In general, community refers to the holders of an NFT project. Before an NFT drop, the community is a broader term and refers to those engaging with the project on social media and those looking to mint. Post mint, the community is the holders of an NFT project which often communicate via exclusive Discord chats.
Community is a term often used within the NFT space and is a vital aspect to consider when purchasing an NFT.
It is important to note that the number of users in Discord does not accurately represent whether the project will do well and if the community is vital.
Numerous projects hire influencers to promote the drop, leading more casual fans of the influencer to join Discord. Discord’s many users do not equate to a strong community.
Projects will also use numerous promotional tactics to get more users to join a Discord and use the high number of people within a Discord as a marketing tactic (using FOMO – fear of missing out).
A typical illustration of this tactic is holding a pre-sale or giving away whitelist spots which are only accessible if you can invite five people into the Discord. In this way, pre-sale buyers become obligated to drive attention to the Discord chat, even if their actual level of engagement is deficient.
A strong community frequently results from the people within Discord being active, friendly, and holding a long-term view of the project. Once again, NFTexplained.info would not consider the number of users a good indicator of a strong community.
NFTexplained.info would consider a community strong if there are many long-term holders, not people looking to make a quick flip on the project.
Purchasing into an NFT online often grants access to exclusive Discords, where the only way to access the channel is by being an owner of the project.
The community can become more exclusive as time goes on within a project. Those interested in and engaging on social media will no longer be considered a part of the community once minting has finished (since they are not a holder, they are likely to be inactive).
Post-mint people generally will only be considered part of the community if they are an owner of the project. Holders of a project are often more likely to be friendly since they are believers in the project.
In this article, NFTexplained.info will cover whether a strong community for an NFT project is essential and the aspects that make a community strong.
How Important Is It For An NFT Project To Have A Good Community?
Community is an aspect NFTexplained.info would strongly recommend looking into before purchasing an NFT project.
As a general statement, the community is an essential aspect of an NFT project. It is often one of the first characteristics people look at before deciding if they want to purchase a project. If the group’s overall tone is negative, people are far less likely to want to be a part of that community or hold the NFT line.
It is essential to check on two aspects regarding the community of an NFT project; the first aspect would be the overall emotion of the community, and the second would be examining the community from a longevity perspective.
Making sure that people are genuinely engaged within Discord is a simple but essential aspect to look at. Nobody will want to be a part of a project with negative people.
Secondly, making sure people within Discord are not talking about a quick flip is another crucial aspect to consider. The project will likely have little long-term value if members want to make a quick profit.
The community can undoubtedly help in sustaining the value of NFTs. Creators of specific NFT lines are creating utility-like real-world meetups to which all members are invited. An example is Top Dog Beach Club, as the creators have announced a real-world beach party where Snoop Dogg is likely to be the DJ! Participating in this potentially once-in-a-lifetime event drives interest in the existing NFTs.
Another critical aspect to remember when purchasing an NFT project is that having access to an exclusive Discord channel is fun to hang out and chat in but doesn’t provide real utility.
After purchasing more than a few NFT projects, you will likely realize that you won’t have time to participate meaningfully in them. However, the community is still an aspect of a project NFTexplained.info would recommend looking into it before purchasing.
What Aspects Make A Strong Community For An NFT Project?
A strong community is an important aspect, which NFTexplained.info would recommend looking into before purchasing an NFT line. There are numerous characteristics to look at when deciding if the community of a project will affect the price of a project.
As a general statement, a community is likely to be vital for an NFT project if: people within the Discord are active and friendly, there is good engagement on social media, people are looking to hold the project long term, and the chat moderators/founders of the project discuss long term goals.
As NFTexplained.info previously mentioned, nobody wants to be a part of a negative community. A project’s number of followers on social media, especially Twitter, is an excellent way to gauge the hype a project enjoys. Since NFTs exist in a supply and demand-driven economy, if no hype or people is willing to buy, an NFT project will not be worth much at all.
If there is a large number of Twitter followers and positive engagements on each post from a project, it is more likely the project will quickly sell. It is one technique NFTexplained.info would recommend looking into to see if there is widespread awareness (hype) for a project.
Another good characteristic is that the project founders discuss plans and goals, also known as a roadmap. Future goals drive long-term value and make people want to hold a project.
Suppose the Discord moderators (or alternative messaging app moderators) and founders are more concerned with the floor price and not future goals. In that case, this is an alarming indication of a short-term mentality unlikely to drive sustained value to the project.
After minting your NFTs and selecting a marketplace, you need to pick your selling method or option to set a price for your asset, AMP Raider notes. You can choose between either a fixed-price sale or an auction, with your decision being contingent on time sensitivity and price acknowledgment.
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