The Importance of Building Loyal Communities in the Web3 Era

The rapid growth of Web3 and NFT projects has ushered in a new era of digital communities, with various platforms vying for user attention and loyalty. However, the true measure of a successful community is not merely its size, but the loyalty and engagement of its members. In this article, we explore the challenges of building loyal communities in Web3 and how the lessons from Web2 can help shape a more sustainable future.

Understanding Loyal Communities

The most loyal communities can be found on various platforms, such as YouTube channels, Twitch streams, Twitter, and Instagram. A loyal community is not necessarily large, but is characterized by members who are attached, trust the content creator, actively engage with the content, and ultimately support the creator by purchasing their products or services. In contrast, having a large number of followers does not guarantee success, especially when followers are purchased.

Loyal Communities Across Different Platforms

YouTube
Loyal followers on YouTube are best identified by their likes, comments, and consistent viewership of the channel. A channel with a million subscribers and an average of 5k likes per video demonstrates true loyalty.

Instagram and Twitter
On Instagram and Twitter, loyal communities are reflected in post engagement, with Twitter placing extra emphasis on retweets. On these platforms, purchased followers are common, which can distort the true size of a loyal community. Loyal followers are those who actively engage with the content and, on Twitter, those who retweet posts.

The Misguided System of Web3 Communities

The Explosion of Web3/NFTs
Web3 and NFT projects gained immense popularity as people realized the potential for making quick profits with digital assets like unique images of monkeys. This attracted many individuals hoping to make money without investing time or effort, leading to communities focused more on financial gains than genuine engagement.

The Flawed Incentives in Web3 Projects
Web3 projects often promise price growth through tokenization and the sales of NFTs, motivating users to join solely for potential profits. This approach does not create value within the project and leads to inactive, disengaged communities on platforms like Discord. Some Web3 projects have managed to foster loyal communities by developing a unique culture and emotional connection with users, but many projects lack any inherent value beyond the high price of their NFTs or the promises and hopes of that.

Lessons from Web2: The Importance of Value Exchange

The Principle of Value Exchange in Web2
Successful Web2 personal brands and businesses operate on the principle of value exchange, offering education or products that improve users’ lives. By consistently providing value to their communities, these brands build trust and loyalty.

Web2 vs. Web3 on Twitter
Web2 Twitter posts are built on value exchange and documentation, helping to establish a brand or individual’s reputation. In contrast, Web3 Twitter posts often focus on engagement farming, attempting to extract likes, comments, and retweets without providing real value to the audience. Web2 brands prioritize attracting new traffic and consistently delivering value to users, whereas Web3 posts tend to emphasize provocative content for the sake of engagement.

Shifting the Focus in Web3: Education and Trust

Rethinking Web3 Community Incentives
Many Web3 projects build communities on Discord or Telegram, but often rely on flawed incentives, such as payout systems and gambling-like mechanics. The future of successful Web3 projects will hinge on a focus on education and providing genuine value to users.

Learning from Web2 to Improve Web3 Communities
Web3 can benefit from adopting the value exchange principles that have driven success in Web2. By prioritizing education and trust, Web3 projects can foster loyal communities that actively engage with the content and support the project in the long term.

Conclusion

The world of Web3 is still in its infancy, and the challenges of building loyal communities have come to the forefront. By learning from the successes of Web2, Web3 projects can shift their focus to providing value through education, trust, and genuine engagement. This approach will help create lasting, loyal communities that drive real change in the lives of users, ultimately transforming Web3 business models for the better.