Community & Ownership: Key Ingredients for Success in the Web3 Creator Economy

GigaStar
5 min readSep 13, 2022

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“There is no power for change greater than a community discovering what it cares about.” ― Margaret J. Wheatley

The Power of Community in Web3

When we talk about the Web3 world, what are we really describing?

While Web3 is the next phase of the internet, based on openness, democratization, and greater utility for its users, its decentralized nature is driven by engaged and passionate people within communities.

Communities have been around since the dawn of time. They are key to the propagation of the species, passing along knowledge, traditions, history, and stories, and strengthening social bonds. And it’s no surprise that communities continue to form and evolve in the digital realm.

Web3 is an open door where communities find belonging within projects, many of which are open source so the code is public for the community to use and build upon.

Discord Community-Building

In the Web3 world, communities develop around projects within platforms, such as Discord — a popular messaging app, where engagement is often instant and unstructured.

Successful Discord communities often have 24-hour Community Managers and Moderators who are the first point of contact, welcoming new members worldwide to a project and likely interacting with them the most.

And while community building is a role that all project members need to participate in, the Community Manager role is stepping forth as a clear indicator of the value of community-building.

In a Guardian post, one NFT collector commented that “vibes are everything” in explaining why a number of NFT projects have started to employ a “chief vibes officer.” The role is meant to create a positive environment for prospective and existing NFT owners, and, as the Guardian observed, is “something of a cross between a marketer, influencer and investor relations officer.”

Discord servers cater to many projects and niches and Discord communities are not only a “hang-out” space, but a place where community members can ask and answer questions, and build relationships with other members as well as with any Web3 project team members and admins.

These relationships foster engagement — and engagement creates good user experiences, stronger community ties, and opens doors to critical feedback that helps shape a product or project to become even better.

Ownership in a Peer-to-Peer Economy

According to World Happiness Foundation:

“In Web 3.0, ownership can be depicted by cryptocurrencies or digital tokens through decentralized networks known as blockchains. For instance, if you hold enough digital tokens or cryptos for a particular network, you could have a say over the governance or operation of that network.”

With Web3 shifting power from institutions to individuals, it benefits the individual to have greater ownership and control over their own data and to take part in the regulation and oversight of these protocols which are rapidly evolving across facets of modern life.

Blockchain technology has enabled decentralized networks to proliferate via tokens and smart contracts that individuals can own as vested participants in a network’s growth.

For example, an individual owning a specific project NFT who becomes part of the project’s Discord community could very well be energized as a stronger participant in that community. They could very likely benefit from the community’s strength since it could potentially correlate to a perceived strength in the value of the NFT.

Inherent to Web3, blockchain fosters the peer-to-peer economy and this is where we foresee the disruptive intersection of Web3 and the Creator Economy.

Measuring Success in the Creator Economy

As part of a 2021 Creator Earnings Benchmark Report, Creators across YouTube, Instagram, TikTok, Twitch, Blog, Twitter, and Facebook were asked how they measure success.

Creators on 4 out of 7 platforms listed Engagement Rate as their top measure of success if they had to pick just one. Given the importance of reach for personal branding and sponsorships, 17.11% of the Creators zero in on engagement, which is of no surprise.

Source: Influencer Marketing Hub

To have a healthy engagement rate, Creators must cultivate communication and community. Fans and Superfans of Creators are hungry for interaction and exchange. This engagement takes place in comments, on social media, and within Discord.

And Creators can engage their community for feedback on what Fans want most from their favorite Creators, developing a symbiotic relationship where everyone wins through a social combination of passion and positive outcomes.

And what deepens a feeling of belonging in a community more than having vested ownership in that community, Creator, or project?

Envisioning the Future of the Creator Economy

We envision the future of a Web3 Creator Economy where Fans can step further into the realm of partnership with their favorite Creators, with a deeper, more vested interest in the success of the Creator’s journey. Where individual Creators can enjoy the democratizing power of the blockchain to foster community with Fans through new engagement experiences.

The passion of Creators is what inspires GigaStar. We’re looking to democratize the Creator Economy with a solution that benefits both Creators AND their Fans.

Intrigued to know what we’re developing?

While we’re hard at work developing our solution for a 2023 launch, we may be a bit quiet, so check out our website https://gigastar.io/, sign up for launch updates, and connect with GigaStar on social media to stay in the loop!

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GigaStar

GigaStar fuels human creativity by bringing Creators and Investors together.