What attracts users to an NFT collection?
What inspires these users to remain involved?
The answer to these questions is not a simple one. NFT projects across the globe seek proven methods to community acquisition and retention, but there is no single solution that guarantees results. The value of an NFT project can be gauged by its community, but communities seek valuable NFT projects to get involved with.
How can web3 projects demonstrate value potential to new members, inspiring them to join for the months and years ahead?
While many projects look to influencer shills and digital guerilla marketing techniques, a more foundational and scalable strategy can be found in NFT marketplaces. Owning and managing a dedicated NFT marketplace for your community comes with powerful growth opportunities. Acquiring and retaining community members becomes much easier when you control the ecosystem and cater to their unique needs.
This approach might not seem like the most direct option, as web3 development is viewed as a daunting and resource intensive task. It doesn’t have to be that way and pressure-tested infrastructure exists to remove the headaches of custom development. Instead of sacrificing engagement and revenue to third-party platforms, acquire and retain community members by inviting them to participate within a dedicated community ecosystem.
The True Cost of Lost Community Engagement
Web3 communities are some of the most profitable groups of people in the digital space. Mostly focused on value creation and growth, a lot is lost when projects don’t cultivate engagement by prioritizing opportunities for their community. The ethos of decentralization within Web3 permeates the minds and hearts of members across blockchain communities, inspiring them to engage where they believe their value is reciprocated and grown rather than harvested and exploited.
Users will go where they see opportunity, which is one reason why an NFT marketplace is a perfect solution for engagement. Your marketplace represents this opportunity in a variety of ways, from access to create and sell digital assets to rewards earned through participation. There are a lot of ways to create and grow value within a dedicated community ecosystem, all while benefiting the core NFT business through sales, transaction fees, and branding.
Most projects are allocating significant resources to acquire engaged community members. These users are flocking to third-party platforms, taking their engagement and transactions with them. Building a home away from home for these users provides thoughtful new options and experiences that attract and retain them.
Massive budgets are allocated to acquire new community members without much visibility. Influencers, content, events, and ad campaigns are all deployed, feeding external companies and service providers with engagement, but few look toward platform development. The cost per acquisition improves when you are using your own acquisition channels. This is because the data is more clear and there is transparency around expenses.
Optimize with Invaluable Feedback
If projects rely too heavily on external applications for their data, they miss an opportunity for new exclusive learnings. One of the biggest benefits of owning your NFT marketplace is the feedback you can gather. As members navigate your platform, engaging and transacting, their experience will enable you to optimize for success.
While activity on external marketplaces is great, there isn’t much transparency around the experience your members have. With your own marketplace you can easily see your most engaged users, drop-off points, and more. As data has become one of the world’s most valuable resources, never miss another opportunity to utilize these learnings. Improving your offerings and scaling sustainably is made easier with platform data and member feedback.
Every NFT project wants to grow their community sustainably, and focusing on engagement in the right places from the right people is key. The more control you can take into your hands the easier this challenge becomes. Reliance on external factors will reduce and you can work with your community to unlock growth through direct engagement and feedback.
NFT marketplaces represent one of the best opportunities to acquire and retain community members. We love being able to help projects grow using dedicated web3 infrastructure and tooling. If you’re interested in bringing your ideas to life, reach out to us at Liteflow