How to build and maintain an NFT DAO that stays loyal

The essence of this article is to explain the key pieces to building a solid project in Web3. Our goal is to present a piece that is simple to understand while detailing an approach that is useful to brands and creators. 

We have also explained the possible steps that can help you build and maintain a community that stays loyal to your brand, both in the immediate and in the long run.

TL;DR

• The community sits at the heart of all NFT projects. Be it brand-focused NFTs or creator-inspired digital works of art
• You must ensure that you have a clear reason for building a community before getting started
• Members’ selection and community engagement are important to building a successful NFT community.

The Creator/Brand-Community dynamics

First things first, we need to decouple Web3. Web3 is just a term that refers to an evolving system on the internet. This new system tends towards an internet where everyone is a participant and can get rewarded for their contributions. You can learn more about the tenets of Web3 in our earlier piece.

Now, down to community building. Web3 as a decentralized system introduces a way for creators and brands to relate to their end users. These end users are the ones that really count when it comes to building a fan network.

Let’s take the example of Adidas. The famous German sports brand is known to sign lucrative deals with top sports stars around the world. Adidas currently has Lionel Messi on its books on a lifetime contract. Now, instead of just selling Messi boots and shirts, Adidas can choose to reward its loyal customers with a free trip to a PSG or Argentina game.

But how can this be possible? This is where NFT comes in. Adidas can attach an NFT to each of its products. This way, it can easily select customers that have bought the most merchandise over time. These customers are the ones who will get the free trips.

The whole point of this analogy is to show that a reward system is a useful tool for building a loyal community. NFT is a useful tool for rewarding loyal customers and fans. It also helps creators and brands build a community of people who are loyal and truly dedicated to the goal of their project.

Also read: How DeCir is reshaping the future of organizations

Tips for building a loyal community

There are a few steps that brands must follow to successfully build a loyal community through NFT.

• Know your purpose

You can only fully articulate what you understand. Your project/brand must have a purpose and a focal point for it to truly resonate with a group of people. You must be able to decide the reason for your project. You must also be able to create your own unique attractions, such as style and approach.

• Selectively build-up

It does not matter if you are an independent artist or a brand, you must be aware of the fact that not everyone can belong to your community. Create a vetting system and streamline the criteria for choosing community members at the early stage of community building. This helps eliminate redundancy and keep the community alive.

For example, if you mainly built your community through airdrops, there is a high chance that activities and engagement will dry up when the free gifts stop coming. Therefore, always ensure to carefully select who belongs to your community in its early stages.

• Always engage

You must always find innovative ways to engage your community. The good thing is that you are guaranteed a high engagement rate because your members already have an interest in your project. The main point here is to continually find creative ways to spur conversations and create meaningful relationships with your community.

• Always reward active members

We have earlier established that community loyalty is built on a valid reward system. Ensure that you use this to its fullest. Rewards serve as an incentive for active community members. It is a great way to acknowledge their involvement and encourage them to do more of the same.

Please note that rewards need not be monetary. You can reward active members with trips to events, invitations to company tours, or even elevating their status within the community. If you choose the latter, this could mean giving active members more say in community activities or making them a part of the creative decision-making process.

• Build on transparency

Ensure that all community decision-making processes are transparent. Do not create factions or support the opinions of certain people over others. In fact, you could create a voting system where all key decisions are put to a vote. 

Interesting piece: What are dNFTs?

Conclusion

The community is at the heart of all successful projects. Both brands and creators can build successful projects by building loyal communities. This article explained how this could be achieved. Now is the time for all brands and creators to supercharge their creative process and build a project that resonates.