Web3 Community: from myth to reality
Community is everything
Yet is too often a shortcut taken by many projects. Community is rather a fuel that propels a well built engine: the Brand.
Even if your favorite project is not a “Brand Play”, my conviction is that it shall still be managed as a brand, laying down core foundations that will convey & spread the unique vision they have for the ecosystem and the collectors they want to target.
But wait, what is a brand?
Academically, a brand is a mix of emotional & functional values that promise specific experiences, and builds relevant distinctiveness to consumers.
And it all starts with a Brand Vision: the Narrative. The Why the project exists, the value it will bring to its holders or to the entire ecosystem. It is the red thread that ties everything together, and the reason why the collectors will adhere to the project and love the brand.
Think of it like a Symphony where all instruments are playing synchronously & complementing each other, sublimating the melody. Those instruments are all the touchpoints a collector will engage with, and the melody is the Storytelling of the brand.
Those touchpoints can be regrouped under 3 core pillars, like 3 legs of a tripod on which the brand will stand the test of the long run: Content, Art, and Benefits (or utilities).
Each time I DYOR on a web3 project, I use the following framework to assess the Brand in the making, and whether the Brand Vision is properly translated into one single underlying message across these touchpoints, a message around which the community will form and in the end make the Brand live.
1. First, Content is king
In web3 today, Brands live on social media. Without content, the brand doesn’t exist, or won’t stay relevant for long. It seems obvious, yet we see way too many projects & founders that go radio silence for long. Got to fid the pigs, or run the risk of becoming irrelevant.
The Narrative is the simplest expression of the Brand Mission, the foundation around which the project will communicate its Storytelling on social media. The Narrative should be simple, unique, consistent, relevant to its target audience, distinctive and relatable.
It will help set the Brand Identity through a unique Tone as well as clear Brand Codes (colors, logo, artistic expression) for its Communication. In this attention economy, the communication needs to be simple & sharp, straightforward and obviously meaningful.
Just think about when you scroll through Instagram or Twitter, how much time you dedicate to each post. Attention needs to be caught in seconds. The Brand Identity will help catch the audience’s attention repeatedly.
Finally, the Content is also embodied by the project Founder(s). And from a collector standpoint, as opposed to traditional businesses, the public role of the Founder is predominant.
He is the leader the collectors will want to follow, the voice that will relentlessly spread the Narrative. He is the boxer that will take each punch to defend his vision & actions and to which the community will show indefectible support through turbulence (FUD). Eventually, he will be a source of inspiration for his community.
2. Don’t underestimate the Art
Nailing the PFP collection is a must. It is the most visual & visible expression of the Brand and its Vision. It should be an extension of the Narrative and contribute to the Storytelling of the project.
It is the tip of the iceberg any new holder will encounter first when discovering a project, it is the product collectors will buy & be proud of.
It is essentially the baseline for free Marketing that needs to be done right.
But how?
The art is the territory for self expression for collectors.
First, the art should be unique & recognizable, with a strong base character & consistent codes across the collection (colors, lines, traits, etc.).
Second, it needs to be Federative yet Diverse enough to allow collectors to resonate with their PFP, be able to express themselves, differentiate themselves and tell something about their personality. They all belong to the same community, yet are able to share their uniqueness.
3. Benefits: what’s the utility for holders?
The Benefits are the main reasons consumers will first buy into a project. They can come in both tangible & intangible shapes depending on the project mission & business model.
The tangibles are quite obvious:
- $$$ Making money: through passive income, airdrops, floor price go up or even IP rights for commercial use
- Exclusive access to the project products & services: portfolio tracker, sniper, RCP nodes to name a few
The intangibles can be summarized around digital & IRL experiences: an exclusive event, a party during your favorite NFT conference, the connections, network or friends you make… or simply being part of a compelling journey as you deeply believe in the Founder and his Brand Vision & Mission. Say differently, it’s being part of something that’s bigger than you.
For a deeper take on Holder Utilities, have a read of this article: The Project Valuation Miscalculation – Skribr
TLDR
Building a community is a shortcut
Teams and communities are built through foundations:
- A vision to believe in = NARRATIVE
- A leader to follow = FOUNDER
- A brand image to resonate with = ART & COMMUNICATION
- A product to be passionate about = BENEFITS
Collectors buy the Transactional Utility (Benefits) & stay for the Emotional Utility (Content & Art) & the Community.
If all those 3 pillars are well orchestrated around the Brand Vision and meet their target audience, the Brand will grow much beyond its foundations, and that’s the beauty of web3!
Web3 essentially offers the opportunity to not only build for but also to build with a Community. If played well, the Community will embark on a journey with the brand, start creating content for the Brand generating a much wider reach and will make those experiences memorable and desirable to others. A virtuous circle for marketing on steroids.
When FUD arises – it will inevitably happen – it is also an opportunity for Founders to get lightspeed feedback, whether it is explicit open criticism – loyal holders usually don’t wait – or implicit through decreasing social media activity (on Discord & Twitter).
If Founders can spot those weak signals early and quickly pivot, it becomes a golden opportunity for them to strengthen the Community & build long lasting loyalty.