating new categories. As of now the access to NFTs is restricted to elitists. Therefore, the first step should be to educate the target audience and highlight the value proposition. The outcome of this is a loyal community base that has a genuine interest in your artwork.
Building an NFT community helps you grow your audience and increase your credibility. In a highly volatile market like Web3, credibility is an asset. Here are some of the top community-building strategies to adopt:
Define Your Target Audience: Before you dive deeper into community-building tactics, you must underline what makes your NFTs valuable. To identify your target audience, you must understand the key differentiators between your collection and other projects.
For example, if your collection represents major historic events, history buffs and journalists are more likely to purchase your NFTs. If you are creating sports-based NFTs, athletes and fans are more likely to become your customers. This is how you identify your audience.
Identify The Channels: The NFT industry operates on the Internet and social media platforms are the best way to reach your target audience. But you need to identify and choose the channels you want to target from the available options.
If your goal is to make announcements, post memes and do AMAs, Twitter works like a charm. For initiating discussions and open-ended debates, Reddit is an ideal platform. Similarly, if you want to collaborate with artists and celebrities, Instagram is the best. You can choose multiple platforms depending on your goals.
Go For A Fair Launch: If you have 5,000 NFTs in your collection, what would you prefer, 50 wallets with 100 NFTs each or 500 wallets with 10 NFTs each? If community building is your goal, choose the latter. To maximize participation, you must limit the number of NFTs a wallet can have.
While assessing the strength of an NFT project, analysts always look at the number of unique wallet addresses. The more the number of wallet addresses, the more hype.
Run Campaigns on Social Media: Social media platforms like Twitter, Reddit and Discord are best for spreading the word about your NFT project. Finding NFT enthusiasts on these platforms is easy because you can tap into already active Web3 communities.
Run NFT airdrop campaigns, conduct a private sale for early adopters through whitelisting, organize meme and creative contests to shortlist members for exclusive access, etc. These are proven ways to attract potential customers.
Highlight Your Roadmap: An NFT roadmap is essential to convince users to invest in your project. Therefore, you must have a well-defined roadmap with a long-term vision. Reiterate the roadmap during AMAs, Twitter spaces, and through social media posts.
Investors tend to go for projects that have a long-term vision and a transparent roadmap. It helps you build a loyal community base. Remember, community members are your biggest ambassadors.
Also read, The Most Comprehensive Guide on NFT Storage
If you are planning to launch your NFT collection, you must have a loyal community base that resonates with your vision. However, building an NFT community from scratch could be tricky. The aforementioned steps are proven strategies to build your NFT community. You need to target multiple platforms, i.e. Twitter, Telegram, Discord, Reddit, and Instagram to build and grow an audience.
However, managing each channel individually could be an uphill task. But with tools like Blaze, you can manage all the channels under one roof, maximizing the impact of your community-building efforts.
