Beginner's Guide to Communities

Web2 Communities:

• For the best organizations, committed networks are at the centre.

• The social web has made it possible for people to connect and share information from far away, create communities, and form friendships across cultural and social divides.

What is the significance of communities for Web2 (traditional) businesses?

• First, friends tell each other about these cool new products, which quickly expands these businesses' customer bases.

• As a result, these brands become cult favourites.

• Early members enjoy the advantage of feeling like they were the first to discover these cool products.

• Communities can also help businesses better understand the needs of their most devoted customers and meet those requirements.

What is the problem with Web2's community engagement?

• In the end, the Web2 community system that benefits businesses is extractive.

• This indicates that the company receives value from its customers—those who pay for and purchase the product.

• It is challenging for earlier community members who were encouraged and rewarded for their contributions.

What distinct advantages does Web3 provide communities over Web2?

Communities are a start-up's customers, backers, and investors in Web3.

• Feedback

  • An engaged community helps projects improve products by providing feedback, adding more features that meet users' needs, and bringing in more people to Web3.

  • If you don't know your audience and how you want to assist them in achieving their objectives, you'll be lost in a sea of information.

• Ownership

  • This is one of the primary distinctions between Web2 and Web3 communities.

  • You could potentially stand to benefit financially from the strength of the community by owning an NFT associated with a particular project and becoming a member of the community. A strong community means a higher perceived value for those outside the community, which raises the price of the NFT.

• Increase community participation:

  • Members of the community have a vested interest in the "health" of their community because they have financial ownership in the product. As a result, they are motivated to be more involved and to contribute.

  • When we contrast this with a conventional business, you might only pay a one-time fee for a product or an annual subscription. This indicates that community engagement is distinct from the provision of a product or service.

Summary

Using a Web3 community, you can engage believers in your project until they become brand ambassadors automatically. Web3 projects allow a project to nurture its user base and turn them into an army of free marketers, whereas Web2 businesses spend a lot of effort to attract customers for the sole purpose of selling to them. Because of this, a lot of communities and successful businesses, like Nike and Adidas, are turning to Web3 by starting their own NFT projects.