The Whole Earth ’Lectronic Link, or The WELL started in 1985, is perhaps the oldest online community. Fast forward three decades and virtual communities haven’t been more relevant. We’ve seen online communities mushroom around all sorts of interests and even seen new types of communities emerge.
Blockchain communities fall under one subset of these new types of communities. They mostly concern themselves with specific blockchains, DeFi protocols, DAOs, and decentralized apps. Arguably the sole drivers of blockchain activity, they are becoming increasingly prominent on the internet.
The concept of sustainable growth and active participation, thus, naturally stands at the forefront of these communities' future success. In this article, we will talk about the evolution of blockchain communities, the challenges they face, and some strategies for fostering sustainable growth and engagement.
Evolution of Blockchain Communities
Blockchain communities have come a long way since their inception. Initially, these communities were dominated by tech enthusiasts and early adopters, often discussing technical aspects of technology. The Bitcoin Talk forum is one of the oldest (if not the oldest) blockchain community and a particular case in point.
However, as the technology has matured, so did these communities. Today, they encompass a broader, more diverse audience, including entrepreneurs, investors, and even casual enthusiasts. This evolution signified a shift from niche tech circles to more inclusive and varied community demographics.
Key Challenges for Sustainable Growth
In light of this evolution, blockchain communities have faced significant challenges in achieving sustainable growth and maintaining active participation. One of the main challenges is keeping the community engaged and motivated.
It is a task for community managers to balance the needs of their more committed and technically-inclined audience with those who wish to participate casually.
To compound complexity, the fast-paced nature of crypto makes keeping members informed and interested an uphill task. On top of that, the usual concerns of ensuring inclusivity, managing diversity of opinions, etc. make this a tricky terrain to navigate.
Strategies for Sustainable Community Growth
a) Inclusive Community Building
Inclusivity not only enriches the community with various perspectives but also encourages broader participation. Therefore, creating an environment that welcomes and supports diverse opinions and backgrounds is essential. A good place to start is by being mindful about who is let in and who is celebrated the most in your community. Look for any invisible patterns in member selection and member recognition. What do these patterns say about your community?
b) Leveraging Blockchain Technology for Engagement
Blockchain communities can utilize the very technology they are built around to engage members. For instance, decentralized applications can be used for decision-making (Snapshot) or for engaging community members with onchain rewards (Rep3).
c) Cultivating a Culture of Continuous Learning and Innovation
Continuous learning opportunities, such as webinars, workshops, and collaborative projects, can keep your community engaged and at the forefront of innovation. A common strategy is to bring key opinion leaders to interact with your community. But if this is out of scope, you may simply start with identifying the most skilled/knowledgable community members and giving them a platform to share their learnings with others.
d) Implementing Reward Systems for Active Participation
Reward systems, like token-based incentives, can be an great way to encourage active participation. Members contributing valuable content or participating in community activities could earn onchain rewards and tokens, which can be powerful motivators.
Onchain rewards, particularly, are a cost-effective way to reward members and make them feel valued. Further, their positive effects are intangible as they help you introduce healthy competition in your community. Well-established projects such as Trader Joe make use of onchain reward to engage their community members effectively.
Looking Ahead: The Future of Blockchain Communities
As we look to the future, blockchain communities are poised to become even more integral to the broader adoption of blockchain technology, and the future of these communities hinges on sustainable growth and active participation.
By embracing inclusivity, leveraging technology, fostering continuous learning, and implementing reward systems, these communities can thrive in an ever-evolving digital landscape.
Looking to engage your community members effectively? Look no further. Book a call today to learn about how top communities such as Trader Joe, Entangle Finance, Across Protocol and others engage their members.