An engaged, loyal community is an essential ingredient in the long-term success of an NFT project.
The members of a community of any type want to feel like they’re involved, connected and part of something that’s genuinely unique and valuable. That’s certainly true of the communities that support nonfungible token projects.
And it’s not just about a “warm and fuzzy” feeling. A healthy, engaged community can not only provide valuable feedback and long-term investors for NFT project leaders, but its members can also generate buzz, leading to increased demand and, optimally, driving up the value of their investments. Through their own initiatives, they can even grow the project’s ecosystem.
Without a doubt, creative and conscientious NFT project leaders who work to foster an enthusiastic community can create a circle of mutual, ongoing benefit. Below, 12 members of Cointelegraph Innovation Circle share practical, effective tips to help NFT project leaders launch strong, build an engaged community, and grow and prosper together.
Strive for a genuine emotional pull
We are in a bear market that’s being driven by a period of low liquidity. Try to ensure that your NFTs really have an emotional pull and are not simply cash grabs. You can tell when an artist has spent many hours making a real piece of art, versus something that’s been whipped up quickly and hyped up. Obvious cash grabs will quickly fall by the wayside. – Zain Jaffer, Zain Ventures
Ensure continuous engagement
For NFT projects, continuous engagement is key. Offer exclusive content, host community events and solicit feedback for project direction. Authenticity and consistent communication build trust and keep your community invested in the project’s long-term vision. – Tomer Warschauer Nuni, Kryptomon
Bring on active and talented community managers
Ensure your community managers have good people skills, that they clearly understand the mission and vision of your NFT project, and that they consistently engage with community members. While bots can be useful, they also take away from the humanity of interaction. Remember, the attention of members is fragile and needs constant nurturing. – Irina Litchfield, Lumeria
Give holders a say in the decisions you make
It’s one thing to have regular communication with your community, but in order to keep them engaged today, you also have to provide value from day one. That means token governance. Ensure that NFT holders feel like they have a hand in the decisions you make, whether via voting or some other way. NFTs are not governance tokens, but this does not preclude you from taking your communities into consideration. – Jason Fernandes, AdLunam Inc.
Develop creative and unique experiences
Imagine hosting a “digital masquerade ball.” Members don unique NFT masks, tokens of their digital identity. Through games, tales and auctions, these masks evolve into symbols of participation, fostering continuous interaction. Like a dance in a pixelated ballroom, NFT community engagement thrives on rhythmic creativity and unique experiences. – Arvin Khamseh, SOLDOUT NFTs
Showcase the hard work behind the scenes
Balance short-term milestones with long-term objectives. NFT projects should leverage smaller achievements by sharing them with their communities in between major updates. Even if the news is not always groundbreaking, consistent communication keeps users engaged while showcasing some of the hard work that is happening behind the scenes. – Wolfgang Rückerl, ENT Technologies AG
Set up features that can be unlocked over time
Value creation. Don’t just sell a digital asset; offer an experience. Use smart contracts to enable features — like exclusive content, voting rights or even revenue-sharing — that can be unlocked over time or based on specific conditions. Keep the community involved in decision-making processes, and always be transparent about your roadmap. The NFT is not the end; it’s the beginning of a relationship. – Tiago Serôdio, Partisia Blockchain
Consistently deliver value
Build and foster a vibrant and inclusive community by consistently delivering value, engaging in open communication and involving the community in decision-making processes to create a sense of ownership and belonging. It’s important to properly and effectively share ecosystem updates and announcements so as to not mislead the community. – Anthony Georgiades, Pastel Network
Foster an inclusive environment
For NFT projects, the key is to continuously offer value beyond the initial purchase. Regularly release exclusive content, host community events and actively seek feedback. Prioritize transparency in project developments, and foster an inclusive environment where community members feel valued and heard. Remember, an engaged community is built on trust, consistent interaction and shared growth. – Erki Koldits, OÜ Popspot
Notify members about developments and prices
NFT communities need updates on the latest developments that have taken place, or are going to take place, in their project of interest. Since most of the community members will have bought and hold multiple NFTs from the same project, they will want to receive a few price predictions about their assets. Also, free giveaways help a lot in keeping the community engaged. – Abhishek Singh, Acknoledger
Share real-time updates and engage on social media
It’s important to maintain consistent communication with your community. There have been many rug pulls with past NFT projects, so sharing real-time updates on project developments, partnerships and news is key. Engage regularly on social media and Discord to keep members feeling involved and to address their concerns. Show that you’re listening to feedback, and implement their ideas when possible. – Ayelet Noff, SlicedBrand
Communicate both good news and bad
Give clear roadmaps of both the good and the bad. If something initially planned is not scheduled to happen anymore (or vice versa), be upfront. Constant communication is critical for projects in the Web3 space in general, as we all learn and grow together. – Megan Nyvold, BingX
This article was published through Cointelegraph Innovation Circle, a vetted organization of senior executives and experts in the blockchain technology industry who are building the future through the power of connections, collaboration and thought leadership. Opinions expressed do not necessarily reflect those of Cointelegraph.