Evaluting Engagement | How to Identify Active NFT Communities
Whether you’re a first time collector, or seasoned holder, it’s an incredible feeling to join a new NFT community & be welcomed into a vibrant community with open arms. However, with so many collections out there, it can be difficult to know which ones have this type of spirit. That’s why it’s so important to evaluate the strength of the project's community involvement when choosing collections to add to your portfolio.
A strong community can help ensure the longevity and success of an NFT project, making it a worthwhile investment. Furthermore, projects with stronger communities are just more fun to be a part of, plain and simple. There’s nothing better than logging on to Twitter to see gms from all of your fellow members, or making new connections at a poker night.
It’s important to do your own research on the strength of a community before making a purchase. In this article, we'll explore what to look for when choosing collections with strong community involvement and how to evaluate them to make informed decisions.
1. Leadership That Is Constantly Working on New Initiatives for the Community & IP
Often, individuals praise their favorite NFT communities for the tremendous enthusiasm garnered by members. And, no doubt, this is very important. However, one of the main ways community energy is generated is by rallying around new ideas and well organized events created by the team.
Take, Pudgy Penguins' new community guides, including a brand builders guide, pitch deck, and onboarding materials. These items give members something to talk about and learn from, as well as share with others. While the end result was certainly more community engagement, this initiative wouldn’t be possible without a dedicated team.
You can also check to see if team members are organizing initiatives at Web3 conferences. If there’s a sizable community at these conferences excited to meet fellow holders, that’s an excellent indicator of engagement. For example, Crypto Nomads Club hosted ramen dinners for holders at almost every major NFT conference, including ETH Denver and NFT NYC.
A Crypto Nomads Club Ramen Dinner (credit: Crypto Nomads Club)
2. A Supportive Community
One of the key benefits of investing in PFP collections with strong community involvement is the opportunity to collaborate and connect with like-minded individuals. A thriving community is one where members help each other out, offer opportunities for collaboration, and provide support to one another.
Look for collections with active Discord channels or Telegram groups where members check in every day, trade ideas, and share new opportunities. These platforms provide a space for community members to connect and collaborate on projects, so look for communities that take advantage of this ability.
Many collections even have dedicated community managers or ambassadors who are responsible for collecting feedback, connecting like-minded members, and sharing networking opportunities. These individuals are passionate about the project and its community and work tirelessly to ensure everyone feels welcome and included.
Deadfellaz even created its own Linkedin community for holders, providing easier access for members to find professional opportunities. With almost 500 Members, this community initiative is sure to produce abundant networking opportunities. While support may take different forms in different communities, look for a community with similar opportunities, whether it’s a virtual networking event or mentorship program.
The Deadfellaz Linkedin Group (credit: LinkedIn)
When evaluating collections, take the time to research community member involvement. Are there community members (especially ones not on the formal community team) who are enthusiastic about engaging with the community? Are members collaborating on projects, sharing ideas, and helping each other out?
3. Formal Governance Structure
Ultimately, when you decide to buy into a community, you’re making an investment of your financial resources and time. You want to make sure your interest is protected, even if the team’s community managers or top holders change. That’s why looking for projects with a formal DAO or community governance structure is so important.
A governance structure appoints representatives from the management team and/or holders to make decisions regarding important community issues and initiatives. For example, a DAO might decide how to spend the community’s profits for the upcoming year, or help organize a town hall to understand a community’s upcoming priorities.
Image representing the Doodles' Community Council (credit: Doodles)
An example of a strong community governance structure is the Doodles Council. Not only have the Doodles set up a formal government, but they actively host elections for new representatives multiple times per year, ensuring that members have a chance to get involved and represent their interests.
Wrapping It Up
As you can see, community engagement can take many forms, from grassroots projects, to elaborate IRL events. Ultimately, it’s up to you to decide exactly which communities you want to buy into, but more community engagement is always better, especially with a strong team & governance structure to direct this energy into formal projects.
Good luck evaluating new projects! If you would like to learn more about analyzing communities or improving your own community, be sure to check out TokenTag and the TokenTag blog.