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Building a robust community is the secret to creating any successful NFT product. The BleuFi NFT marketplace is one such company with a community-focused approach in its functioning. Read on to learn how the community becomes significant to the success of an NFT collection or marketplace.
NFT, an abbreviation for ‘non-fungible tokens,’ entered the mainstream digital landscape in late 2020-early 2021; the term’s usage increased by more than 11,000% in 2021. In a year only, blockchain and crypto enthusiasts have come from asking and searching for “What is an NFT?” to discussing the incredible futuristic applications of NFTs. It only has been made possible thanks to the community that realizes the potential NFTs hold.
The previous paragraph emphasized the word ‘community.’ So, what exactly is a community in NFT? What is its significance, and why Devan Dineen the former CFO of Sumerian Records, Miami NFTCon Speaker, creator of Rappears NFTs and Co-founder of BleuFI (an NFT Marketplace on Binance Smart chain with a token called BLEU available on BitMart), believes community-focused NFT collections and marketplaces like BleuFi or Magic Eden are the future? The story begins with how BleuFi became to be, when Devan originally launched his company it was under the name Flokinomics, a joke meme name that relied entirely on the community to believe in its value and support its price. When Flokinomics launched it came out with the announcement that the new meme community was actually building the world’s first meme branded NFT Marketplace and that new recipe of mixing the meme community with NFT Marketplace utility lovers led to it being the first-ever BSC token featured on Fox News TV with Mornings With Maria. When Flokinomics went live it jumped 2400% in a spam of 24 hours and trended globally #1 on CoinMarketCap for most viewed and top gainers. Proving that the community-focused NFT marketplaces are here to thrive.
What is a Community in NFTs?
Many NFT experts have emphasized, “Do not market your NFTs. Instead, focus on building your community. Then, the NFTs will take care of themselves.” It shows that the idea of community has a vital role in the success of NFTs similar to memes and the Flokinomics experiment. The below discussion shows what a community signifies in an NFT environment.
At a superficial level, an NFT community represents the holders of an NFT project who communicate using platforms such as exclusive Discord chats or Twitter. However, ‘community’ is a more critical term used within the NFT space and is more significant when purchasing an NFT.
A community cannot be strong by merely having more Discord fans because many projects hire influencers to attract people to join the community, leading to a large number of casual fans. It is only quantitative and will have no impact on the quality of the group or project as the members may be putting up a lackadaisical attitude. A robust community will not only have more people within Discord or Twitter, but also be one with members who are highly active and hold a long-term view of the project. Devan says if you’re a creator and unsure about your community a good temperature test would be to try and use online live streaming tools like Twitter or Twitch. He recently ran a Twitter Space on his personal twitter for the BleuFi community and over 300 listeners tuned in to hear him talk and ask him questions for an hour. Using tools like Twitter Spaces gives a sense of belonging and solidarity to the community and establishes a real connection between the community and its creators.
The Significance of Having a Community-Focused NFT Marketplace
The community is one of the first characteristics people look for when investing in an NFT product or collection. They generally shun a society displaying an overtly negative or dull tone. So, the two critical aspects that NFT communities should focus on are:
- The community’s overall emotion: Nobody will like to be part of a project with people displaying a negative attitude. It must be one of cheer, positive vibes, and promising high prospects.
- The longevity perspective: If the Discord chats are full of members looking to make a quick buck, the NFT project is less likely to have long-term value. It must have people who stick to the project and participate in it with attachment for long-term benefits.
Communities can sustain values for NFTs. One way is to create real-world meetings where all members are invited. If an influencer celebrity graces the occasion, it generates the much-needed enthusiasm for members to participate. The more the number of active participants, the higher the NFT’s value. Therefore, creating a customer-focused NFT marketplace is crucial.
The Key Aspects of a Strong NFT Community
The above points would mean that an NFT community will only be strong if it has specific characteristics. One can identify a strong community from the following indications.
- The participating Discord members are friendly, active, and enthusiastic.
- They engage well on social media. A strong community has large followers on social media platforms, especially Twitter.
- The members look towards holding on to the project long-term instead of trying to make quick money. Each post on the project has a high level of positive engagement. It increases awareness levels and thus helps the project sell quickly.
- The project founders and chat moderators discuss long-term goals and plans. It helps maintain interest in the project and enhances the NFT’s value.
The Advantages of Having A Solid NFT Community
The following are the benefits of having a solid NFT community. The points show what a project can lose if it lacks a closely-knit community.
- Awareness creation: Building a solid community is the only way to create awareness of the NFT project. Otherwise, hardly anyone knows when the NFT is put up for sale.
- Spreading the word: Social media has immense power as news can fly from one corner of the world to another within no time. A strong community can help sustain the interest and spread the word faster than anything else.
- Building trust: A community-focused NFT marketplace brings in the element of trust crucial for enhancing the NFT’s value.
- Peer-to-peer dealing: A robust community cuts out the intermediaries from the scene and thus ensures that the creator and the purchaser of the NFT receive its total, undiminished value.
- Ensuring royalty: Community presence is crucial also for quality secondary sales of the NFT. It protects the creator’s interest in the project and guarantees royalty income for a lifetime on every subsequent sale of the NFT. Thus, it democratizes the art world.
- Mutual collaboration: A strong community presence can see a lot of collaboration and cross-promotion between artists. It is a mutually benefiting feature.
- Exclusive benefits: Another exciting feature of a robust NFT community is early or exclusive access for the members to future releases from their favorite creators and brands.
All the features discussed above prove the significance of a community-focused NFT marketplace. Therefore, it is natural for NFT marketplace founders like Devan and the BleuFi team to feel super-excited and bullish about building a community-focused marketplace.
Final Words
Building a strong community is critical for the successful marketing of any NFT. People like Devan understand the benefits of a community-focused NFT marketplace or collection. Companies like BleuFi are an active NFT marketplace that focuses on connecting artists and collectors besides creating, exploring, and collecting NFTs. A strong community helps sustain the NFT marketplace and enhances the positive interaction between community members to add value to the NFTs. Hence, it is no surprise that Devan, the founder of BleuFi, says community-focused NFT marketplaces or collections are critical to your NFT creation and investment success .
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