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Types of NFT Communities

Expanding on How NFT Communities work in week 3 to give examples the types of communities that serve the disciplines we’ll be examining this week
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© RMIT 2022

There are various types of communities that exist in the world of NFTs. They can revolve around art, music, gaming, sport and entertainment.

This is because each NFT is a digital file in the form of video, image, artwork, and other types of content. NFT projects that succeed, have always managed to build a strong community that values being part of that community.

The idea is that an NFT is an entry ticket to an exclusive community.

For example, Axie Infinity relies on gaming NFTs to play its highly popular play-to-earn game. This means that you can earn by playing the game. The idea is that the NFT is needed to play the game and the NFT can be moved to other interoperable games. Communities and gaming guilds have formed around this gaming economy powered by NFTs.

So let’s go back a step.

What is an NFT Community?

In simple terms, it’s a group of people who are active collectors, traders, or sellers of NFTs. Such communities are created to discuss and exchange NFTs of certain types. But there’s more than that. It’s a PR service in a highly crowded NFT marketplace. Remember most projects will not be financially successful due to the sheer weight of collections being created. Community creation is key.

NFT communities play a crucial role in the success of every NFT project. A community could be comprised of fans, potential investors, NFT developers looking for ideas, and those who are just curious. So every creator promoting a project needs to think of an effective way to draw people’s attention to their unique NFTs.

Finding such communities is possible by looking at different social media platforms, notably Twitter and Discord, and other online resources. It takes some time for any start up to become known by its target audience. The more people involved in building and promoting the project, the more likely that the project can become profitable. Hence there are network effects, through crypto Twitter, for example, for NFT projects.

What is the Role of NFT Community Builder?

While an NFT community is a crypto community created for fans of a certain NFT project to discuss it, exchange digital items, and more…as noted, building a large NFT crypto community is highly important because this could ensure successful NFT sales.

Thus, one highly-valued crypto job –is the community builder.

Some of the best NFT communities have lots of participants sharing their thoughts and ideas, asking questions, and contributing to further project development. The larger and stronger the community is, the more investors that may be attracted to a certain project.

Communities have Built the NFT World

NFT communities are highly important for the development of the NFT world. NFT communities have helped the NFT world grow greatly already. Communities contribute to the promotion of NFTs, which also impacts the sale and re-sale prices of a project. Since the number of NFT purchasers increased dramatically in 2021, this grew the number of crypto users as well.

Investors are attracted to successful projects. Prior to sale, this likely means hype around a project or the utility of owning a particular NFT, such as an identity mechanism like Moonbirds. New interesting ideas will continue to appear, drawing more attention to the NFT sector. More and more people are becoming aware of the amazing opportunities of Blockchain technologies.

Special tokens may also be designed for members of these communities, allowing them to purchase certain NFTs. Investors looking for potentially profitable projects will want to know about the teams standing behind such projects and the size of the community supporting a project. For example, is a celebrity promoting a project and does the project’s Discord page have thousands of members?

It’s Crucial to Build an NFT Community for a New Project

If you decide to create an NFT project and you want to make your NFT project popular, it is essential to promote it and build a community. That is how you will find your target audience. This would ideally bring high traffic to your project and help NFT sales.

Large communities help to build a solid reputation for an NFT project quickly. Of course, it is vital to create an interesting NFT project that organically draws attention from a mass audience.

In the following steps, we will examine case studies of the communities that have emerged around NFTs. As you examine these case studies, think about the types of communities that you would like to be involved in.

Now it’s your turn

Think about the types of NFTs that you are interested in. What kind of support would you like to get from interacting with those communities? How would you like to contribute to the communities? Share your thoughts in the comments.

© RMIT 2022
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NFTs: A Practical Guide

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