You may have heard news about the floor of the Bored Ape Yacht Club (BAYC) crashing following the FTX scandal. Joining the BAYC community has been out of reach for most investors. If you haven’t run away in fear, now may be the time to research which project to ape into before the next bull run. This is a two part series in which we look into what an NFT community is in part 1, and then review a few bargains that the current market has provided in part 2.
What is an NFT community, and what do investors get besides an epic PFP?
Most NFT communities contain like-minded investors. They build a distinct culture and brand. The goal is to promote the future success of the project. Strong NFT communities are essential to the long-term success, but that isn’t always expressed by a PFP that continually goes up in value. The exclusivity, alpha, and output is often the highest value achieved by joining one. It’s important to acknowledge that the community is what supports the project and what it offers.
NFT Community Access
Communities usually form within NFT projects that launch with a set number of similar but unique NFT avatars. While outsiders can typically join and follow the community, accepted members must own one of the NFTs. These usually provide access to private discord channels, new project launches, whitelists, discounts, and general support. When investors join a successful community, it typically becomes a part of their own brand.
The Power of NFT Communities
NFT communities are the front of the metaverse revolution. They are forming metaverse tribes that are connected virtually. These are essentially the cities of the future. But the true power of successful projects is the collective marketing that comes from a dedicated group. Social media engagement, unpaid promotion, members only events, and exclusive clubs are few of the features communities’ access and also provide. Being financially invested in the project makes everyone from founders to members, project ambassadors. If the NFT project you’re interested in lacks a community or the drive to develop one, think twice.
What NFT Community Should You Join
Finding successful NFT communities can be a challenge. New ones pop up every day. Some may end up being wildly successful and some may become irrelevant quickly. Investors should have a checklist of items that are important to them but on it should be value, communication, and transparency. All of these can be presented in a variety of forms. What value does the project offer you? How easy is it to communicate with the members and source information? Transparency, while obvious, is harder to ascertain. Do you know who the founders are? Do you know their plans? Are the hard questions being answered? Develop your own set of questions and research which community fits within your own needs. With the latest crypto crash, several established projects are becoming more affordable and worth investigating. No one should jump into any project they haven’t researched on their own. In part two of this article, we’ll take a look at a few projects that might need a spot on your watchlist.
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