7 Proven Ways to Building A Viable Web3 Community Organically: Snippets From DPAD’s Accelerator
DPAD Finance s the first data-driven launchpad in the crypto industry that helps crypto startups raise guaranteed funds from VCs through ICO, IDO, as well as Grants. 11 projects have been selected for DPAD’s cohort sessions and the series of virtual trainings for selected and their team members is meant to make the products market-fit and investment-worthy before VCs. DPAD’s YCombinator held its 4th session in a grand style- focusing on community building and growth hacks for Web3 projects. A Web3 community is a group of individuals passionate about developing and adopting decentralized technology and creating a new internet (Web3) built on open-source and blockchain-based protocols. They support the principles of decentralization, privacy, and ownership of data and are mostly brought together by a project with a mission of promoting a blockchain-enabled project. Building and growing a Web3 community can be challenging, but rewarding.
Challenges of Building A Viable Web3 Community
Research reveals that 99% of projects in Web3 failed as a result of failure to build a community that is;
- Satisfied enough to do WOM
Other Reasons Why Many Web3 Communities Fail
- Adoption: Encouraging widespread adoption and usage of Web3 technologies among general users.
- Complexity: Simplifying the user experience and reducing the barriers to entry for new users.
- Regulation: Navigating regulatory environments and ensuring compliance with legal requirements.
- Scalability: Improving scalability and performance of Web3 platforms to handle increasing user demand.
- Security: Ensuring the security of user data and assets on Web3 platforms.
- Interoperability: Improving interoperability between different Web3 platforms and systems.
- Awareness: Raising awareness of Web3 and its benefits among the general public.
- Funding: Securing adequate funding and investment to support the development and growth of Web3 communities.
- Education: Providing educational resources and opportunities for users to learn about Web3 technologies and how to use them.
- Network Effect: One of the biggest problems in building a Web3 community is retention. Project owners lack ideas in giving members a valid reason to believe in the project they are offering.
Types of Communities
There are three types of communities that exists in the Web3 space:
- Community of Action: This type of community relies on the project founders to achieve project goals continuously. Community of action is only suitable for experienced project teams who are certain about achieving all the project milestones on time. Binance, Polkadot, and Solana are examples of communities of action.
- Community of Practice: This type of community is based on a defined activity. Community of practice relies on social media and hype to grow organically. An example is BAYC and Yoot. Airdrops are usually offered to entice non-members.
- Community of Interest: This type of community can be built by any project team with a creativity plan. It is built by people with common interest and passion.
How to Build a Web3 Community Organically
Building a Web3 community can be a challenging but rewarding process. Here are a few tips to help you build a strong and engaged community organically:
- Define your mission and values: Clearly articulate your mission and values to attract like-minded individuals who share your passion for Web3 technology.
- Foster Relationships: Foster relationships with potential members by engaging in meaningful conversations, sharing knowledge and resources, and offering support.
- Provide value: Offer value to your community members through educational resources, events, and incentives. This will keep them engaged and invested in the community’s growth.
- Be Active and Visible: Regularly participate in community discussions and events to demonstrate your commitment and to establish yourself as a leader.
- Encourage Collaboration: Encourage collaboration and teamwork within the community. This will help build strong bonds and foster a sense of belonging.
- Leverage Social Media: Utilize social media platforms to reach a larger audience and to engage with potential members.
- Measure Success: Regularly measure the success of your community building efforts and adjust your strategy as needed to ensure continued growth and engagement.
Building a strong and engaged Web3 community requires effort and patience, but the rewards are worth it. With a clear mission, valuable offerings, and a focus on fostering relationships, you can build a thriving community that supports your goals and celebrates the power of Web3 technology.
About DPAD Finance
DPAD Finance is the first of its kind in the Web3 industry- unifying the total fundraising process for startups in crypto after the incubation process has been completed. In other words, DPAD’s YCombinator is Web3’s foremost “Incubation + Launchpad pair” whereby the Launchpad is data-driven and transparent in all dimensions. We are open to support from different blockchain protocols and foundations with mutual terms and benefits to derive. Communications from VCs and blockchain foundations should be forwarded to email@example.com. So, join this voyage and explore.
DPAD’s YCombinator Agenda
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